Even without COVID-19 and the spread of bacteria, cash has almost become nonexistent in today’s world, let alone with the spread of the virus and the need for more and more contactless payments. This opens up a new world, a new business opportunity you could take advantage of.
When you’re creating an app for instance, if you’re charging for a product or service you need to take into consideration how that payment will be processed. Obviously, a cash payment would not necessarily be possible in a situation such as this. This is why a payment gateway must be integrated into online payments and transactions.
Whether you are running a delivery service, an ecommerce service, or any online service that requires a payment gateway, consider the following options:
Best Payment Gateways in Canada
1. Square
This was the first ‘external’ and portable debit/credit machine that processes payments through one’s smartphone. The greatest advantage being: no extra fee for the equipment.
The fees for this mobile POS system are: 2.75% for every swipe transaction and 2.9% for online transactions. If you’re a merchant who does not have a processing history, Square is great for you as it does not have any statement or monthly fees.
Besides the mobile POS solution, Square offers billing features, online orders, stored cards, analytical data processing, third-party integrations and of course: a payment option with API for those looking to develop within.
2. Stripe
This is by far the most popular payment gateway in North America. It offers a wide range of developer tools and resources for online merchants. It’s also a good idea to pay attention to what your competitors are using, if it’s working for them it will most likely work well for you and vice versa.
Who’s using Stripe?
Under Armour
Blue Apron
TaskRabbit
Lyft
Stripe allows online businesses to give solutions for split-up payment options, in-app payments, and various tools to integrate great features for customers.
There is no annual or starting fee, the only charge is 2.9% for every transaction.
3. Moneris
This is definitely Canada’s largest payment gateway provider. The greatest advantage of Moneris is their high-end security and response-rate for any questions or concerns. If you’re a small business, this is the payment gateway for you!
Even RBC and BMO use Moneris for their daily tasks. Not only accessible for online payments, Moneris also offers features like inventory management and sales tracking to keep your business thriving.
The fees for this payment gateway are: 2.75% for credit cards and a monthly fee of $19.95.
4. PayPal
PayPal has and still to some extent continues to be one of the leading eCommerce payment platforms for a wide range of businesses. Small businesses particularly are the largest users of this platform, as PayPal offers standard and easy solutions. They also provide a great security system so that card numbers are not exposed externally.
The standard fees are: 2.9% for each transaction. There is also a pro version for credit cards, in which the fee is an additional $35.
5. Elavon
Started off in the US, it has grown into one of the largest worldwide payment gateways. Many businesses who use Elavon tend to save lots of money and are able to quickly collect upon payments in comparison to other payment solutions.
Elavon accepts every single card globally and offers a cashback program. The fees are: $270 one-time fee, $10 monthly fee and 2.6-3.5% on each transaction depending on the card type.
Which is Best for Your Business?
There are many things to take into consideration when integrating a payment gateway into your service: fees, security, size of business, etc. Here at ISU Corp we can offer you expert advice and even recommend ways in which to integrate a payment gateway in a safe and secure way.
Contact us today for more information.
