Whether you are running a physical store or a virtual shop, a payment processor would help keep financial rut at bay. Buying and checking out is easier and quicker with a payment processor to help you validate and process financial transactions.
What is a Payment Processor?
Using a payment processor can help you link or relay information from your customer’s credit or debit card and to your bank. The payment processor is the company that manages financial transactions when customers are in the process of ordering or buying your products. So, in this way, when there is enough funds in your client’s credit or debit card and everything is validated then the transaction will be successful. This process happens in just a few seconds which is beneficial to both the seller or company and the buyer.
The payment processor also checks for fraudulent transactions which usually happen online. This is accomplished by partaking security measures or ensuring that the card details are accurate. Errors during checkouts are also handled by payment processors. The customers will not be charged for erroneous or accidental transactions but you will.
Here is our list of the top payment processors in Canada:
- FreshBooks. This is one of the top contenders that provide cloud-based computing or accounting solutions specifically for small- to medium-scale businesses. It currently has over 5 million users worldwide. It’s a breeze to set up an account with FreshBooks. You can create invoices and accept online payments quickly and conveniently online. They also have excellent customer service. This is designed specifically for professionals or small startups or business owners who want to accept or send payments online. This does not cater to online shops though or for those who are looking for a payment processor for selling products online. It charges only a 2.9% flat fee.
- PayPal. Its name is a brand that needs not much introduction. Well, it’s practically the leading e-commerce payment process in the world that serves over 150 million customers from all points of the world. It has this service called PayPal Payment Solution that is perfect for small business who wants fast and accurate payment processing in real-time. It charges only 2.9% plus $.30 for every transaction. There are also discounts provides when your hit the target monthly volume requirements. This ideal for shopping sites and also for entrepreneurs or small- to large-scale type of businesses.
- Moneris. This is dubbed to be the largest payment processor in Canada that caters to all business types and sizes. In fact, it processes at least three billion transactions annually – which is a lot! This is a Toronto-based payment processor which key selling point is its being secure and reliable. This provides clients multichannel solutions and is able to cater to any customer concerns immediately. The platform charges $19.95 per month plus 2.75% credit card fee. They also provide additional services like sales tracking and inventory. This is ideal for entrepreneurs or small businesses.
Using payment processors for your business help you encourage more customers because you provide them more options for shopping online especially when they can use their credit or debit cards for making online purchases. Some business choose to evade payment processors because of the fees but in the end, the fees are actually worth it anyway especially because it provides your business fast and easy processing of payments. The convenience and security points help draw in more customers for your brand.