Merchant Services in Canada

Video Transcription

Welcome, My name is Mike with Quantum Merchant Services, and today we are going to talk about Merchant Services in Canada. Merchant Services in Canada makes it very convenient for both the merchant and the client. Reason Being is because merchant has the ability to accept credit cards and for the client is very convenient because they don't have to carry cash with them all the time, as long as they have the card, the merchant accepts it makes it very easy for everybody.

The different options somebody actually has when it comes to Merchant Services in Canada is that they have the option of actually have a physical terminal. We have different option in that, if you want a terminal at their office or maybe a short range wireless terminal we can also do that.

Understanding the fees you have the qualified and non-qualified rates. The Qualified rate is when the card is present, you swipe it to the terminal and it's like a regular bank card, it goes to your non-qualified rate and that's either a business card that has a special rewards card or if a company is taking orders over the phone and keying in the card number, that goes into your non-qualified rate.

The advantages of the Interac fees is that it is a flat rate, a flat per transaction cost. Compare to qualified or non-qualified which uses a percentage, your Interac fees whether the transaction is a thousand dollar, one hundred or 10 dollars it's a flat six or seven cents that you get charge per transactions.

you have what's call your terminal fees, you have a couple options there. You could either lease the terminal for 48 months which is one of the most common options. You can also rent the terminal month to month, where there's no commitment on the terminal that's really for seasonal merchant. And, you have another option if someone wants to purchased the terminal, that way they don't have to have payments on it.

You have the monthly account administrative fees that includes your statement fees and opening fees. understanding your fees is very important, because a lot of merchants are very confuse by it. When it comes to your merchant processing services those are the fees you are going to go through. See you next time.