Comparing Moneris and Square: Which Payment Processor is Better for Small Businesses in Canada?

Comparing Moneris and Square: Which Payment Processor is Better for Small Businesses in Canada?

Table of Contents

  1. Introduction
  2. Pricing
  3. Features
  4. POS Systems
  5. Hardware
  6. Online Stores
  7. Pricing Comparison Hypothetical Scenario
  8. Conclusion
  9. Additional Sections
  10. References


In the competitive landscape of payment processors, Moneris and Square are two popular options for small businesses in Canada. Both offer a range of solutions for accepting card payments and managing transaction processing. In this report, we will compare Moneris and Square across key aspects such as pricing, features, payment processing, POS systems, hardware, and online stores. By examining these factors, we aim to provide small business owners with valuable insights to make an informed decision about which payment processor to choose for their specific needs.


When it comes to pricing, Moneris Go has a monthly fee of $30.00 for the terminal, along with an additional $9.95 per month for the account service package. The Visa/MC MDR (Merchant Discount Rate) is 0.20% per transaction plus the interchange cost, and there is a $0.04 fee for each Interac transaction^1. On the other hand, Square charges $59.99 plus HST to purchase their card reader^1. Square also has processing fees that vary depending on the type of transaction, such as 2.65% per card-present transaction, 2.9% plus 30 cents per paid Square invoice and Square Online sale, 3.4% plus 15 cents per manually entered transaction, and $0.10 for Interac chip & PIN or tap sales^1. While Moneris may initially appear more cost-effective with its lower monthly fees, Square's transparent pricing structure and flexibility should not be overlooked.


Both Moneris and Square offer a range of features to support businesses in different industries. Moneris provides a merchant account, which adds an extra layer of security. Square, on the other hand, is a payment service provider that accepts payments on behalf of merchants using an aggregated merchant account^2. In terms of payment processing, both Moneris and Square offer solutions for accepting online payments through eCommerce stores and point-of-sale (POS) systems for in-store sales^2.

Square has an advantage in terms of the scope and reach of its payment processing solutions. It is leading in market share across top websites and is available in more countries, including the United States, Australia, United Kingdom, and Japan^2. Moneris, on the other hand, is leading in Canada and a few other countries^2. However, Moneris has a strong presence in heavy industry and engineering sectors, as well as in e-commerce and shopping^2.

POS Systems

Both Moneris and Square offer comprehensive POS systems tailored to different industries, including retail, restaurants, and trade^2. These systems come with features such as inventory tracking, employee management, real-time reporting, and customer information management^2. Square's POS system also integrates seamlessly with its online store, allowing for streamlined inventory sync between online and offline sales channels^2. Moneris's POS system is known for its reliability and fast processing, making it a trusted choice among Canadian businesses^2.


Both Moneris and Square offer hardware solutions to complement their POS software systems. Square provides a free card reader and offers additional hardware options for purchase, including all-in-one stand solutions^2. Moneris offers a wide range of hardware bundles, which include devices such as iPads, PIN pads, cash drawers, receipt printers, and barcode scanners^2. It is important to note that Moneris's hardware bundles come with monthly costs, whereas Square's hardware can be purchased outright or financed^2. Small businesses should consider their specific needs, budget, and preferences when choosing between the hardware options offered by Moneris and Square.

Online Stores

Both Moneris and Square offer online payment solutions and the ability to set up eCommerce stores. With Square Online, businesses can easily integrate their payment solutions and store functionality, providing a seamless experience for customers^2. Square also offers automatic syncing of inventory between online and offline stores, as well as joint reporting^2. Moneris Online enables businesses to accept online payments, but specific details about its e-commerce capabilities require further inquiry directly with Moneris^2. Square's integration and ease of use in setting up an online store give it an advantage in this aspect.

Pricing Comparison Hypothetical Scenario

Let's consider a hypothetical scenario of a small business owner starting a gutter cleaning business in Canada. The business owner is looking for an affordable payment processor that offers card processing services both in-store and online. Based on the pricing information provided, Moneris Go seems to have lower monthly fees compared to Square, with potential cost savings in the long run. However, Square offers a straightforward pricing structure without any additional monthly fees, making it an attractive option for businesses with lower transaction volumes. Square's free point-of-sale software and hardware options also provide additional value for small businesses looking to minimize upfront costs.


In conclusion, both Moneris and Square have their own strengths and are well-established payment processors in Canada. Moneris may appeal to businesses that prioritize a secure and reliable payment system, especially in heavy industry and engineering sectors. On the other hand, Square offers transparency, affordability, and flexible options for businesses in various industries, particularly when it comes to online stores and innovative hardware solutions. Small business owners considering Moneris or Square should carefully evaluate their specific needs, budget constraints, and preferences to make an informed decision. Exploring further information, reviews, and seeking advice from other business owners who have used these payment processors can also provide valuable insights.

Additional Sections

It is important to note that there are other payment processors available in Canada, such as Helcim. While Helcim offers comprehensive payment processing solutions and transparent pricing, their fees might be higher compared to Moneris and Square[^3]. Small business owners should consider evaluating multiple options, including Helcim, and compare the features, pricing, and customer reviews of each payment processor.

Furthermore, it is important to consider the customer support and service quality provided by each payment processor. Small business owners rely on dependable customer support to address any issues or concerns related to payment processing. Reviews and experiences of other business owners can provide meaningful insights into the customer support quality of Moneris, Square, and other payment processors.


[^3]: Canada Buzz. (n.d.). "Square vs Moneris – An In-Depth Comparison." Retrieved from Link

APA Format:

Reddit. (n.d.). Moneris Go Vs Square (Canada). Retrieved from

SimilarTech. (n.d.). Moneris vs Square. Retrieved from

Canada Buzz. (n.d.). Square vs Moneris – An In-Depth Comparison. Retrieved from


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