Entrepreneurship & Small Business

Need Help! Moneris rates and other comparable options

  • Last Updated:
  • Feb 27th, 2019 5:52 am
Newbie
Jul 23, 2012
11 posts
1 upvote
Vancouver, British C…
Hey gourmet library,
Those are awesome rates. I actually work at moneris so as an insider, I would definitely take this offer! Also, if you are opening on the 1st, you should have submitted your app already (hopefully you have)!
Deal Guru
Aug 2, 2010
14328 posts
4188 upvotes
Here 'n There
This is what I use for my e-commerce websites. They are always higher than card swiped transactions.

CA: Elavon - VISA/MC: 2.07% for all transactions except Amex. No monthly, signup or statement fee but just a $10 minimum charge. No cancellation fee. Funds deposited into my Canadian CAD personal bank account.

US: Moneris - VISA/MC/DISCOVER/AMEX: Interchange + 0.20% +$0.10 on all transactions (no distinction between qualified or mid/non-qualified). Network fee of $0.02. Credit assessment fee of 0.13%. Total: Interchange + 0.33% + $0.12 (Amex is 0.35% + $0.10).. $11.95/mos. No sign-up or statement fee. $250 max cancellation fee and I have that in writing. Funds deposited into my BMO/Harris US-domiciled USD corporation bank account the next day.

Btw, I read the entire 6 page Moneris agreement referred to in the contract at http://monerisusa.com/Home/support/term ... tions.aspx. Basically, as with any processor, they can do anything with your funds even if they are already in your own bank account at any time without notice and also require you to provide any security they deem necessary at any time and you have absolutely no recourse.
[OP]
Newbie
Jan 23, 2016
10 posts
2 upvotes
Edmonton, AB
I have already submitted the app. The rep said that the integrated equipment will be shipped out this week. I've heard good things so far about Moneris and hopefully I'll be happy with the service. Thanks again for your advise.
Deal Guru
Aug 2, 2010
14328 posts
4188 upvotes
Here 'n There
Actually I switched to Elavon Costco US from Moneris for my US payments as they offered me an even better deal than Moneris and no monthly fees either.
Member
Nov 22, 2008
282 posts
40 upvotes
eonibm wrote:
Feb 24th, 2016 9:34 pm
Actually I switched to Elavon Costco US from Moneris for my US payments as they offered me an even better deal than Moneris and no monthly fees either.
Are you able to use them without a physical US address? We use Beanstream for our US transactions but their fees are exorbitant. Last year, we switched from Global Payments to Moneirs and I would love to save some coin on the US$ transactions as well if there is someone else out there!
Deal Guru
Aug 2, 2010
14328 posts
4188 upvotes
Here 'n There
You do need a US address. I use my 3PL warehouse as my physical US address and my Canadian address as my legal one, both on my payment processor application. For my US business I also have a US Toll-Free and a local # thru voip.ms and a BMO Harris US-domiciled bank account.

Through tough negotiation I got my rate down for Visa/MC/Discover/Amex for all flavours of cards (qual, non-qual, mid-qual, commercial, etc) to Interchange + 0.10% + 3 cents per transaction plus the minor pass-through fees which everyone pays (processing which is around 2 cents and credit assessment which is around 0.13%) with no monthly fee. Some of this also depends on the volume you do.

What is Beamstream charging you? Do you have a US-domiciled bank account? Are you having it converted and deposited into a Canadian CAD account, a Canadian USD account? Have you shopped around much?
Newbie
Dec 17, 2015
7 posts
1 upvote
Calgary, AB
This is your bargaining slip. I have seen far worse rates, but it's worth a contact to other processors. They will be happy to send back a comparison of savings in their entirety. You might prefer Interchange Plus (Cost+) pricing.
Jr. Member
Sep 19, 2010
107 posts
1 upvote
Has anyone heard of CPSPayments affiliate of FirstData or any experience with them?

Their rates are more competitive than Moneris. MC 1.49% Visa 1.42% Non-Qualified 0.05%
Rates guaranteed for the contract term.
Member
Feb 18, 2014
224 posts
40 upvotes
lessca wrote:
Apr 14th, 2016 8:15 am
Has anyone heard of CPSPayments affiliate of FirstData or any experience with them?

