For small-business owners comparing payment processors, Moneris and Square often rise to the top of the shortlist—especially in Canada. Both let you accept in‑person and online payments, but they differ significantly in pricing structure, hardware, contracts, and the type of business they’re best suited for. Understanding these differences will help you choose the right fit for your size, growth plans, and budget.

Below is a detailed comparison of Moneris vs. Square for small-business payment processing, with a focus on real-world use cases, costs, and long‑term considerations.

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Quick comparison: Moneris vs. Square at a glance

Best for:

• Moneris: Established or growing small businesses (especially in Canada) that:

  • Want lower per‑transaction rates in exchange for contracts
  • Need robust countertop terminals, multi-location support, or integration with banks (RBC/BMO)
  • Prefer customized pricing based on volume

• Square: Very small businesses, startups, mobile vendors, and service providers that:

  • Want no monthly fees and simple, transparent pricing
  • Need fast, self‑serve setup and flexible, modern POS tools
  • Have lower volume and value simplicity over the absolute lowest fees

High-level differences:

Feature/Factor	Moneris	Square
Primary market	Canada (some US presence)	Global, strong in US & Canada
Typical pricing model	Interchange‑plus or tiered, custom quotes	Flat, transparent published rates
Contracts	Yes, often 3-year terms with early‑termination fees	Month‑to‑month, no long‑term contracts
Monthly fees	Yes (varies by package & hardware)	None for basic, paid tiers for advanced features
Hardware	Traditional terminals + POS solutions	Mobile readers, all‑in‑one POS, terminals, registers
Setup speed	Slower (application, underwriting, shipping)	Very fast; sign up online and start processing quickly
Best for	Higher volume, brick‑and‑mortar, multi‑location	Micro‑businesses, pop‑ups, solo operators, new businesses

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Pricing and fees

Square pricing

Square is known for simple, flat-rate fees. In Canada and the US (rates can change, always confirm current pricing):

• In‑person card-present transactions: Typically around 2.6–2.65% + fixed cent fee per transaction.
• Online payments/eCommerce: Usually ~2.9–3.5% + fixed cent fee depending on card type and method.
• Keyed‑in payments: Higher than tap/chip, often around 3.4–3.5% + fixed fee.
• Monthly fees:
  • Basic Square POS: $0/month
  • Industry-specific tools (restaurants, retail, appointments) have optional paid plans.

Who wins on simplicity?
Square. You can see your exact fee structure on their website before signing up, and there are no statement fees or PCI fees for the basic plan.

Moneris pricing

Moneris doesn’t publish a simple flat rate for most merchants because it typically uses interchange‑plus or tiered pricing and custom quotes based on:

• Business type
• Monthly processing volume
• Average transaction value
• Risk profile (card‑present vs card‑not‑present mix)

Common cost components:

• Per‑transaction processing fee: Often lower than Square’s for businesses with decent volume.
• Monthly fees: Typically applies for:
  • Merchant account
  • Terminal rental/lease
  • POS software (if using Moneris‑powered POS)
• Other fees (may apply):
  • PCI compliance or non-compliance fees
  • Chargeback fees
  • Early termination fees (if breaking a contract)

Who wins on total cost?

• Lower volume or seasonal businesses usually save with Square (no base monthly fee, pay only when you process).
• Established businesses with higher volume can often negotiate lower effective rates with Moneris than Square’s flat rates, even after monthly fees.

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Contracts and commitments

Square

• No long‑term contract: You can sign up online and cancel anytime.
• No early termination fee: You’re free to stop using it without penalty.
• Hardware is typically purchased outright, and you can often reuse it or resell it.

This flexibility is ideal for:

• New businesses still testing their model
• Seasonal vendors or pop‑ups
• Freelancers and service professionals

Moneris

• Contracts are standard: Commonly 3-year terms (can vary).
• Early termination fees: Often apply if you cancel before the end of the contract.
• Hardware is frequently rented or leased; returns and termination terms can be strict.

This works best for:

• Established businesses that are confident in their long‑term operations
• Merchants who can commit to a multi‑year processing relationship in exchange for better rates

Who wins on flexibility?
Square, clearly. Moneris is more traditional with long-term agreements; Square is low‑commitment.

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Hardware and in‑person payment options

Moneris hardware

Moneris offers:

• Countertop terminals (wired/wireless)
• Mobile terminals with cellular or Wi‑Fi
• Integrated POS solutions for:
  • Retail
  • Hospitality
  • Restaurants and quick-service
• Tap, chip, and PIN, Interac support (in Canada), and support for major card brands.

