In the world of small business, accepting card payments has become essential for success. Two popular options in Canada are Moneris and Square. Moneris is a Canadian payment provider offering credit, debit, wireless, and online payment services. On the other hand, Square is a global payment processing company that provides a full payment processing solution and a point-of-sale service. In this report, we will conduct a comprehensive comparison of Moneris and Square, considering factors such as pricing, features, payment processing, POS systems, hardware, online stores, as well as contract length and termination fees.
When comparing the pricing structures of Moneris and Square, there are several factors to consider. Moneris offers a monthly terminal fee of $30.00 and a wireless account service package fee of $9.95/month. Additionally, Moneris charges 0.20% per transaction plus interchange cost for Visa/Mastercard transactions, $0.04 per Interac transaction, and a monthly fee of $30.00 for the terminal. On the other hand, Square charges a one-time fee of $59.99 + HST to buy the card reader.
Square's payment processing fees vary depending on the type of transaction. For card-present transactions, the processing fee is 2.65% per transaction. For Square invoices and online sales, the fee is 2.9% + 30 cents per transaction. For manually entered transactions, the fee is 3.4% + 15 cents per transaction. Interac chip & PIN or tap sales incur a fee of $0.10 per transaction. It is important to note that Square's pricing applies to all business types and includes non-profit organizations. Additionally, the Square Point of Sale app is free to download, and maintaining a Square account is also free.
Both Moneris and Square offer a range of features tailored to meet the needs of businesses in various industries. Moneris provides a merchant account, which adds an additional layer of security to a company's finances. On the other hand, Square operates as a payment service provider, meaning it accepts payments on behalf of merchants using an aggregated merchant account.
In terms of payment processing, both Moneris and Square offer solutions for online and in-store transactions. Moneris also offers mobile payment solutions through their PAYD Pro app, which works on iOS and Android devices. Square, on the other hand, offers a wide range of payment processing options and has a more extensive global reach.
In terms of point-of-sale (POS) systems, both Moneris and Square offer robust and user-friendly solutions. Both systems provide features such as inventory tracking, employee management, real-time reporting, and customer information management. Square's POS system further includes customized restaurant layouts and additional employee management features for the restaurant industry.
Moneris and Square both offer hardware solutions to accompany their POS software systems. Square provides a free card reader, with additional hardware options available for purchase. Moneris offers a range of hardware bundles, including options such as an iPad, PIN pad, cash drawer, receipt printer, barcode scanner, and cradle. It's worth noting that the hardware bundles from Moneris come with monthly costs, while Square's hardware can be purchased outright or financed.
Both Moneris and Square provide solutions for online payment processing and the ability to set up eCommerce stores. Square offers Square Online, allowing businesses to create their own eCommerce store, while Moneris provides Moneris Online for online payment solutions. Both options enable seamless integration between payment solutions and online stores, providing a smooth customer experience.
Square offers easy integration with its POS system, allowing for automatic inventory syncing between online and offline stores, as well as joint reporting. Moneris also enables businesses to establish an online presence and accept payments through their online payment solutions.
Square offers flexibility in terms of contract length, with no set contract or early termination fees. Additional services with Square operate on a month-to-month basis, often including a 30-day free trial. Moneris, however, requires businesses to commit to a standard three-year contract, with an early termination fee of $300 per location.
After examining the pricing, features, payment processing, POS systems, hardware, online stores, contract length, and termination fees of Moneris and Square, it is clear that both payment processors offer comprehensive solutions. Square stands out for its competitive pricing, ease of use, and extensive reach. On the other hand, Moneris provides a reliable and secure payment processing service with a range of hardware options.
In making a decision between Moneris and Square, it is important to consider the needs and priorities of your specific business. Factors such as pricing, features, and compatibility with existing systems should be taken into account. It may also be worth exploring other alternatives, such as Helcim, which offers affordable pricing and transparent payment processing services.
Ultimately, the choice between Moneris and Square depends on the unique requirements of your business and your specific preferences. Carefully weigh the pros and cons of each option to make an informed decision that will best serve your business's payment processing needs.
1. Reddit: "Moneris Go Vs Square (Canada)" (https://www.reddit.com/r/smallbusiness/comments/11dtgxz/moneris_go_vs_square_canada/)
2. SimilarTech: "Moneris vs Square" (https://www.similartech.com/compare/moneris-vs-square)
3. Canada Buzz: "Square vs Moneris – An In-Depth Comparison" (https://canadabuzz.ca/square-vs-moneris/)
Note: The URLs have been provided in APA format at the end of this report.
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