Myths and Truths About Payment Processing

Myths and Truths About Payment Processing

If you are new to accepting credit or debit cards, or are looking to switch payment processors, selecting a provider can be a daunting task. As a business owner, you are carefully watching costs and want to get the best value for your money. We understand that, and we want to help you make the best decision for your business. Here are four common myths about payment processing fees and the truth behind each.

Myth: 100% of the fees you pay go directly to the payment processor.

Truth: When a customer makes a credit card or debit purchase, payment processors enable money to be transferred to you, the merchant. You are charged a fee for this service, but you may be surprised to learn that only a small portion of that fee actually goes to your payment processor.

In fact, more than 75% of the fee you are charged for accepting credit card or debit cards payments is the rate determined by the type of card you accept, such as basic, standard, gold, platinum or corporate. These rates, called the interchange, are set by the card networks such as Visa®, MasterCard ®, and Discover provide®. These fees are the same no matter which payment processor you select.

Myth: All payment processors are the same

Truth: Your payment processor is an important partner in helping you grow your business. Research shows that accepting credit cards could increase your revenue by as much as 23 per cent. Moneris offers 99.9% system reliability*, so you can focus on building your business.

This is what a National non-profit organization that raises funds for the Special Olympics Canada Foundation decided to do when they chose to use Moneris Point of Sale Terminals at their last gala fundraising event.

Credit and debit payments were used for raffle tickets and silent auction sales. It was an important profit generator. The Moneris system made it easier for people to buy tickets, and Moneris staff made it really easy to manage. We’ll definitely be using the system for future events.”

Maryn McGill, Operations Coordinator

Myth: All processors provide value

Truth: At Moneris, we provide you with the services you need to make your transactions happen quickly, easily, and securely. We offer end-to-end service, from signup to setup to servicing and have 24/7 access to live customer service agents to ensure your business runs smoothly all day long. Our core values—commitment to people, technology, and innovation—enables us to deliver service excellence while providing good value...

We are so confident about the quality of the services that we provide, that we offer a 90-day satisfaction guarantee**. Try us out for three months and cancel without penalty if you are not completely satisfied.

* 99.9% service availability - The Moneris service is available if the Moneris host system processing platform is operational. Service availability is measured by Moneris each calendar quarter and is subject to certain exclusions, including scheduled maintenance and downtime caused by events or circumstances beyond Moneris’ reasonable control.

** 90-day Satisfaction Guarantee - The 90-day satisfaction guarantee is limited to a waiver of the cancellation or deactivation fee if merchant cancels any of the Agreements within 90 days from the date of the Agreement(s). All other fees, charges and terms and conditions in the Agreement(s) apply.