There are many processors’ here in Canada, some are Member Banks and some are independently ISO’s. Here are the top 15 payment processing providers in Canada, starting with those associated with Member Banks. The list in in no particular order.
- Moneris – founded in 2000, it’s an extension of Bank of Montreal and Royal Bank.
- Chase Paymentech processing since 1985, extension of Scotia Bank.
- Global Payments in existence since 1970, CIBC affiliate.
- T.D Merchant Services – 1980 was when this member bank broke out to include merchant services.
- First Data Merchant Services, originating in 1988 as an extension of TD Bank.
- Elavon / Nova payment Systems – originating in 1991, they broke into Canada from the U.S, most well known for “Costco” processing.
- CollectivePOS – founded in 2001, Collective is a fast growing ISO, supported by Elavon and First Data for Merchant Services.
- VersaPay – beginning in 2005, fast growing providing all basic services, supported by Chase Paymentech.
- Cardex – starting in 1995 with affiliation to Global Payments.
- Tangerine – having grouped with Elavon for processing most recently, Tangerine was started in 1999, just at the cusp of deregulation.
- Monex – working with any of the member banks for support, Monex has been in business since 2001.
- Inkas Merchant Services – founded in 2001 Inkas works their services through Elavon and Open Solutions.
- First Canadian now Canmore – supported by Global Payments, they are fast growing in Canada, having begun in late 2005.
- Merchant Account Services – processing for 5 years, having started in 2005.
- Millennium Payment Systems – new in the industry, and fast growing.
It is best to do your “homework” before signing any contracts, this basic list can be a helpful guide in contacting possible providers.
