Entrepreneurship & Small Business

Easiest way to accept credit cards payment on website

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  • Mar 2nd, 2020 2:31 pm
Member
Feb 18, 2014
239 posts
46 upvotes
eonibm wrote: Although you can accept US credit cards using Elavon Canada, which is what Costco offers, your US customers will pay a foreign transaction fee. They won't like that.
If you have a USD account in Canada, the end user does not get hit with a foreign transaction fee.
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Aug 2, 2010
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gamechanger wrote: If you have a USD account in Canada, the end user does not get hit with a foreign transaction fee.
I have found that that is not true, but that it is based on where the credit processor is domiciled. In my own experience using Stripe Canada in the past I have seen US customers get charged the foreign transaction fee even when the USD was deposited into my BMO Harris USD bank account.

That makes total sense as it is the credit card processor's algorithms that determine whether to apply the fee, so the domicile of the processor, ie Canada, being different from that of the card, ie USA, is the deciding factor. The bank account is merely the vessel into which the USD is deposited into and that happens after the processing of the transaction. It has no bearing on how the transaction was processed before the money is available to be deposited.
Member
Feb 18, 2014
239 posts
46 upvotes
eonibm wrote: I have found that that is not true, but that it is based on where the credit processor is domiciled. In my own experience using Stripe Canada in the past I have seen US customers get charged the foreign transaction fee even when the USD was deposited into my BMO Harris USD bank account.

That makes total sense as it is the credit card processor's algorithms that determine whether to apply the fee, so the domicile of the processor, ie Canada, being different from that of the card, ie USA, is the deciding factor. The bank account is merely the vessel into which the USD is deposited into and that happens after the processing of the transaction. It has no bearing on how the transaction was processed before the money is available to be deposited.
Well IF that’s the case with Stripe, it’s another compelling reason to not use them. With a regular provider (non aggregator), an American end user will not be hit with additional fees when they purchase something from a Canadian merchant with a USD, Canadian domiciled merchant account.
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gamechanger wrote: Well IF that’s the case with Stripe, it’s another compelling reason to not use them. With a regular provider (non aggregator), an American end user will not be hit with additional fees when they purchase something from a Canadian merchant with a USD, Canadian domiciled merchant account.
Apparently it's also the case with a USD Canadian domiciled merchant account because the transaction is being processed using a card foreign to the domicile of the merchant account.
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Jan 21, 2018
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Vancouver
We've been fine with Stripe for several years - not the cheapest at 2.9%, or the quickest to pay (was 7 days, but recently reduced to 3 I think).

But now they have announced that they will make Canadian companies pay 3.5% for accepting U.S. credit cards, even though it's U.S. customers using a U.S. credit card to pay a charge in US$, with proceeds deposited to a U.S. bank account. There's no apparent justification for this, so I will be looking for alternatives. Any suggestions?
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Scote64 wrote: We've been fine with Stripe for several years - not the cheapest at 2.9%, or the quickest to pay (was 7 days, but recently reduced to 3 I think).

But now they have announced that they will make Canadian companies pay 3.5% for accepting U.S. credit cards, even though it's U.S. customers using a U.S. credit card to pay a charge in US$, with proceeds deposited to a U.S. bank account. There's no apparent justification for this, so I will be looking for alternatives. Any suggestions?
US processor.
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Mar 1, 2020
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We use paypal for some of our websites BUT one of my company uses Moneris as payment processor and we got a plugin for our wordpress and shopping cart to use Moneris to process everything automatically.
"Employee by Day, Entrepreneur by Night"

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