Canadian Merchant Account
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.