Like many other providers, Moneris appears to offer a combination of interchange-plus and tiered pricing plans.
Processing rates will vary depending primarily on your average monthly processing volume and are negotiable.
Nonetheless, we’re still concerned about the company’s early termination fees, automatically renewing contracts, and reputation for poor customer service.
Naturally, we’ve seen a significant drop in the overall number of complaints against the company, although many older complaints are still posted online.
Moneris also seems to have dropped the liquidated damages clause from its contracts, which previously was one of our biggest criticisms of the company.
Moneris Solutions is a Canadian-based merchant account provider and processor headquartered in Toronto, Ontario.
The company was formed in 2000 from a merger of the payment processing divisions of the Bank of Montreal and the Royal Bank of Canada.
Moneris also reveals very little information about account fees.
While these fees are also negotiable, you can expect to pay a monthly account fee, a gateway fee (if you need the payment gateway), equipment rental fees, and possibly PCI compliance fees.
We’ve also seen reports of Moneris charging some merchants as much as 0 in application and account setup fees. They’re mostly junk fees and can usually be waived if you insist on it.
Moneris posts the Terms and Conditions of their merchant accounts on their website, so it’s a good idea to review this document before contacting their sales department.
You can check out their full range of hardware products at Shop
Here’s a rundown of the company’s primary offerings: In addition to these basic services, you’ll also find online reporting via the company’s Merchant Direct website and a developer portal where you can access API SDKs and software documentation.
At the same time, requiring 90 days’ notice to cancel means that you’ll have to pay close attention and submit the necessary documentation to close your account long before your contract expires.