Strengths:

• Built for stable, high-volume, brick‑and‑mortar environments.
• Good for businesses that want a traditional terminal on the counter, plus integrated printing and PIN pads.
• Strong support for Canadian debit (Interac).

Square hardware

Square’s hardware is centered around mobile, modern POS:

• Square Reader: Small, portable card reader (tap, chip, sometimes magstripe).
• Square Terminal: All‑in‑one handheld device for taking payments and printing receipts.
• Square Stand: iPad stand + reader that turns a tablet into a POS.
• Square Register: Full countertop system with customer display.

Strengths:

• Highly portable and visually modern.
• Excellent for mobile businesses, pop‑ups, markets, tradespeople, and cafes.
• Hardware tightly integrated with Square software, inventory, and reporting.

Who wins on hardware?

• Choose Moneris if you want traditional banking-style terminals, robust fixed countertop setups, or a more “legacy bank” feel.
• Choose Square if you want stylistic, modern, and mobile-first equipment that integrates seamlessly with POS tools.

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POS software and business tools

Square POS ecosystem

Square is as much a business platform as a payment processor. Key software features:

• Free POS app for iOS/Android:
  • Product catalog
  • Basic inventory tracking
  • Digital receipts
• Industry-specific apps:
  • Square for Retail: Advanced inventory, vendor management.
  • Square for Restaurants: Table management, coursing, kitchen routing.
  • Square Appointments: Online booking, reminders, deposits.
• Online store builder (Square Online)
• Invoices and estimates (Square Invoices)
• Customer directory and loyalty tools (loyalty is paid add-on)
• Analytics and reporting: Sales trends, staff performance, etc.
• Integrations with bookkeeping, eCommerce, and marketing tools.

Most small businesses can start with the free tools and upgrade as they grow.

Moneris software and POS integrations

Moneris offers:

• Moneris Go, Moneris Go Plus, and other POS terminal solutions.
• Moneris Online: For eCommerce, shopping carts, and hosted payment pages.
• Integrations with third-party POS systems:
  • Retail and restaurant POS providers
  • Custom software via APIs
• Reporting and analytics via online merchant portal.

Moneris leans more toward:

• Integrating with existing retail/restaurant POS systems
• Supporting more traditional brick‑and‑mortar environments
• Offering payment gateways for businesses with custom or complex setups

Who wins on software?

• Square is stronger for small businesses looking for an all‑in‑one ecosystem: POS + booking + online store + invoicing + marketing in one place.
• Moneris is better if:
  • You’re already using an external POS you like and just need a processor
  • You have more complex, enterprise‑leaning retail/restaurant solutions

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Online payments and eCommerce

Square online and remote payments

Square makes it easy to accept payments online:

• Square Online store: Build a simple website with integrated checkout.
• Online payment links: Create a link to request payment without a full site.
• Invoices: Send invoices via email with online payment options.
• Integration with platforms like WooCommerce, Wix, and others.

Pros for small businesses:

• No developer required to get started.
• Transparent online processing fees.
• Unified view of online and in‑person sales.

Moneris online and gateway services

Moneris offers:

• Moneris Gateway: Payment gateway for websites and apps.
• Hosted payment pages and APIs for custom eCommerce builds.
• Plugins/add-ons for major platforms (e.g., some support for Shopify, WooCommerce, etc.).

Pros:

• Good for businesses that:
  • Work with developers to build custom online experiences
  • Need more control over payment flows and integrations
• Potentially more flexible for complex enterprise-style setups.

Who wins online?

• Square is better for small, non-technical businesses that want to launch an online store or accept remote payments quickly.
• Moneris is better if you have a developer or agency building a custom site and need a gateway with robust integration options.

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Support, onboarding, and ease of use

Square onboarding and usability

• Sign-up process: Online, quick, minimal friction.
• Deployment: Download the app, connect hardware, and you’re ready.
• Interface: Very user-friendly, especially for staff learning a POS system for the first time.
• Support: Email, chat, and phone support; extensive self‑help documentation.

Ideal if:

• You want to be up and running in hours, not weeks.
• You don’t want to go through a bank‑style underwriting process right away.

Moneris onboarding and support

• Sign-up process: More traditional; may involve:
  • Application review
  • Credit checks
  • Underwriting for risk and volume
• Deployment: Hardware shipped and then configured.
• Support: Phone support, merchant onboarding assistance, local sales reps (especially in Canada), and direct relationships through partner banks (RBC/BMO).

Ideal if:

• You appreciate having a relationship manager or rep.
• You’re comfortable with a more formal onboarding process.

