We field lots of questions from Canadian merchants about credit card processing in Canada. Ecommerce in Canada is a particularly popular subject. So we have put together the following collection of basics Q and A’s on the subject.
Why chose one Canadian processor over another?
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You work with a real person – this same person is going to help you every time you call.
| We are a team of highly trained individuals in the e-commerce field, each of us working with the same business owner for the lifetime of their account. That means that when you apply you will always be working with the same person, who will know your business inside and out. They are not just salespeople, but e-commerce consultants with a large degree of expertise in the field and are able to help with just about any e-commerce related question or issue. |
You will save money on your processing costs.
| We work with some of the largest banks in the world including the Royal Bank of Scotland and Home Trust Company. Because we broker so many accounts the rates are much lower than are available directly to the public. |
We’d like to think we know everything about e-commerce.
| We’ve been helping Canadian merchants establish online processing solutions for over 9 years. That may not sound long compared to old world businesses that have been passed down through generations, but in the e-commerce industry that is a long time. We’ve worked with merchants in every major industrialized country, and have established payment solutions in every major currency worldwide. It is very difficult for a merchant to come to us with a payment processing challenge that we have not seen before. And on those rare occasions when they do we have such strong relationships with our network of banking partners that there is almost nothing that we can’t support. (Outside of gaming and adult/pornography products as we do not work in these areas). |
We want you to succeed.
| We only make money when our clients manage to get up and processing successfully. We are not a bank with a team of anonymous underwriters who share no concern in the success or failure of your business. There is an incentive for us to want you to get live and be successful. The incentive is that we provide accounts at or close to cost for all our customers, only breaking even until they start processing. So quite literally, we are successful if you are successful. Fortunately for us, we are very good at helping our clients set up successful e-commerce businesses! |
Any other reasons?
| There are many reasons to want to work with us. We suggest starting with a phone call. You will see very early on in the conversation that we are real people, who really know e-commerce. We challenge you to call us and stump with your toughest e-commerce questions. We can’t say it’s not possible – but it’s not likely. More than anything you will see that we are real people just like yourself, and much like yourself have a sincere interest in doing a good job and providing a service of great value to customers. We want to be your merchant provider, and we want to help you succeed. If you want to know how we can do that give us a call and we’ll be happy to help. |
Do you include everything I need to accept credit cards?
We include everything that is needed to accept credit cards. You will receive both a merchant account and payment gateway access with real time credit card processing. There are no additional or hidden fees.
We are also able to provide customers with free access to EasyInvoice or EasyCheckout. Both make it tremendously easy to add either online invoicing or “Buy Now” buttons to a website. For merchants looking for a more advanced integration they can choose from over one hundred pre-compatible shopping carts, or can build their own custom integration.
If you are new to e-commerce and need help understanding how to set up payments on your website do not hesitate to contact us. One of our representatives will be happy to walk you through the process and will explain the steps involved.
Click here to find out more about our services, what you get, and how much it costs.
Which credit cards can I accept?
You can process all major credit and debit cards including Visa and MasterCard. We can also process American Express transactions, however only American Express can issue the merchant ID, which you must get from American Express directly if you wish to support AMEX payments.
European cards such as Switch, Solo, Maestro, Laser and JCB are also supported. Note that some European cards have currency limitations and can only handle payments in GBP and Euro. You also will be able to accept all credit and debit cards carrying the Visa or MasterCard logos.
A merchant account is a special type of bank account that is used to hold funds captured from credit card transactions. You must have a merchant account in order to accept credit cards.
E-commerce is the process of selling sell goods or services over the internet, with payment from the customer being made online. Visit our merchant account lesson for a detailed and thorough explanation of how e-commerce works.
We pride ourselves on having the best rates in the industry. Click here to go to our merchant account pricing information.
Why is an application needed to get a merchant account?
Different types of products or services are considered higher risk than others by banks.
When you process a credit card transaction, the bank will transfer the funds from your merchant account into your business bank account after a 7 day hold period. However, your customer can potentially raise a dispute with their card issuing bank for 4 months past the date of the transaction. This could be for numerous reasons including the product was not received, not as described, or it was an unauthorized use of their credit card. This means that long after you have received the money from this transaction into your bank account, your processor is still exposed to liability from potential disputes. These disputes are called “chargebacks”.
That is the reason why you must complete an application. The bank will undergo a risk review of your company, and the types of products or services that you are selling. Most merchants selling household goods and services are considered low risk and are easily approved.
Every merchant account provider has an application process. If they did not it would mean there would be no controls in place to protect themselves from the financial liability associated with fraudulent and disputed transactions. It would not be desirable to place your business with an acquiring bank that did not have these controls in place.
At Merchant Accounts.ca we understand that many providers have a long and complicated application process. By listening and responding to our customer feedback, we have developed one of the easiest and most streamlined applications in the industry. The amount of paperwork we require is minimal, security deposits are not required, and you can be approved within 5 business days.
