Predictable flat-rate pricing Ideal for low-volume merchants No monthly fees Massive feature-set

4. Shopify

Although Square also supports online payments, eCommerce merchants will probably prefer a solution that’s geared more toward their unique needs. Shopify provides just about every feature you might need to run an online business, including being able to accept credit card payments in Canada.

The company offers a wide range of pricing plans, ranging from $9 per month for its bare-bones Shopify Lite plan to $299 per month for the Advanced Shopify plan. Merchants can choose between using either a third-party payment gateway in Canada or Shopify’s own Shopify Payments feature for credit and debit card processing. With Shopify Payments, you’ll have a very basic flat-rate pricing plan. Rates start at 2.9% + $0.30 per transaction for online transactions and 2.7% for in-person transactions. Discounts on these rates are available if you sign up for one of the company’s more expensive monthly plans. If you choose to use a third-party gateway to process your credit card payments, you’ll have to pay a Shopify transaction fee for each transaction in addition to whatever your gateway provider charges you. Shopify transaction fees start at 2.0% per transaction for the least-expensive monthly plans and can be as low as 0.5% per transaction for the most expensive plans.

In selecting which plan is best for your business, you’ll want to carefully evaluate the processing costs associated with each plan and how important the additional features are to your business. The Shopify Lite plan, for example, doesn’t include an online store or telephone customer support. You’ll be able to sell in person, via Facebook, or using “buy” buttons on existing websites, but that’s it. You’ll also have to rely on email and chat for any customer service issues that come up.

5. Chase Merchant Services

For Canadian merchants running larger, more established businesses, Chase Merchant Services is a surprisingly good choice for such a large company. You’ll get a far more robust line of products and services than you will with a smaller provider, plus it’s a direct processor. Chase offers competitive rates and low account fees – something we don’t often see in a large processor.

As long as you buy a credit card/debit machine for your business in Canada, Chase will offer you month-to-month billing with no early termination fee (ETF). However, if you’d like to include a “free” credit card machine for your small business, you’ll have to accept a long-term contract that comes with an ETF. While we always recommend buying your own terminals, this is a reasonable trade-off as long as you’re comfortable committing your business to a multi-year contract.

Interchange-plus pricing offered to most merchants Month-to-month contracts with no early termination fees (except in some circumstances) Terminals available for sale or rent – no leases Next-business-day funding for Chase business checking customers Few complaints relative to its size “Free” credit card terminal requires a long-term contract Reports of mediocre customer service

6. PayPal

PayPal is a household name in both the US and Canada. Hundreds of millions of people have a PayPal account today, although you don’t need one to make a purchase from a merchant using the company as their payment processor. For merchants, PayPal offers very predictable pricing, pay-as-you-go billing, and a month-to-month account with no long-term commitment. What it doesn’t offer, however, is a true merchant account where you’ll have your own unique merchant identification number. While it’s a great choice for a small eCommerce business that’s just getting started, larger businesses processing over $10,000 per month in transactions will probably want to switch to a provider that offers a true merchant account with interchange-plus pricing.