Who wins on ease of use?
Square, particularly for new or very small businesses, thanks to self‑service onboarding and intuitive apps.

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Reliability, stability, and scalability

Both Moneris and Square are established, reputable providers.

• Moneris:

  • Jointly owned by Royal Bank of Canada (RBC) and Bank of Montreal (BMO).
  • Strong presence in Canada’s payment ecosystem.
  • Generally reliable for high‑volume processing and multi-location chains.

• Square:

  • Longstanding player in the global small-business market.
  • Designed to scale from a single vendor at a market to multi-location businesses.
  • Robust cloud-based infrastructure with frequent updates.

Scalability considerations:

• If you expect to remain a small, single-location or mobile business, Square’s all‑in‑one system is typically enough and easier to manage.
• If you plan to grow into a larger, multi‑location retail or restaurant operation, both can scale, but:
  • Moneris may offer more traditional enterprise‑style setups.
  • Square offers strong multi-location features but you’ll want to review advanced pricing and hardware needs carefully.

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Customer experience and brand perception

• Square:

  • Recognizable, modern, tech-forward image.
  • Receipts, customer-facing displays, and online tools feel contemporary.
  • Many customers are familiar with the “tap on Square reader” experience.

• Moneris:

  • Feels like the traditional terminal experience customers see at many Canadian retailers.
  • Strong Interac and bank-integrated presence.
  • Perceived as a “bank-connected” or enterprise-grade provider by some customers.

If your brand leans modern, digital-first, or design-savvy, Square’s hardware and interface may better match that image. If you want to align with major banks and a conventional checkout experience, Moneris may feel more familiar.

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Moneris vs. Square: Which is better for your small business?

Use the following scenarios to guide your decision.

Choose Square if:

• You’re a new or very small business with unpredictable volume.
• You want:
  • No monthly fees just to maintain an account.
  • No long-term contract or early termination penalties.
  • A quick, self-serve setup and immediate ability to accept payments.
• You run:
  • Mobile services (contractors, consultants, artists, trainers)
  • Food trucks, pop-ups, market stalls
  • Small retail, salons, professional services
• You value an all‑in‑one ecosystem: POS + online store + invoices + scheduling.

Choose Moneris if:

• You’re an established or scaling business, especially in Canada, with:
  • Consistent and higher monthly processing volume.
  • A physical location and more complex needs.
• You’re willing to sign a contract to secure lower processing rates than what flat-rate providers can offer.
• You want:
  • Traditional countertop terminals and robust hardware setups.
  • Strong integration with Canadian banks and Interac.
  • Gateway services for custom websites or specialized POS integrations.

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How to compare quotes in practice

If you’re serious about choosing between Moneris and Square for small-business payment processing, use this simple approach:

1. Estimate your volume and ticket size

   • Monthly card volume (e.g., $10,000, $50,000, etc.)
   • Average transaction amount (e.g., $25, $50, $100)

2. Calculate Square’s cost

   • Use their published rates.
   • Multiply your projected volume by the appropriate rate (in‑person vs online).
   • Remember: no monthly fee (unless you choose a paid plan or add-ons).

3. Request a detailed Moneris quote

   • Ask explicitly for:
     • Per‑transaction rates (debit vs credit)
     • Monthly fees (terminal, account, POS software)
     • Any PCI, statement, or other recurring fees
     • Contract length and early termination fee
   • Compare the total cost (monthly fixed fees + variable fees at your projected volume).

4. Factor in non-price elements

   • Ease of setup
   • Hardware style and portability
   • Software features you’ll actually use
   • Support and relationship-level needs

In many cases, very small or new businesses find Square cheaper and simpler. As volume grows, the math often swings in favor of Moneris if you’re comfortable with contracts.

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Final takeaway for small-business owners

Moneris and Square both offer strong small-business payment processing, but they’re optimized for different profiles:

• Square is best for micro‑businesses, startups, and owners who prioritize:

  • Simplicity
  • Flexibility
  • No monthly or cancellation fees
  • Fast setup and powerful POS tools

• Moneris is best for established, higher‑volume businesses (especially in Canada) that prioritize:

  • Lower effective processing rates through custom pricing
  • Traditional terminals and bank-integrated solutions
  • Structured contracts and a more formal merchant relationship

If you’re just starting out or processing under, say, $15,000–$20,000/month, Square is often the more cost‑effective and risk‑free choice. Once you grow beyond that level—or if you’re already there—requesting a custom quote from Moneris and comparing real numbers against Square’s flat rates will show you which provider delivers the best value for your specific situation.