Entrepreneurship & Small Business

Need Help! Moneris rates and other comparable options

  • Last Updated:
  • Feb 13th, 2019 12:13 am
[OP]
Newbie
Jan 23, 2016
10 posts
2 upvotes
Edmonton, AB

Need Help! Moneris rates and other comparable options

Hey guys
This is my first post on this forum.
RFD has been a great help. I'm staring a franchise business, quick service restaurant, in March 2016. I got quotes from global payments, Moneris and Chase. So far Moneris has been the lowest. Can you pleas help me decide. Are these good rates?

$19.00 + tax VX820 pin pad / this will be integrated to communicate with your POS.
$4.95 Account service package (includes detailed monthly reporting and unlimited access to our 1-800 help line for 24/7/365 support)
1.44% Qualified transactions Visa
1.54% Qualified transactions MasterCard
0.20% Non-qualified transactions Visa & MasterCard
0.105% Card Brand Fee or 0.925% Card Brand Fee Foreign (US cards)
$0.0415 per Interac transaction
$24.95 charged per quarter PCI Security Fee
1.95% Discover Card transactions
1.60% China Union Pay transactions
3.25% AMEX transaction + $0.08 per Amex transaction

Your help is much appreciated.
27 replies
Member
Feb 18, 2014
207 posts
35 upvotes
Did you negotiate these on your own, or are these through your franchisor? Either way, they are competitive.
Member
Apr 6, 2010
493 posts
54 upvotes
Toronto
Ask them about the Interchange Differential, you'll be surprised.
Member
Feb 18, 2014
207 posts
35 upvotes
Cristian_01 wrote:
Jan 25th, 2016 8:57 am
Ask them about the Interchange Differential, you'll be surprised.
Surprised or not, he has to pay It, regardless of the provider he chooses.
[OP]
Newbie
Jan 23, 2016
10 posts
2 upvotes
Edmonton, AB
Thank you gamechanger and christian_01. I negotiated on my own. The Franchisor is not picky on who we go with. I got quotes from Moneris, Global and chase and these seem to be the better ones. Thank you for your help. I'll ask them about interchange differential.
Member
Jul 4, 2012
368 posts
25 upvotes
Calgary
I don't really remember my numbers now, but I have tried some companies like moneris, TD, elavon, ...etc. what I finally found is

Moneris - Very good
TD - So expensive
Elavon - Thieves

now I went back to Moneris and I am happy with that
Deal Addict
May 22, 2003
3045 posts
1295 upvotes
Vancouver
^What problem did you have with Elavon? I've been using them and have been very happy with them
Member
Feb 18, 2014
207 posts
35 upvotes
GourmetLibrary wrote:
Jan 25th, 2016 9:20 pm
Thank you gamechanger and christian_01. I negotiated on my own. The Franchisor is not picky on who we go with. I got quotes from Moneris, Global and chase and these seem to be the better ones. Thank you for your help. I'll ask them about interchange differential.
Good for you! My only piece of advice is that you pay attention to the notices on the 1st page of your statement. That's where Moneris will notify you of pending fee increases. They average 1 every 9 or 10 months. If you signed up for online statements, be sure to check every month.
[OP]
Newbie
Jan 23, 2016
10 posts
2 upvotes
Edmonton, AB
Yes I wil keep a keep a close eye on the statements. The cancellation fee for the contract is $300. I was told by the Moneris rep that if the prices go up in between the contract, I have 30 days to cancel it free of charge.
Member
Apr 6, 2010
493 posts
54 upvotes
Toronto
GourmetLibrary wrote:
Jan 26th, 2016 8:34 pm
Yes I wil keep a keep a close eye on the statements. The cancellation fee for the contract is $300. I was told by the Moneris rep that if the prices go up in between the contract, I have 30 days to cancel it free of charge.
Moneris has to provide you with a 90 days notice, as do all the others. You have 90 days from the date of the notice to cancel. Not 30.
If they don't give you notice, you have 90 days from the date of the increase.
Cristian.
Member
Apr 6, 2010
493 posts
54 upvotes
Toronto
nabilbb wrote:
Jan 26th, 2016 5:21 pm
Here
elavon-stole-my-money-1631609/
(Disclaimer - I sell for Elavon, which also means I have some very solid information/knowledge on the subject)

Oh please, not that again... Remember how it wasn't Elavon's fault?

If anyone reads this please go to the link and read to the last page.
Cristian.
Member
Jul 4, 2012
368 posts
25 upvotes
Calgary
Cristian_01 wrote:
Jan 27th, 2016 9:48 am
(Disclaimer - I sell for Elavon, which also means I have some very solid information/knowledge on the subject)

Oh please, not that again... Remember how it wasn't Elavon's fault?

If anyone reads this please go to the link and read to the last page.
Cristian.
No, just read the whole thing not only Cristian's post (Last page)
Cristian, I think We had our run on that thread, there is no need to repeat please. specially when a member of this forum came to my store and examined the situation and his opinion was "It was the fault of elevon" on post #37

oh, no need for your "Disclaimer" it is too late, the thread shows that. you should have done that before I linked to that thread
Member
Apr 6, 2010
493 posts
54 upvotes
Toronto
nabilbb wrote:
Jan 27th, 2016 11:23 am
No, just read the whole thing not only Cristian's post (Last page)
Just a note here - if you look at the words you quoted, I said "read *TO* the last page". That means read all the way through the thread. You need to pay attention before you make statements like that. Have a nice life.
Cristian.
Member
Jul 4, 2012
368 posts
25 upvotes
Calgary
Cristian_01 wrote:
Jan 28th, 2016 11:17 am
Just a note here - if you look at the words you quoted, I said "read *TO* the last page". That means read all the way through the thread. You need to pay attention before you make statements like that. Have a nice life.
Cristian.
Fair enough
misunderstanding happens, don't pump yourself up about it

Have a nice life too dude

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