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The following article contains the most frequently asked questions related to this topic.

Canada merchant accounts are a smart way for Canadian  small businesses to facilitate customer payments. With a merchant service account, a Canadian business owner can set up a active bank or credit union or ISO that will allow customers to buy products via credit and/or debit cards. You don’t have to wait for that elusive cheque that’s “in the mail” or trying to cash a cheque that ends up bouncing, forcing you to wait for your cash. You can simply open your  merchant service account and you’re ready for business!

Another point to consider is that merchant services typically require little documentation. A business owner must show that he or she has a solid credit history, POE (proof-of-existence – typically done through a photo-copy of your business registration),operates an acceptable business rather than porn, drugs, or spam, and is able to pay set-up and monthly fees in conjunction with the services that accompany merchant status.

Many Canadian merchant accounts cost little to establish or operate. You will have to find the  credit card companies that best suit your business needs, of course, and then compare expenses to get the best terms for your account. Typically you can expect to pay (in  Oct 20, 2008) a transaction fee of perhaps 35 cents or less, and a percentage of all your sales (2%-5%) know as a “Discount Rate”. These rates are for normal type businesses that would not fall under the “high risk” umbrella. Usually there is also a monthly admin fee ($10-$40/month) and perhaps a set-up fee ($100-$250). Every credit card processing company structures their costs differently and you may want to use a credit card processing calculator to compare expenses.

Your customers will appreciate your forward-looking approach to doing business by providing them the ease and speed of shopping at your business with a credit card. You can watch profits grow and costs diminish when you provide the convenience of shopping with credit and/or debit over paper. Depending on the type of company you operate, you may even decide to get a wireless credit card  processing unit for merchants on the go who can’t be held up by wiring.

 Check out the benefits and profit potential associated with Canadian merchant accounts.

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