In the world of small business, finding the right payment processing solution is essential for smooth operations and financial success. Moneris and Square are two prominent names in the Canadian payment processing market, offering a range of services to cater to different business needs. This article aims to provide a comprehensive comparison of Moneris and Square, focusing on various aspects such as features, pricing, payment processing, POS systems, hardware options, and more.
Moneris is the largest payment processing company in Canada, with an impressive track record of handling over 3.5 billion online transactions per year. As a Toronto-based company, Moneris provides multichannel payment solutions, payment processing, and POS services to businesses of all sizes. They have established strong partnerships with financial institutions like Sage and RBC, offering comprehensive financial solutions to their customers.
Square, on the other hand, was launched in 2009 and quickly gained popularity with its innovative approach to payment processing. Starting with a swipe-based smartphone processor, Square now offers a complete payment processing and point-of-sale (POS) system. Their services are widely used in the e-commerce industry, and their in-house sales hardware solutions are highly regarded.
Both Moneris and Square offer a wide range of features to cater to different business types and industries. While there are similarities in their offerings, there are also key differences to consider.
Moneris provides businesses with a merchant account, adding an extra layer of security to their financial transactions. This feature gives businesses more control and flexibility over their payment processing. Moneris offers tailored POS solutions for industries such as retail, restaurants, and trade. They also provide eCommerce and in-store solutions with seamless integration options.
Square, on the other hand, operates as a payment service provider, meaning they accept payments on behalf of businesses using an aggregated merchant account for all their merchants. This setup allows for a quick and easy setup process, but it may lack some of the customization options available with a dedicated merchant account. Square also offers industry-specific POS systems for retail and restaurants, with additional features like inventory management and reporting tools.
Payment processing is a crucial aspect of any business, especially in today's digital age. Here, we will compare the payment processing services offered by Moneris and Square.
Moneris offers a comprehensive payment processing solution, accepting payments both online and in-store. They also provide a mobile payment solution through their PAYD Pro app, compatible with iOS and Android devices. With Moneris, businesses need to purchase a separate pin pad to accept payments.
Square also provides a robust payment processing solution, supporting online payments, in-person transactions, and mobile payments. They offer a free card reader to their customers, allowing businesses to accept payments on the go. Square's mobile and in-person processing fees are 2.65% per card present transaction.
A reliable POS system is crucial for businesses to efficiently manage their sales and inventory. Let's compare the POS systems offered by Moneris and Square.
Moneris offers industry-specific POS systems tailored to the needs of retail, restaurant, and trade businesses. These POS systems come with a range of features, such as inventory tracking, employee management, real-time reporting, and customer information management. Moneris provides additional features for restaurant POS, including customized layouts and advanced employee management functionality.
Square's POS systems are known for their usability and flexibility. They offer industry-specific solutions for retail and restaurant businesses, with features like inventory tracking, employee management, and customizable layouts. Square also provides additional services like Square KDS (kitchen display system) for restaurants, facilitating efficient order management.
Having the right hardware is essential for businesses to seamlessly process payments and manage their sales operations. Let's compare the hardware options offered by Moneris and Square.
Moneris offers a wide range of hardware bundles to suit different business needs. These bundles include devices such as iPads, PIN pads, cash drawers, and receipt printers. They also offer premium bundles that come with additional features like barcode scanners and cradles. It's important to note that the hardware bundles from Moneris come with monthly costs, separate from the POS software.
Square provides hardware solutions that range from handheld card readers to all-in-one stand setups. They offer a free card reader to their customers, making it easy to get started with their payment processing services. Square also offers financing options for their hardware, allowing businesses to spread out the cost over time.
Pricing is a crucial consideration for businesses when choosing a payment processing solution. Let's compare the pricing models of Moneris and Square.
Moneris offers a range of pricing options, and the exact costs can vary based on the specific package and business requirements. Their pricing ranges from $44.95 to $99.95 per month, depending on the bundle chosen. Moneris aims to tailor their pricing to each business's needs, so detailed pricing information can be obtained by reaching out to them directly.
Square has a transparent and straightforward pricing structure, making it easy for businesses to understand and budget their payment processing costs. They charge no monthly or signup fees for their basic POS software solutions. Processing fees for card-present transactions are 2.65% per transaction, with an additional 10 cents per payment. Square offers additional tier options for their retail and restaurant POS solutions, which come with additional costs.
The contract length and termination policies are important factors to consider when choosing a payment processing provider. Let's compare the contract terms of Moneris and Square.
Moneris typically locks businesses into a standard 3-year contract. They also have an early termination fee of $300 per location. It's important to carefully review the contract terms and consider the potential financial implications before committing to Moneris.
Square offers flexibility when it comes to contract length. They do not require businesses to sign long-term contracts, and their additional services operate on a month-to-month basis. Square also provides a 30-day free trial for most of their additional services. However, if businesses have used financing options for their hardware, there may be a set contract length associated with the financing agreement.
After considering the features, payment processing options, POS systems, hardware options, pricing, and contract terms of Moneris and Square, it is clear that both providers have their own strengths and advantages.
Moneris, being the largest payment processing company in Canada, offers a secure and reliable payment processing solution with industry-specific POS systems. They have established partnerships with major financial institutions, providing comprehensive financial solutions. However, their pricing and contract terms may not be as transparent or flexible as Square.
On the other hand, Square offers a user-friendly payment processing solution with transparent pricing and flexible contracts. Their hardware options, including the free card reader, make it easy for businesses to get started. However, some businesses may prefer the additional security and control offered by Moneris' dedicated merchant accounts.
Ultimately, the choice between Moneris and Square depends on the specific needs and preferences of the business. Consider factors such as industry requirements, budget constraints, and long-term business goals when making a decision.
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