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Many processors have long term contracts that span 3 to 5 years. When you sign up for these contracts, there is likely an early termination fee that can be $350 or more. This makes it difficult for merchants because they can get stuck with a payment processor that doesn’t solve all their needs. Furthermore, rates can be increased and nobody wants to be stuck in a contract with rising credit card processing rates.
TCM has no cancellation fees. We don’t lock merchants in with contracts or fees. The way we keep our customers is by offering the lowest payment processing rates along with incredible service.
Both Moneris and TCM provide an actual merchant account for your business. Getting a merchant account is different than getting a PayPal or Square account. Those are aggregators where you share a merchant account. This means you have less control and certainty in processing levels, funding times, etc. Aggregators are great for small businesses with less than $100,000 per year in revenue, however larger businesses should certainly go for an actual merchant account.
One thing that the TCM merchant account focuses on is fast funding. Funding from transactions generally come in either the same day or next day, but less than 24 hours. Moneris funding time depends on which bank you use. If you use RBC or BMO, the funding is relatively fast, but that is because RBC and BMO own Moneris. Funding can take days with other banks or credit unions.
Most payment processors that are owned by banks like Moneris don’t display their payment processing rates on their website. They want you to call in for a quote. They want to give pricing to you verbally. TCM puts its pricing transparently on its website.
Ensure you watch out for advertised rates in credit card processing. There are no advertising standards in the payment processing industry. Sometimes you’ll see pricing as low as 1.49%. What’s not clear is that there are other costs added to that rate, such as assessment fees, card brand fees, and non-qualified charges. Sometimes terms such as “merchant discount rate” give the misleading idea that merchants are getting a discount. If any payment processor truly gives 1.49%, they are losing money so be careful with those advertised rates.
Contact us to get a true rate comparison for free. Let us help show the truth. Send us a recent statement and we’ll compare your current rates with what you would have with TCM. We’ll even help explain how to read your statement line by line if you like.
In the end, the TCM mission is to drive down the cost of accepting payments. We aim to be the lowest cost provider. Period.
World-Class Payments and Customer Service with the Lowest Fees
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TCM is a payment processor in Canada. The TCM name and logo are trademarks of TCM Inc payment processing in Vancouver, Canada. The Interac name and logo are trademarks of Interac Inc Canada. The Visa, MasterCard, and AMEX logos are trademarks of Visa International, MasterCard International Incorporated, and American Express Company. TCM is a Registered Partner/ISO of the Canadian Branch of U.S. Bank National Association.