Ontario Merchant Account Services

This means a billion plus dollars flowing through Merchant Accounts and massive need for small business owners in Ontario to understand how rates and fees work with their merchant account services.

Accepting debit and credit cards is MUST in today’s market place for just about every type of business category. Days of customers paying by cash are long gone no matter whether your business is in one of the major cities (toronto, Ottawa) or whether it is in one of the smaller cities (Kingston, London) or even a small Ontario town (Perth, Dryden).

A business that is not accepting credit cards and debit cards risks losing sales to their neighbor business. It is important for small business owners to fully understand how merchant account rates and fees work, not learning can lead to high discount rates and/or hidden fees that can cripple a business’s profits.

Here is a list of five major questions that every small business owner in Canada should ask a potential merchant account vendor before signing on the dotted line.

1. What are the discount rates for?

- Card present transactions

- Card not present transactions

2. What are the transaction fees for ALL transactions?

3. Is there a monthly minimum fee(s)?

4. How long is the contract and what are the early termination fees?

5. Are there any other monthly recurring fees? i.e. statement fees, monthly admin fees, annual fees, chargeback fees, etc.

Outside these five major fees all small business owners should also obtain some referrals or third party testimonials. Also, getting a hold of their customer support number and calling it various times through out the day is a good way to determine if they can support your business. The bottom line is if the merchant account provider cannot support you it does not matter how low or cheap their rates and fees are.