Frequently Asked Questions

Find out the answers to some of the most common questions about opening a merchant account.

How much will payment processing cost for my business?2021-05-16T18:02:29-04:00

The cost of payment processing depends on the type of card brands you will accept and the industry you are in. You can have rates for as low as 1.05%.

Which payment types can I accept with your solutions?2021-05-16T18:02:29-04:00

Our solutions accept all major card brands such as Visa, Mastercard, Interac, Amex, Discover, China UnionPay (UPI), and many digital payment wallets like ApplePay, GooglePay and SamsungPay.

Which business types qualify to open a merchant account?2021-05-16T18:02:29-04:00

Sole-proprietors, partnerships, corporations and not-for-profit organizations can all qualify to open a merchant account as long as the business is registered in Canada.

Can I open a USD merchant account?2021-05-16T18:02:29-04:00

Yes. You can open a merchant account in CAD or USD depending on which currency your products and/or services are sold. This applies only for Canadian businesses.

Do I need to change my bank?2021-05-16T18:02:29-04:00

No, you can stay with your current financial institution. If your company is a corporation or partnership, you will need a business bank account to process payments. If you are a sole-proprietor, you can use a personal bank account.

How long does it take to approve my application and get my equipment?2021-05-16T18:02:29-04:00

Our approval process takes 24-48 hours. Once the account is approved, your new terminals should arrive at the location within 1-3 business days.

When will the funds be deposited into my bank account?2021-05-16T18:02:29-04:00

Your funds will be deposited the next day. If the sales batch is closed by 9:30pm, the funds will be deposited in your account by the next morning. If the batch is closed at 10:00pm or later, the funds should be deposited in the afternoon.

How many deposits are made per month? Will I pay more bank deposit fees?2021-05-16T18:02:29-04:00

Deposits are made every day. Thanks to our system’s cloud based technology, the debit and credit transactions from all your devices are regrouped into one daily deposit. This actually allows you to save on bank deposit fees!

How much support is available?2021-05-16T18:02:29-04:00

Technical support is here for you 24/7, 365 days a year.

How can I access my monthly statements?2021-05-16T18:02:29-04:00

Every month your statement will be made available on your dashboard. You can also receive your statements by email, or in paper by mail.

I have a website and I want to start selling my products online. How can I get started?2021-05-16T18:02:29-04:00

We have tailored solutions for every type of business regarding their online needs. You will need to open a digital merchant account and then we’ll get you started with one of our specialists who will finalize the integration and setup of your online store.

What is interchange plus pricing?2021-05-16T18:02:29-04:00

In simple terms, interchange plus pricing is the most transparent method used to determine your effective processing rates. It has no hidden fees and is less expensive than other pricing structures. Here is how it is calculated:

Interchange + Network Assessment Fees + Transaction Fees

  • Interchange = the cost that merchants are required to pay per transaction to the issuing bank for the type of credit card used by the customer (set and regulated by Visa, Mastercard, etc.). This cost also depends on the industry the merchant is in and the type of transaction passed (chip or online).

  • Network Assessment Fees = the cost that merchants must pay per transaction to the card brands (set and regulated by Visa, Mastercard, etc.).

  • Transaction Fees = the cost that goes to your payment provider, for processing payments, depositing funds, managing account statements and providing support.

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