Choosing a payment processor is a long-term decision for most businesses. Pricing, contract terms, reliability, and support all matter, especially as transaction volumes grow. Moneris is one of the most well-known payment processors in Canada, but that does not automatically mean it is the right fit for every merchant.
This article takes a neutral, practical look at Moneris, where it performs well, where some businesses raise concerns, and what merchants should consider before signing a processing agreement.
Who Moneris Is and Why Businesses Use It
Moneris is Canada’s largest payment processor, with roughly 38% market share, and is jointly owned by two major Canadian banks (BMO and RBC). It supports in-store, online, and mobile payments for hundreds of thousands of merchants nationwide.
Moneris has become large because two of Canada’s largest banks refer business banking customers to Moneris. Its size and bank ownership give some businesses confidence, particularly those that value bank-like institutions. For certain merchant profiles, this stability can be meaningful.
Where Moneris Works Well
Moneris can be a strong fit for specific types of businesses. Established retailers, franchise operators, and merchants with traditional point-of-sale setups sometimes choose Moneris for these reasons.
- Broad acceptance across Canadian card networks and payment types
- Stable infrastructure with a long operating history
- Bank-backed settlement and funding
- In-store terminals that are familiar to many staff and customers
For businesses that prefer working with large, established providers and are comfortable with standard contracts, Moneris can meet those expectations.
Common Considerations for Merchants
Many merchants are satisfied with Moneris, but it is important to understand the most common areas that prompt questions during a review or contract renewal. These are not universal issues, but they come up frequently enough to be worth examining closely before signing.
- Contract terms may include multi-year commitments with costly changes
- Early termination fees may apply if service is cancelled before the end of the term
- Pricing structures can be complex and expensive, especially for smaller or growing businesses
- Equipment leases can add long-term cost if not reviewed carefully
- Moneris sometimes gets poor customer service reviews
These are areas where merchants benefit from asking detailed questions and requesting full pricing breakdowns upfront.
What Many Businesses Look for Instead
As payment technology evolves, many merchants now prioritize flexibility and transparency over brand recognition alone. Businesses that are scaling, operating multiple locations, or integrating payments into software platforms often look for processors that align with those needs.
Common priorities include:
- Month-to-month agreements instead of long-term contracts with no cancel fees
- Interchange-plus pricing for clearer cost visibility
- Easier integrations for e-commerce and SaaS platforms
- Responsive support from teams that understand the business model
This shift is especially common among growing companies, professional services, software platforms, and multi-location operators.
When Moneris Makes Sense and When Alternatives May Be Better
There is no single best processor for every business. The right choice depends on how a company operates today and how it plans to grow.
Moneris often makes sense for businesses that value bank affiliation, traditional retail setups, and long-term vendor relationships. Alternatives may be a better fit for businesses that want more pricing transparency, flexible contracts, or customized payment solutions as they scale.
Getting a Second Opinion Before You Commit
Payment processing agreements can affect margins for years. Before signing or renewing a contract, many merchants benefit from comparing pricing models, contract terms, and support structures side by side.
At Clearly Payments, we help Canadian businesses review their current processing setup, explain how fees work in plain language, and compare options objectively. Whether Moneris is the right fit or not, understanding the details puts merchants in control of the decision.
If you want a second opinion on your payment processing, or a clear comparison based on your actual transaction data, our team is happy to help.
Get Started with Clearly Payments
- Wide range of supported industries
- Fast funding
- A full set of payment products to accept payment anytime, anywhere
- World-class customer service