Click here to submit an application.
What is involved in submitting an application?
We have built a reputation for having one of the easiest and most merchant friendly applications in the industry. The first step of the application is completed online, and you are then given the offline documents which you must complete and fax back in. Very little documentation is required:
| Merchant Agreement | You will sign and date the merchant agreement. |
| VOID Cheque | Used to confirm your banking institution and funding into your business bank account. Funding to merchants is done weekly. Merchants with an established processing history can qualify for 48 hour funding. |
| Balance Sheet | The balance sheet is a one page financial statement for your company. |
| Certificate of Incorporation or Business Registration |
Used to confirm existence of your business entity. |
The process of applying and being approved for the merchant account is incredibly fast and simple — you can be fully approved 5 business days.
How long does it take to get approved?
To a large extent the merchant controls the timeframe on approval. The most important issue to be aware of when it comes to timeframes is that you must complete all the necessary paperwork before your approval can be issued. Once we have received your application paperwork approval can be issued within 5 business days.
Note that if you provide a particularly high risk product or service, or if your trading volumes are particularly high the review process may take slightly longer. If you are working on a tight timeframe and need a quick approval you can request an escalation in the review of your application. Contact our customer service team to request an expedited review.
Will my application be approved?
We take particular pride in working closely with every single client. This close working relationship enables us to establish a good understanding of your business, helping you to get approved far more quickly and easily than would otherwise be possible. Ultimately, our clients are likely to find the application review streamlined and easy to complete, with a tremendous amount of support available throughout the process.
It is for this reason that we can approve merchants that other providers often cannot – even if you have bad credit it will not prevent approval. The entire process is designed (and is constantly being refined based on customer feedback) to be extremely fast and simple.
Almost all typical household goods and services can be quickly and easily approved. If you have any questions about the products or services you are offering do not hesitate to contact us. Keep in mind that we offer an approval guarantee. There is no risk when applying, because if we are not able to approve your application you will receive a full refund of the setup fee. We proudly offer the most risk free and merchant friendly application in the industry.
What is your approval guarantee?
Our guarantee is simple: If your application is not approved you will receive a full refund of your setup fee. There is no risk in submitting an application.
Do I need to be incorporated in Canada or the USA?
There is no need for incorporation in order to obtain an account. We work with both small and large businesses. The only requirement is that you must have a business bank account in the country in which your business is based. Any type of legal business entity can use our processing services including proprietorships, partnerships, charities and corporations. Our merchant account solutions are available to merchants located in Canada, USA, UK, Australia, Germany and Japan. Other countries can be supported on a per-case basis.
Can international merchants get a merchant account?
Our focus is primarily on the Canadian market because we are a Canadian company. However, we have a large international client base and in particular work with merchants in the UK, Australia and many other countries. Because we support so many different payment currencies our processing solutions are particularly desirable for international merchants.
Do you have a Reseller or Partner Program?
We offer several rewarding programs that will enable smaller businesses to refer clients to Merchant Accounts.ca for a referral fee, and recurring commissions to our merchant industry partners through our ISO and reseller programs. Click here for information about our Partner Program .
How do I start collecting payment online?
In order to begin accepting credit card payments online, you must connect your website to the payment gateway so that your payments can be processed. You will have several different options to choose from in terms of how you choose to connect your website to the payment gateway.
Shopping Cart Programs: Most merchants choose to use one of the many compatible shopping carts that work with the payment gateway. This is the fastest and easiest way to get started because there is no programming required. If you need help selecting the right cart for your project contact us.
Custom Integrations: We are able to provide technical documentation for webmasters who wish to develop a custom integration with the gateway. Technical information can be found here.
What are your recommended e-commerce best practices?
This is not a difficult question, but every business has unique criteria to consider. We provide the benefit of our expertise to every one of our clients, and encourage you to contact us with your questions. With that said, we can offer 3 important points applicable to every company with an aspect of it’s business on the internet:
– Do not store any cardholder data of any kind unless absolutely necessary.
Merchants using the Standard/HTML method of integration will not have access to any cardholder data of any kind when processing online transactions. The customer enters cardholder information while they are directly connected to the payment server. This makes it impossible for merchants to come into contact with any cardholder data when doing online transactions. More advanced methods of integration are available, but unless you need it, why would you want to store credit card data?
– Provide clear and easy to find contact information.
If customers have questions or concerns they need to be able to speak to someone in your organization. This will make it easier for the customer to purchase, and they can do so with greater confidence knowing that yours is a legitimate operation with good customer service.
– Maintain a customer friendly refund policy.
When purchasing online the customer must know they will receive a quality product or service. With a clear and reasonable refund policy, your customers will be able to purchase in confidence and this will minimize the likelihood of future disputes with customers.
