Canadian Merchant Accounts
Canadian Merchant
Canadian merchant accounts are usually more difficult to obtain than a United States merchant account. The reasoning for this is mainly that there are less merchant account banks and payment processors in Canada compared with the US. Canadian merchants still have payment options available especially if the merchant is a high risk business looking for an offshore merchant account. If this is the case then the merchant will apply for an offshore merchant account the same way that any other merchant would obtain an offshore merchant account. The difference is when a Canadian merchant is looking for a domestic merchant account it will become more difficult unless they find a domestic Canadian payment processor to partner with.
Canadian merchant accounts are easily obtained when you choose to work with Offshore Merchants. Low risk and high risk Canadian merchant accounts are available. Canadian payment processors will require the same information that a normal United States payment processor requires. This includes; fully completed and signed application, photo ID, voided pre-printed check and possibly any licenses that are required for the business to operate legally. If the business has processed cards before it will be required to provide payment processing history, normally three to six months.
Canadian merchant accounts will have very similar rates compared with the United States merchant accounts as well. Canadian payment processors have the same requirements in categorizing accounts as high risk or low risk. Many merchants will be able to qualify for a low risk account and be approved within a couple days. Merchants are able to process transactions both online and offline depending on the type of business the merchant operates. Canadian merchants will have access to secure gateway payment processing along with the ability to run the transactions through a normal credit card terminal. These credit card terminals will be able to plug directly into the phone line at the business or into the high speed internet.
Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.