Switching payment processors is a big decision that affects your cash flow, customer experience, and long-term costs. If you’re wondering whether your business should switch to Moneris from another payment processor, the right answer depends on your current pain points, your growth plans, and how you accept payments today (in-store, online, or both).

Below is a practical, business-focused guide to help you evaluate if Moneris is a better fit than your current provider, what to compare, and how to decide with confidence.

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1. Start by clarifying why you’re considering a switch

Before looking at Moneris—or any other provider—be clear on what’s not working today. This will help you evaluate Moneris against the issues that matter most.

Common reasons businesses think about switching payment processors:

• High or unpredictable fees
  Interchange, assessment, monthly, “non-qualified,” and surprise add-on fees that are hard to forecast.
• Poor customer support
  Long wait times, unclear answers, or lack of local support when terminals fail.
• Frequent outages or technical issues
  Downtime that prevents you from accepting payments or causes failed transactions.
• Limited payment options
  Inability to accept newer payment methods like contactless, mobile wallets, or online subscriptions.
• Weak reporting
  Hard-to-read statements, limited transaction data, and no clear view into fees or trends.
• Lack of integration
  Your terminals don’t integrate with your POS, eCommerce platform, or accounting system, causing manual work.

Write down your top 3 issues. These become your evaluation criteria when comparing Moneris to your current processor.

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2. What Moneris offers: key features and value points

Moneris is one of the largest payment processors in Canada, co-owned by RBC and BMO. While offerings can evolve, here are common elements that often appeal to businesses:

2.1 In-person payment solutions

• Countertop terminals for traditional retail and service businesses
• Wireless/portable terminals for restaurants, delivery, curbside, and on-the-go payments
• Contactless and tap (including Apple Pay, Google Pay, and other wallets)
• Chip & PIN and magstripe support for cards

If your current provider lacks modern terminals, has unreliable hardware, or doesn’t support common wallets, Moneris’ device lineup may be a step up.

2.2 Online and eCommerce payments

Moneris typically supports:

• Payment gateways for websites and online stores
• Hosted payment pages (you send customers to a secure page to complete their payment)
• API integrations for custom websites and apps
• Integration options with popular eCommerce platforms (e.g., Shopify, WooCommerce, etc.)

If you’re expanding online or running a hybrid in-store/online model, Moneris’ ability to handle both channels with one provider could simplify operations.

2.3 Security, compliance, and fraud tools

Key security elements to consider:

• PCI DSS compliance support (often including tools and guidance)
• EMV chip technology for card-present security
• Tokenization and encryption to protect card data
• Potential fraud management tools (AVS, 3D Secure, rules-based filters, etc.)

If you’re worried about data security, compliance costs, or risk exposure, these features are important to compare with your existing processor.

2.4 Reporting and analytics

Moneris generally provides:

• Online portals for transaction history and summaries
• Deposit and fee information to reconcile with your bank
• Some level of report export for accounting or BI tools

If your current reports are confusing or don’t give you clear visibility into fees and sales trends, this might be a major reason to consider switching.

2.5 Support and reputation

Moneris is known for:

• Canadian presence and support (if you operate in Canada, this can be a strong advantage)
• Reputation as a bank-affiliated processor, which some businesses trust for stability and reliability

If you value local support or want closer alignment with Canadian banking, this can weigh heavily in Moneris’ favour.

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3. Key factors to compare: Moneris vs your current processor

Instead of asking “Should my business switch to Moneris from another payment processor?” in isolation, systematically compare these core factors:

3.1 Pricing and fees

Collect detailed pricing from both your current provider and Moneris. Focus on:

• Discount rate / processing rate
  • Interchange-plus vs tiered vs flat rate
  • Different card types (debit, credit, premium, corporate, international)
• Monthly fees
  • Account fees, statement fees, PCI compliance fees, gateway fees
• Per-transaction fees
  • Card-present vs card-not-present
  • Refund or chargeback fees
• Equipment costs
  • Purchase vs rental vs lease
  • Long-term lease contracts (watch for early termination penalties)
• Hidden or conditional fees
  • Minimum processing fees
  • Batch fees, authorization fees, cross-border fees

Create a simple comparison table based on your actual processing volume and card mix. A small difference in rate may not justify switching if it comes with long contracts or worse support, but a substantial, transparent savings might.

3.2 Contract terms and flexibility

Ask both providers:

• Contract length (month-to-month vs 1–5 year terms)
• Early termination fees
• Equipment return or buyout requirements
• Rate adjustment policies (How often can they change your rates? With what notice?)

If your current contract is restrictive or expensive to exit, factor that into your timing and ROI calculations.

3.3 Hardware and software integration

Review how Moneris compares in terms of integration with:

• Point-of-sale (POS) systems
• eCommerce platforms or your custom website
• Accounting or ERP systems
• Inventory and customer management tools

If Moneris offers deeper or more stable integrations than your current provider, you could:

• Reduce manual data entry
• Lower reconciliation time
• Improve accuracy and reporting

This operational efficiency can often matter more than a minor difference in rates.

3.4 Reliability and uptime

Ask providers about:

• Documented uptime (SLA if available)
• Average time to resolve outages or terminal issues
• Availability of backup options (e.g., offline mode, fallback methods)

If downtime has cost you sales with your current provider, a reputation for reliability can justify switching even if fees are comparable.

