Virtual Terminal options - Payment Processors

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Dec 9th, 2020 2:57 pm

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Dec 7th, 2020 1:23 pm

Steiber [OP]: Deal Addict; Jan 10, 2007; 1709 posts; 704 upvotes; Abbotsford

Dec 7th, 2020 1:23 pm

Virtual Terminal options - Payment Processors

I'm leaning towards Paypal Canada as they integrate with Software I'm using but wondering if anyone had any opinions comparing Moneris, Square, Stripe, Bambora or any others in Canada. Moneris is the only one that uses an "effective rate" so you never quite know what you'll pay verse the others with a flat rate. They also have a lower transaction charge, however they are the only ones I think with a monthly fee on top (+ the only one with a set up fee).

this is for an AirBnb like set up - so fewer transactions but at a $500-$1000 price point each one. I also need to preauth for damage deposits (I don't want to take the money and then refund). And while the bulk with would be Canadians using Canadian CC's, I'm sure there will be the occasional USD CC used -

Any general comments would be greatly appreciated as well (i.e. customer service is great/bad etc).

5 replies

Dec 7th, 2020 7:09 pm

gamechanger: Member; Feb 18, 2014; 295 posts; 70 upvotes

Dec 7th, 2020 7:09 pm

In terms of expenditures, PayPal etc will be more cost effective up to about $3,000 / month. That’s due to not having any monthly fees. Once you get north of 3k, the lower rates that you can negotiate elsewhere makes PayPal cost prohibitive. Happy to share more info if you’d like more detail.

Dec 8th, 2020 12:24 pm

Steiber [OP]: Deal Addict; Jan 10, 2007; 1709 posts; 704 upvotes; Abbotsford

Dec 8th, 2020 12:24 pm

gamechanger wrote: ↑ In terms of expenditures, PayPal etc will be more cost effective up to about $3,000 / month. That’s due to not having any monthly fees. Once you get north of 3k, the lower rates that you can negotiate elsewhere makes PayPal cost prohibitive. Happy to share more info if you’d like more detail.

yeah, I'll be well over $3K a month I think - I was trying to find one that integrated with software I use, but the only other name I even recognized was Stripe. Bambora might be another option, but I've never heard of them.
Can I ask how much negotiating room you've been able to find with these vendors?

Dec 9th, 2020 11:26 am

Scote64: Deal Fanatic; Jan 21, 2018; 6542 posts; 6845 upvotes; Vancouver

Dec 9th, 2020 11:26 am

Stripe doesn't have a monthly fee, but note that their 2.9% only applies to payments made by credit cards from your home country. All others are 3.5%. So for example if you are a Canadian company, credit card payments made by Canadian cards get a 2.9% rate, but payments made by U.S. cards get charged at 3.5%, even if the payment is in Canadian dollars. Doesn't even matter if you have a U.S.bank account and charge in US$, if you are a Canadian company you will be charged 3.5%.

Dec 9th, 2020 12:36 pm

Steiber [OP]: Deal Addict; Jan 10, 2007; 1709 posts; 704 upvotes; Abbotsford

Dec 9th, 2020 12:36 pm

Scote64 wrote: ↑ Stripe doesn't have a monthly fee, but note that their 2.9% only applies to payments made by credit cards from your home country. All others are 3.5%. So for example if you are a Canadian company, credit card payments made by Canadian cards get a 2.9% rate, but payments made by U.S. cards get charged at 3.5%, even if the payment is in Canadian dollars. Doesn't even matter if you have a U.S.bank account and charge in US$, if you are a Canadian company you will be charged 3.5%.

thank you - I've been trying to find out this scenario without success. I also assume if that USD CC was in USD - I'm also getting whacked the higher CC FX rate then just your normal banking FX>

Dec 9th, 2020 2:57 pm

gamechanger: Member; Feb 18, 2014; 295 posts; 70 upvotes

Dec 9th, 2020 2:57 pm

oakjefferson wrote: ↑ yeah, I'll be well over $3K a month I think - I was trying to find one that integrated with software I use, but the only other name I even recognized was Stripe. Bambora might be another option, but I've never heard of them.
Can I ask how much negotiating room you've been able to find with these vendors?

Full disclosure: I work in the industry and can set up merchant accounts.

Bambora is a solid, robust gateway. You can get rates directly through them, but they will only be marginally lower than Stripe. Alternatively, you can negotiate your rates / fees with a provider and port over your merchant account and use on Bambora. So, while you will have 2 sets of fees, you will definitely reduce your expenditures.

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