On March 19, Moneris Solutions Corporation (Moneris) announced a historic deal with the Canadian government. Moneris, one of the leading processors of credit and debit payments won a competitive bid to be the payment acquirer for the Government of Canada. The company will provide card processing services to over 38 federal departments and agencies that accept payment cards across the nation. The contract states that Moneris will process all MasterCard®, Interac® Debit, VISA®, and American Express® payments for the Government of Canada.
Chief Sales and Relationship Officer, Jeff Guthrie, spoke to the press after the announcement. He relayed that the company was excited to begin working with the Federal Government to improve its payment solutions across the country. As one of the leading payment processors in North America, Moneris believes it has the technological capabilities and relationships necessary to deliver the service and support that the Government of Canada needs.
Moneris will provide all POS devices to federal departments and agencies and manage card transactions. In addition, Moneris will also guarantee that cost recovery services bring the most affordable solutions to Canadian taxpayers, while advancing the government’s payment processing solutions over time.
How the Moneris contract with the Government of Canada proceeds will be monitored closely by the entire payments industry, especially to payment processors in the United States who are at odds with each other over which payment verification methods work best, and how to protect consumers in general. Many retailers and payment processing professionals support a chip-and-PIN (PIN CVM) at the point of sale, stating that it almost guarantees the elimination of consumer credit card fraud. But some credit card issuers believe the equipment necessary to enact PIN CVM on a national scale won’t be worth the cost since some retailers are in talks with alternative payment processing technology providers like Apple. If the Moneris takeover goes well, perhaps it will provide a blueprint for successful payment processing methods for the United States and other countries around the world.
As the technology of payment processing changes, merchants will need to make critical decisions about the technologies they choose for payment processing. eMerchantBroker.com can provide the flexible and expert payment processing that Canadian merchants need. Contact us to learn more about what we can do for your Canadian merchant account.