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-We have a high volume of payments with low margins. Based on this alone, you need to get your own merchant account and gateway. I highly recommend Beanstream
by jblake 11y ago
-We have a high volume of payments with low margins.
Based on this alone, you need to get your own merchant account and gateway. I highly recommend Beanstream in Canada for the gateway. A proper merchant account (interchange plus pricing, either Chase Paymentech or TD are good) will boost your margins. For example, processing a debit card has a much lower interchange rate than a credit card (I don't think the rate is as good as the USA, but its still 1%+ difference).
Beanstream will also give you the option of Interac Online - which is a flat transaction fee between 20-50c.
- Gaessaki 11y agoI noticed that TD had a white label solution for Beanstream on their site. Would it be better to go through TD and snag a merchant account in the process or to Beanstream directly? Thanks for bringing up beanstream by the way. I saw them earlier but hadn't considered them as everyone mainly favoured Braintree or Stripe. Being able to process Interact Online is a boon.
- jblake 11y agoI've actually talked to TD about that before. You'll most likely get better rates by going to TD directly - one less middleman... but working with Beanstream can also have its perks. If you are doing any aggregation (marketplace payments) then you will definitely need to get the merchant account from Beanstream as TD won't take on that kind of risk. TD does not seem to offer true Interchange+ pricing either. Chase Paymentech does (I was quoted interchange + 5 cents). If you have the time and energy, I would get the MA from Chase, and the gateway from beanstream.