OK, I'm with Moneris now, but they are scalping me! Most of my buyers are from the US and because of that - I pay scalper (they call it foreign) fees plus they use what they call "non-conforming" credit card transactions that they charge me horrendous fees for and can't explain what it means, so it is at their discretion - all in all - I pay almost 5% and I'm getting fed up and looking for an alternative. I'm in Canada, so opening a US bank account is not an option now. Are there any alternatives that would be a good match for me? I use PayPal as a second method, but many people won't use it.
Moneris is a very reputabl company. There are only a few Canadian/USA Processors which has to do with your Candian Banking System. Since you have a CA Business Account, you may want to contact your banker and see if they can open a corresponding USA Bank Account utiizing a VOD (Verification of Depositor) You also do not mention how your company accepts orders, telephone, web site transaction? That may be the reason behind your 5% fees, which is NOT out of the range of a good processing rate. BTW, I do establish high risk accounts, (Full Disclosure)
I use mostly website transactions with some phone orders, but I used to get 3.2 to 3.5% discount, it's the fees that kill it. I don't want to (and can't after 9/11) open a US account. I can get 5% with any processors like CCNow and do away with all the banking requirements that Moneris forces me to have. I think I can do much better than that!
CCNow is a third party processor. I have never been a fan of third party processors, but, if you believ etha tis the best method, take a look at their pricing: PRICING CCNow is the perfect solution for selling your products online. We provide credit card processing, shopping cart, risk management and customer support. You get all this for: •$9.95 sign-up fee •$0.50 per sale •4.99% of Gross Sales •$9.95 monthly fee if gross monthly sales <=$100, otherwise $0 monthly fee
With all the extra banking requirements of Moneris - it's actually cheaper! I don't care - loyalty works both ways. I've been with them for over 8 years and they can't give me a better deal - well, it's time to say good-by!
http://www.evocanada.com/ can do Canadian businesses. I don't know the costs off the top of my head, but we work with Evo for US processing so I can definitely vouch for the company. Not sure if much can be done about some of the additional fees. Visa/MC both started charging cross-border fees for separate buyer/seller country transactions.
Before you jump ship, try out a second or third option. Believe me, " The Grass isn't always greener on the other side." Read my previous posts on this topic. Have you tried www.alertpay.com. They are Canadian, but I think there rates will be about the same.