Products and services

Frequently asked questions

• What is a payment terminal?

  A payment terminal (also known as a payment device, card reader or POS terminal), is an electronic device that merchants use to accept and process credit card and debit card payments. Payment terminals may work on their own or as part of a larger POS system, and they are built with the ability to accept card payments through chip and PIN, tap, swipe or manual entry. Additional functionality can include things like Gift Card acceptance and installment payments.

• How to choose the right payment processor for your business

  When seeking a payment solution for your business, it’s important to have a good understanding of your business needs. As a merchant, consider the following: 

  • Do you plan to open a store front? Do you have a seasonal business? Do you want to sell online? Do you want to do all the above? 
  • Would a cash-only business mean you lose out on potential customers? 
  • Are you aware of your business cost structure and margins? 
  • Do you know your thresholds for what you’re willing to pay for credit and debit card acceptance?

  Once you know this, you should seek out a solution provider that meets the needs of your business today and whatever you may have planned in the future as your business continues to grow and evolve. 

   
• What to consider when comparing different payment processing rates and services

  There is a lot to consider when trying to find the right payment processor for your business. While a lot of the decision should factor in the costs to a business, there are other factors outside of just fees/rates, such as:

  • Are there any advantages or services you can benefit from because of who you bank with?
  • How quickly will you have access to the funds from your settled transactions?
  • Does the provider offer 24/7 service and support?
  • Does the provider offer onsite support?
  • For some businesses it may be important that the provider is Canadian owned and operated. If they are, do they partner with Canadian banks for payment processing or U.S. banks?
  • Does the company provide as much transparency as possible regarding services, costs, contact details etc. in the event you need more information or need to contact them?
  • Do you rent a payment device or have to buy the device? 

   
• What to consider if your business is going cashless

  Going cashless has many benefits including less risk around the handling of cash, making regular deposits to the bank, and so on. It means your business is less of a target for theft both by employees and criminals. It also makes record keeping much less complex. It’s very important to make sure you and any employees know how to properly process, observe, and complete transactions:

  • Ensure you have signage at your entrance that states the business does not accept cash and is debit and credit only, to establish clear expectations before customers enter. 
  • Never leave unsecured payment devices unattended. 
  • Ensure proper passwords are set-up on the device for administration features like refunds. 
  • Treat any payment terminal like you would cash. Lock them away when the business is closed if they are not directly secured to the counter.
  • Avoid taking credit card details over the phone or manually entering a card number. For orders over the phone, request payment at pick-up with valid ID. Telephone/manual entry orders are considered MOTO transactions and if they are disputed by the cardholder, you will not be protected as there would be no ability to prove the cardholder was present for the transaction. You would then lose the funds along with any goods/services exchanged during the transaction.
  • Always use chip & PIN or tap for transactions. Do not use the magnetic stripe. This will help ensure you’re protected from potential chargebacks in the event of a dispute.
  • Make sure you use the card brand logos provided in your terminal box so you can place the decals on your window/door. This ensures potential customers know which cards are accepted at your location.

   
• Moneris Merchants: Understanding your monthly statement

  Monthly statements from Moneris are a record of all completed transactions in a given month. The statement outlines the type, number, and date of all transactions processed. It also lists all fees debited from a merchant’s account (e.g. processing fees and rental fees). Lastly, it contains business updates from Moneris that outline any changes to your services, fees or other business-related items.

• Moneris Merchants: What is a virtual terminal and how does it work?

  A virtual terminal is a digital interface merchants would use via an internet browser when accessing the Merchant Resource Centre (MRC) or Moneris Go Portal. For some merchants, a virtual terminal is the main form of POS for their business, and they can have a physical terminal connected to the computer to process face-to-face transactions. 
  
  However, most of the time, the virtual terminal is used for manually entering transactions. While this form of payment acceptance is allowed, Moneris strongly recommends avoiding manual entry as your business is not protected from chargebacks on manually entered transactions.