Yep - it’s official. Big banks move slowly. Nevertheless, TD has finally released a merchant solution for small businesses wishing to accept credit cards online. I spoke with a TD merchant exec this morning who notified me that her employer “has now realized there is a big market in dealing with E-Commerce.”
Well…better late then never. 
You can find out more about TD’s online merchant and storefront solutions here. Pricing starts at $99 for setup, $49 per month and $0.25 per transaction.
Other popular choices for Canadian companies include:
- Moneris (a BMO / Royal Bank company)
- Beanstream (a Simply Accounting partner)
- Paypal
- PSIgate
Personally, I’m using Paypal now because of its flexibility and lack of setup and monthly charges. However, if you’re a bigger company with a lot of transactions, I would think the Moneris or TD solutions are your best choice. Having it all run through your current bank account will certainly make your bookkeepers life easier.
Update: Just noticed that Beanstream is powering TD’s solutions as well.
on September 13th, 2007 at 6:50 pm
Hello Branden,
I see that this article is 2 years old.
I’m looking at setting up a merchant account to perform online sales. I’m new to this whole thing. Do you still recommend Monaris or TD as the best choices, or do you have new information or recommendations now?
Thanks,
Michael
on September 13th, 2007 at 7:41 pm
Hey Michael.
There’s definitely some more options today but my opinion remains largely unchanged.
I’d say:
1-50 transactions - paypal
50+ - moneris (in canada anyway)
Also, google analytics is a good option to try out. Mostly because if you’re doing any advertising with google’s adwords, your ads will stand out more and you’ll earn money back towards spending with google. alot of shops now offer a choice for consumers. check out with paypal or google checkout for example.
let me know how you make out and best of luck.
on September 18th, 2007 at 5:44 pm
Hi,
I am actually worked in the Merchant Account/Services Industry for about 4 years & have helped many Small Business Owners with Payment Processing Online and Offline. There are ‘pros’ and ‘cons’ to having true merchant accounts vs PayPal. The numbers are that most new websites don’t make past 2 years and if you are just dabbling, then paypal is the way to go. However, if you are serious and want to be taken serious then there are many good reasons to have your own shopping cart, gateway, and merchant accounts set-up. It is also just as important on deciding this factor before even building your site because this could change how it is built. Also, one more heads up… get your merchant accounts and work backwards to get your gateway, and then shopping cart because not all merchant account providers allow the use of all gateways and shopping carts and I have seen many people design and integrate their sites with shopping carts and gateway services, only then to find out that the merchant accounts they want do not allow those service providers. Check out my blog at http://www.CanadianPaymentProcessing.blogspot.com
or my website for loads other get tips! http://www.CutMyPosFees.com