Their rates are more competitive than Moneris. MC 1.49% Visa 1.42% Non-Qualified 0.05%
Rates guaranteed for the contract term.
1.42% Visa, and 1.49% MC is the actual cost for domestic, electronic transactions. Any transaction that is not domestic (Canadian, with no points on the card, or a business / corporate card), and electronic (card inserted / swiped on terminal), would be subject to non-qualified fees. Therefore, the 0.05% that they would be charging you on the non-qualified (typically 50% of retailers transactions), would represent their only revenue...In short, if they were truly offering these rates to small business, they would have been bankrupt a long time ago. Further, they can't possibly guarantee rates, as they do not control fee increases from the Card Brands (Visa, MasterCard, Interac). If it's too good to be true...you know the rest.
Jr. Member
Sep 19, 2010
107 posts
1 upvote
It's flat rate of V/MC rates + 0.05% They guarantee that their rate of 0.05% doesn't change and not the Visa or MC rates. Everything will be documented in the contract. Yes, I understand that "If it's too good to be true...you know the rest.". Just wanted to make sure that I (and fellow business owners) am not missing out on anything.
Newbie
Jul 23, 2012
11 posts
1 upvote
Vancouver, British C…
@lessca - what type of contract would you be in for processing and what is the contract for the terminal (if different)? Who covers any service issues when your terminal is not functioning? How quickly will they get a working terminal to you - same day?
What are they charging for card brand fee/assessment? What are the interchange rates/interchange differential? All of these items would make up your total MDR. What are the terminal rental fees and monthly account fees? Is there a PCI charge? Based on the rates you've shared above, it sounds WAY too good to be true. Also First Data contracts are notoriously sticky.
Where is your bank account - there may be deposit fees associated with your processing deposits (which happen on a daily basis for each card brand).
Best way to find out if this is a good deal would be to contact a big player (Moneris, TD, Global, Chase) and get a competitive quote. Happy shopping!
Deal Addict
Oct 17, 2010
1489 posts
167 upvotes
eonibm wrote:
Feb 19th, 2016 12:19 pm
This is what I use for my e-commerce websites. They are always higher than card swiped transactions.

CA: Elavon - VISA/MC: 2.07% for all transactions except Amex. No monthly, signup or statement fee but just a $10 minimum charge. No cancellation fee. Funds deposited into my Canadian CAD personal bank account.

US: Moneris - VISA/MC/DISCOVER/AMEX: Interchange + 0.20% +$0.10 on all transactions (no distinction between qualified or mid/non-qualified). Network fee of $0.02. Credit assessment fee of 0.13%. Total: Interchange + 0.33% + $0.12 (Amex is 0.35% + $0.10).. $11.95/mos. No sign-up or statement fee. $250 max cancellation fee and I have that in writing. Funds deposited into my BMO/Harris US-domiciled USD corporation bank account the next day.

Btw, I read the entire 6 page Moneris agreement referred to in the contract at http://monerisusa.com/Home/support/term ... tions.aspx. Basically, as with any processor, they can do anything with your funds even if they are already in your own bank account at any time without notice and also require you to provide any security they deem necessary at any time and you have absolutely no recourse.
bit of an old thread so not sure if much has changed.

im looking at monaris, chase , or TD for debit machine. do you have recomendation?
Deal Guru
Aug 2, 2010
14328 posts
4188 upvotes
Here 'n There
thatsnazzyiphoneguy wrote:
Feb 10th, 2019 7:27 pm
bit of an old thread so not sure if much has changed.

im looking at monaris, chase , or TD for debit machine. do you have recomendation?
I ended up switching from Moneris to Elavon US for my USD transactions shortly after i made that post and pay interchange + 7 cents per transaction, no monthly fees at all. Interchange varies but what I have found is my average total fee is about 2.5% +/-. I have the USD deposited into my BMO Harris USD account and transfer it by cheque (free) to my BMO Investorline Account and then use Norbert's Gambit to convert it to CAD at the bank spot rate. My transactions are all online so I don't use a machine.
Newbie
Aug 26, 2018
11 posts
Why particularly with those 3 companies?
Which company you are currently with?

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