What’s the Best Payment Gateway Provider for Canadian Businesses?

June 12th, 2015

Choosing the right online payment system for your company website can be tricky as it depends on multiple factors. Each provider’s platform and related services have benefits and drawbacks. Knowing what questions to ask as you weigh each one can make a difference and help you choose wisely

Managing a business and balancing the books each month is a particular trapeze act. To that end, ensuring your e-commerce site has the right payment gateway provider is a pivotal part of the equation. There are options aplenty, but which one suits your company and website best?

What is a payment gateway? It’s an application service provider that facilitates e-commerce transactions between you and your customers, allowing you to accept credit and debit card payments online. Think of it as the online version of a point-of-sale terminal you see in bricks-and-mortar retail shops, at restaurants, and other businesses serving the public.

32% of small businesses increased sales when they began to accept credit cards online

Your business is unique, thus, it has unique requirements when it comes to partnering with a payment gateway provider to accept online payments. Though not all businesses accept credit cards from their customers online, there’s a good argument for doing so. According to Visa Canada, 32% of small businesses in Canada experienced an increase in sales once they started to accept credit cards.

If you currently use InternetSecure’s platform, be advised that company was acquired by Elavon, and in the months ahead, you will be required to migrate to a new API.

Answers You Need to Know

If you’re seeking a new provider because you’ve become disenchanted with your current one, or if you’re simply weighing your options before launching your website, there are a few questions you need to ponder before making a selection, including:

  • What merchant rates and fees do they charge?
  • Will their platform integrate seamlessly with your e-commerce platform?
  • What will the customer’s experience be?
  • How responsive is their technical assistance?
  • Will their technical assistance team speak to a third party on your behalf?
  • How will their platform evolve with your business as it grows?

If you need to pick a new payment gateway provider, there are many worthwhile options to consider. Although Treefrog has the expertise to ensure your site is seamlessly integrated with the payment gateway provider of your choice, we have worked closely with PayPal and Moneris on behalf of many of our clients. Any one of the following reputable firms may provide you with what your company needs:

PayPal

The industry leader in third-party processors, PayPal is probably the most popular and most trusted digital wallet used by consumers worldwide. PayPal is easy to use, has transparent pricing, and good customer service support. For startups and small businesses, PayPal is a great choice. Its technical setup is quick and simple, and if you opt to go with a PayPal Pro account, you can access its API to allow transactions to be completed entirely on your website. Be aware, though, that the former eBay subsidiary’s merchant fees can sometimes be higher than other processors’ fees, and there is a waiting period for transferring monies earned into your bank account.

Moneris Solutions

Based in Toronto, Moneris is Canada’s largest processor of credit and debit card transactions providing a wide range of services for merchants. As of spring 2016, its technology also facilitates electronic business-to-business payments. The Moneris platform is reliable and secure, and the company provides customer support 24/7, a virtual terminal, shopping cart integration, and support for recurring payments. Through its partnerships with Sage Accounting, and its co-founders BMO and RBC, Moneris also provides inventory and sales tracking features. It’s important to note there are financial penalties if you decide to terminate your partnership with Moneris prematurely, and reportedly, there are significant new account setup fees.

Beanstream

Founded in Canada in 2000 and acquired in late 2015 by a Swedish payment-services firm, Beanstream provides payment, risk management, and authentication solutions. Considered a pioneer in the merchant e-commerce space, Beanstream offers monthly contracts, competitive fees, and good customer support services. There are no account setup fees, no monthly fees, no monthly sales minimum requirement, and no termination fee.

Amazon Payments

A subsidiary of Amazon.com, Amazon Payments competes directly with PayPal giving businesses the ability to accept online payments from their customers. Its platform integrates seamlessly with several e-commerce platforms including Shopify, Magento, and WooCommerce. Implementing Amazon Payments is a straightforward matter, and it provides one-click buying, so your customers don’t have to go through the online shopping cart rigamarole. The company’s user fees are viewable on its website, there are no setup or monthly fees, and no fees related to being PCI-compliant. Contracts with Amazon Payments are month-to-month, and there are no termination fees if you decide to end your contact with them. Furthermore, Amazon Payments offers extensive support services for its clients and their third-party developers.

Braintree Payment Solutions

Highly customizable and flexible, Braintree’s payments platform accepts PayPal, Apple Pay, Android Pay, Venmo, Bitcoin and most credit and debit cards, including Visa, MasterCard, American Express, Discover, JCB and Diner’s Club. It accepts payments from a website or mobile app. In general, integrating with Braintree is quick and straightforward, and it works with several shopping carts including Bigcommerce, Shopify, Magento, and Wufoo. There are no monthly fees, no PCI-compliant charges, and no minimum monthly transaction processing amount restriction. PayPal owns Braintree. You do need a PayPal Business Account to link to through Braintree’s administration panel.

Do you have questions about which online payment gateway provider is the right one for your company’s website? Get in touch via email or call us at +1-905-836-4442. We can help you make an informed decision.