When starting a small business, one important aspect to consider is the payment processing system. In the Canadian market, two popular options are Moneris and Square. Both of these companies offer a range of services for businesses in every industry and size. In this report, we will compare Moneris and Square, examining their features, payment processing capabilities, POS systems, hardware options, and pricing structures. By analyzing these factors, we can determine which option is the better choice for small businesses in Canada.
Both Moneris and Square offer comprehensive payment processing solutions for businesses. Both options can accept payments online through eCommerce stores and provide POS solutions for in-store transactions. Moneris also offers mobile payment solutions through their PAYD Pro app.
Square, on the other hand, is known for its swipe-based smartphone processor and its all-in-one payment processing and POS system. Square's payment processing fees are transparent and consistent across all business types, including non-profit organizations. Square offers various pricing plans for specialized POS systems for retail and restaurant businesses, with additional functionalities and integrated inventory management.
Moneris, as the largest payment processing company in Canada, offers multichannel solutions and has partnerships with prominent financial institutions. Moneris provides businesses with a merchant account, adding an extra layer of security to their financial transactions.
Both Moneris and Square offer robust POS systems tailored to different industries such as retail, restaurant, and trade. These systems include features like inventory tracking, employee management, real-time reporting, and customer information management.
While both options have similar functionalities, Square has an edge in terms of ease of use and integration. Square's POS system seamlessly syncs inventory between online and offline stores, making it easier for businesses to manage their operations.
Both Moneris and Square offer a range of hardware solutions for businesses to manage and accept payments in-store. Square provides a free card reader, and for businesses looking for more features, additional hardware options are available for purchase or financing. Moneris, on the other hand, offers hardware bundles that include iPads, PIN pads, cash drawers, and receipt printers. However, these bundles come with monthly costs, making Square a more cost-effective option in terms of hardware.
When comparing Moneris and Square, pricing becomes a significant consideration for small businesses. Square offers a transparent pricing structure with no monthly or signup fees for its base POS software solutions. Square's processing fees are reasonable, ranging from 2.65% plus 10 cents for card payments, with additional tier options for retail and restaurant businesses.
Moneris, on the other hand, has a more complex pricing structure. Their pricing ranges from $44.95 to $99.95 per month, depending on the chosen bundle. Moneris does not provide detailed pricing information on their website, requiring businesses to contact them directly for a quote.
In terms of hardware costs, Square offers more cost-effective options, with a free card reader and financing options for other hardware solutions. Moneris' hardware bundles come with monthly costs, which can make them more expensive in the long run.
Another aspect to consider when choosing a payment processing provider is the contract length and termination fees. Square has a flexible contract length, with no set terms or early termination fees. Their additional services are on a month-to-month basis, providing businesses with the freedom to change or cancel their subscription as needed. Moneris, on the other hand, locks businesses into a 3-year contract with an early termination fee of $300 per location.
After analyzing the features, payment processing capabilities, POS systems, hardware options, and pricing structures of Moneris and Square, it is evident that Square emerges as the better choice for small businesses in Canada. Square offers a more transparent pricing structure with no monthly fees for its base POS software solutions. The hardware options provided by Square are more cost-effective, with a free card reader and financing options available. Additionally, Square's flexible contract terms and absence of termination fees provide businesses with more freedom and flexibility.
When starting a small business in Canada, it is crucial to choose a payment processing provider that caters to your specific needs. Square provides businesses with a comprehensive payment processing and POS system that is cost-effective, user-friendly, and adaptable to various industries.
Note: This report is based on the information gathered from the sources below. The information presented here reflects the data available as of November 07, 2023.
- Canada Buzz. (2021, month day). Square vs Moneris – An In-Depth Comparison. Retrieved from source 1
- Reddit. (year, month day). Moneris Go Vs Square (Canada). Retrieved from source 2
- SimilarTech. (year, month day). Moneris vs Square. Retrieved from source 3
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