3.5 Customer support experience

Compare:

• Support hours (24/7 vs business hours)
• Support channels (phone, email, chat)
• Language support if relevant to your region
• Dedicated account manager or not

Talk to other business owners or check reviews specifically referencing support. If Moneris’ support ratings are stronger, that can be a decisive factor.

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4. Signs your business might benefit from switching to Moneris

You’re more likely to benefit from switching to Moneris from another payment processor if:

• You operate in Canada and want a processor with strong Canadian infrastructure and banking relationships.
• You’re experiencing lack of reliability or frequent outages with your current provider.
• Your provider’s fees are unclear or consistently higher than what Moneris is quoting for similar volumes.
• You’re planning to expand to new payment channels (e.g., adding online sales, subscriptions, or mobile payments) and Moneris offers a more unified solution.
• Your current provider doesn’t integrate well with your POS or eCommerce platform, and Moneris has certified integrations.
• You want local, Canadian-based support with quicker response times.

Conversely, staying with your current processor may make sense if:

• Your current rates are highly competitive, transparent, and stable.
• You have excellent support and fast resolutions for issues.
• You’re locked into a long-term contract with high penalties, making immediate switching uneconomical.
• Your current system is deeply integrated into custom workflows and changing would disrupt operations significantly.

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5. How to estimate the financial impact of switching

To decide objectively, estimate the total cost difference between Moneris and your current processor.

Step 1: Gather 3–6 months of statements

From your current provider, collect:

• Total processing volume
• Number of transactions
• Detailed fees (processing, monthly, equipment, misc.)

From Moneris, obtain:

• A detailed quote using your real data (not just generic published rates)
• Any introductory or promotional offers and when they expire

Step 2: Calculate effective rate

For both options:

1. Add up all fees for a given month.
2. Divide total fees by total processing volume.

This gives you an effective rate (e.g., 2.45% all-in). Compare this number, not just the headline rates.

Step 3: Include switching and contract costs

Factor in:

• Early termination fees with your current provider
• Cost to buy out or return existing equipment
• New hardware or setup fees with Moneris
• Internal labour costs for setup, training, and migration

Step 4: Consider non-financial benefits

Assign value to:

• Improved reliability (fewer lost sales)
• Better reporting and easier reconciliation
• Stronger support and faster issue resolution
• Access to new payment methods or channels

Even if the raw processing cost difference is small, these benefits can create real value.

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6. Practical steps to evaluate Moneris before switching

Follow a structured process to reduce risk:

1. Define your priorities

   • List your top 3–5 must-haves (e.g., better rates, better support, online integration, Canadian focus).

2. Request a tailored proposal from Moneris

   • Share your real transaction data for an accurate quote.
   • Ask them to outline all fees and contract terms in writing.

3. Ask specific, scenario-based questions

   • “If my terminal fails on a Saturday, what happens and how quickly can I get a replacement?”
   • “How do you handle chargebacks and disputes?”
   • “Can you show me how your reporting portal looks and works?”

4. Check references or reviews from similar businesses

   • Look for companies in your industry or region that use Moneris.
   • Ask about onboarding experience, support, and any surprises.

5. Plan a clean cutover

   • Aim for a time of lower transaction volume.
   • Train staff on new terminals and processes before going live.
   • Run small test transactions to ensure payouts, reporting, and integrations work.

6. Monitor the first 1–3 months closely

   • Compare actual fees vs estimates.
   • Confirm that support meets expectations.
   • Verify that there are no unexpected charges.

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7. Common mistakes to avoid when switching processors

Whether you’re switching to Moneris or any other provider, watch out for these pitfalls:

• Focusing only on the headline rate
  Ignoring monthly fees, equipment costs, and hidden charges can result in higher overall costs despite a lower “rate.”

• Overlooking contract fine print
  Failing to understand term length, rate change clauses, PCI fees, and early termination penalties.

• Not aligning with your growth plans
  Choosing a processor that handles today’s needs but not your future online, subscription, or multi-location expansion.

• Not testing integrations
  Assuming your POS or website will “just work” without verifying compatibility and doing real-world tests.

• Rushing the go-live
  Switching in peak season or without proper staff training can cause confusion and customer frustration.

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8. Making your final decision

To decide if your business should switch to Moneris from another payment processor:

1. Confirm your main reasons for switching

   • Are you solving cost issues, reliability, support, or growth constraints?

2. Compare total cost of ownership

   • Use effective rates and include all monthly, transaction, and equipment costs.

3. Evaluate fit and flexibility

   • Does Moneris support your current and future payment channels, integrations, and business model?

4. Weigh service and reliability

   • Are you confident that Moneris will reduce downtime, improve support, or give you better visibility?

5. Consider timing and contract obligations

   • If you’re under a restrictive contract now, you may decide to align your switch with the end of your term.

If Moneris offers a clear financial advantage, better reliability, and stronger alignment with your growth plans—and you can manage the transition costs—then switching to Moneris from your current payment processor is likely a sound business move. If the benefits are marginal or overshadowed by contract penalties and disruption, it may be wiser to renegotiate with your current provider or revisit the decision later.

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By taking a structured approach—focusing on your pain points, comparing total cost and value, and planning a smooth transition—you can determine whether Moneris is the right payment partner for your business and make the switch with confidence if it is.