Best Payment Processors
The payment processing industry in the USA and Canada is dominated by several key players, each offering a range of services to businesses of varying sizes. Here’s an overview of some of the best payment processors in both countries:
United States
JPMorgan Chase & Co.
Overview: As the largest bank in the U.S., JPMorgan Chase provides extensive payment processing services, handling significant transaction volumes.
Services: Offers merchant services, payment gateways, and fraud detection tools.
Clients: Serves a diverse clientele, including large corporations and small businesses.
Fiserv
Overview: A leading global provider of financial services technology, Fiserv offers comprehensive payment processing solutions and makes our best payment processors list due to size.
Services: Provides point-of-sale systems, e-commerce solutions, and mobile payment options.
Clients: Caters to financial institutions, retailers, and service providers.
Worldpay from FIS
Overview: Worldpay, acquired by FIS, is a prominent payment processor with a global reach.
Services: Offers merchant acquiring, payment gateways, and cross-border payment solutions.
Clients: Serves businesses ranging from small enterprises to large multinational corporations.
Square
Overview: Known for its user-friendly point-of-sale systems, Square caters primarily to small and medium-sized businesses and thus makes our best payment processors list.
Services: Provides mobile payment solutions, online payment processing, and business management tools.
Clients: Ideal for retail stores, restaurants, and service-based businesses.
PayPal
Overview: A global leader in online payment processing, PayPal facilitates transactions for both consumers and businesses.
Services: Offers online payment solutions, invoicing, and mobile payment options.
Clients: Widely used by e-commerce platforms, freelancers, and online service providers.
Canada
emilyPay – 1.6%
Overview: As one of Canada’s newest payment processors making the process more affordable for high revenue businesses.
Services: Provides POS terminals as well as online payments with recurring subscription payments and mobile payment options.
Clients: Best for businesses generating more than $50,000 per month in credit card revenue.
Moneris
Overview: As one of Canada’s largest payment processors, Moneris is jointly owned by RBC and BMO.
Services: Provides point-of-sale systems, online payment solutions, and mobile payment options.
Clients: Serves a wide range of businesses, from small retailers to large enterprises.
Global Payments
Overview: A leading worldwide provider of payment technology services, Global Payments operates extensively in Canada.
Services: Offers merchant acquiring, payment gateways, and omnichannel payment solutions.
Clients: Caters to businesses across various industries, including retail, hospitality, and healthcare.
Elavon
Overview: A subsidiary of U.S. Bancorp, Elavon provides payment processing services in Canada.
Services: Offers point-of-sale solutions, e-commerce payment processing, and mobile payment options.
Clients: Serves small businesses, large enterprises, and financial institutions.
TD Merchant Solutions –
Overview: Operated by TD Bank, this processor offers a range of payment solutions tailored to Canadian businesses.
Services: Provides point-of-sale terminals, online payment processing, and mobile payment solutions.
Clients: Caters to industries such as retail, hospitality, and professional services.
Chase Merchant Services
Overview: A division of JPMorgan Chase, offering payment processing solutions in Canada.
Services: Provides credit card processing, fraud detection, and reporting tools.
Clients: Serves small businesses, large corporations, and e-commerce platforms.
When selecting a payment processor, it’s essential to consider factors such as transaction fees, integration capabilities, customer support, and the specific needs of your business. Each of these processors offers unique features that may align differently with various business models.
