2020’s 5 Best Payment Gateways in Canada
Do you have an app idea and wondering which Payment Gateway is the most appropriate for you? This blog is for those who are looking for the best Canadian Payment Gateways to choose from. Our app development consultant and business analyst discussed the features of different payment gateways and which businesses should go for them. From the discussion, we chose our top 5 based on their functionality and user reviews.
Cash is boring. Not just boring, it is probably becoming obsolete.
What does it have to do with your app?
When you create an app, there are a lot of aspects that are needed to be taken care of. If your app charges for a service, product or feature then there needs to be a functionality to charge this amount from the users.
Cash payments are not feasible most of the times and this is why online payment gateways must be integrated into the apps. These payment gateways help the merchants to carry out transactions as they authorize credit or debit card payment and net banking processes, everything digitally.
Digital payments are taking over cash payments and there are statistics to prove it. Take a look.
Some Important Statistics About Digital Payments
- The total transaction value in the Digital Payments segment is about US$4,137,523m in 2019.
- This value is expected to show an annual growth rate of 12.8% resulting in the total amount of US$6,699,201m by 2023.
- The largest segment of this market is Digital Commerce with a total transaction value of US$3,391,727m in 2019.
After creating an eCommerce app, a delivery service app, or any app that needs a payment gateway, you must decide which one. There are a lot of options available in the market. Here, we have prepared a payment gateway list with top Canadian payment gateways.
5 Top Canadian Payment Gateways
Square was launched in 2009, first with the idea of a swipe-based smartphone processing system before anyone else. The most uncommon aspect was that there is no monthly fee or equipment cost.
It is considered to be the most feature-rich and advanced mPOS (mobile POS) solution without a monthly fee. With Square, merchants pay a rate of 2.75% for swipes transactions, 3.5% +$0.15 for keyed transactions and 2.9% + $0.30 for online transactions.
There are no statement fees, monthly fees or monthly minimum. This is like a boon for the merchants who don’t have an established processing history.
Square also provides a seamless transition between online and in-person via a free online store that syncs with in-app inventory counts and eCommerce integrations.
Square also has a virtual terminal, stored card capability, invoicing and recurring billing, online ordering option, analytics, third-party app integrations (the reason we mentioned it in the blog) and a payment gateway API for developers.
Stripe payment gateway integration is the most common integration in the western world. It has always focussed on empowering the Internet business with excellent developer tools and flexible solutions for most online businesses. Before you integrate payment gateway in your own app you might wanna check what other apps are using. Industry-leading names like Lyft, Wish, Blue Apron, Under Armour, TaskRabbit, and many more have Stripe as their online POS system.
It is a third party payment processor that helps the businesses to split payments, make in-app payments, use advanced reporting tools, excellent marketplace and subscription tools.
They do not charge any annual maintenance fees or setup fees. The only chargeable fee is the transaction fees of 2.9% + $30 for each transaction.
We have integrated this payment gateway in one of our client’s taxi-hailing app.
Moneris processes approximately 3 billion transactions per year making it the largest payment processor in Canada for businesses of sizes. It is among the top Candian payment gateways for the same reason.
When you use Moneris you will be sure that you are dealing with providers that care about security, their responsibility and availability. This is a Toronto based payment processor that provides a multichannel solution with reliability. Moneris is ideal for small businesses looking to expand quickly.
It has partnered with companies like Sage Accounting, RBC and BMO. With their assistance, Moneris also provides services like inventory and sales tracking capabilities for small businesses that are growing fast.
Moneris has a monthly subscription fee of $19.95 and also charges an additional credit card fee of 2.75%
Paypal was the leading eCommerce platform and among the best Canadian payment gateways worldwide in 2018 with over 250 million users, many of them being in Canada. It provides a variety of solutions to its more than 200,000 Canadian small business clients.
Small businesses love the PayPal Payment standard solution the most as it is a really easy way to get online quickly. It is ideal for entrepreneurs who do not wish to take risks with their finances and security. Small business owners also prefer PayPal to avoid the added security risk of storing customer credit card information internally.
The fees it charges are totally dependant upon the type of service. As a standard it is 2.9% + $0.30 per transaction. If the monthly volume is reached then this 2.9% goes down, in fact, it can go up to as low as 1.9% + $0.30.
The pro solution that processes American Express, Visa, and Mastercard, the monthly feed is $35 along with regular transaction fees.
We have integrated PayPal in a lot of cab booking systems for quick and safe transactions.
Elavon is one of the largest merchant account providers in the US. Headquartered in Atlanta, Georgia, the company is serving about 1.3 million merchants in over 30 countries.
It processes more than 3bliion transactions every year in over 100 currencies. The total annual processing transactions exceed $300 billion.
The businesses that use this payment gateway save on a lot of costs and are able to collect payments relatively quickly than other services. Elavon also offers a full range of proprietary products and services.
The terminals provided by Elavon are able to accept every card in the world and process foreign currencies. The business owners also save money from the cashback program by Elavon.
Elavon charges $270 one-time fee+ $10 monthly fee+ $0.19 transaction fee + 2.65% – 3.5% (Countertop terminal) for credit card payments or $89 one-time fee- $10 monthly fee + transaction fees of $0.19 + 2.65 %- 3.5% (Mobile terminal).
Depending on the type of business you own (big, medium, small, startup) and the type of app you want to develop (eCommerce, booking, delivery, on-demand, others) you can integrate any of the above or other Canadian payment gateways in your app.
Running a business is a difficult job indeed. Creating an app to either expand it or the app being the central dogma of the business, the payment gateway integration stays the important feature of it.
If you have an app idea that needs an with such a feature or if you need to learn about the requirements for payment gateway integration in your app, feel free to contact us. We are a leading web and mobile app development company based in Canada. We specialize in Android app development and iOS app development and know for payment gateway integration in android as well as iPhone apps.
If you have any queries about payment gateway integration cost or timeline, you may contact us by just dropping your email in the form given in the footer, we will contact you within 48 hours. You can also get a 30-min free of cost consultation with our expert.
This page was last edited on November 18th, 2020, at 10:30 AM.