Canadian online sales are up, which is great news of the overall economy. However, Canadian merchants are still struggling when it comes to dealing with their online businesses. From employment to processing, the challenges are endless, and many are left questioning their decision to enter into their own business. While some things will always be a challenge for a business (i.e. finding the best employees), others, such as finding a Canadian merchant account, can be solved easily.
While Canada is a large country, finding a Canadian merchant account to deal with the ins and outs of your online business can be a challenge. With more and more people shopping online every day, Canadian merchants need a reliable and reputable way to process their payments. Aside from Canadian merchants, a big issue comes from US-based merchants that sell their products to Canadian customers. A large number of Canadian online purchases are made through US-based merchants big and small and these companies can have a hard time finding a merchant account that does not “flag” their international purchases. According to BMO Capital Markets, three US-based retailers – Amazon.com, BestBuy, and Apple – made up 31% of all Canadian online purchases last year.
Still, Canadian online purchases are projected to grow 12.1% in 2015. If you are a US-based merchant who needs a way to process international payments, or a Canadian merchant, you need to look carefully before signing on with a merchant account processor. A merchant account is a type of financial account that allows funds to be transferred from card issuing banks to a merchant’s business bank account. One of the top-rated Canadian merchant account processors is EMB, or emerchantbroker.com. With a reputable processor like EMB, you will not have to worry about having your accounts dropped due to too many fraudulent claims. These claims happen to nearly every online business, and many times a merchant account provider can overreact and jack-up processing fees or drop the merchant all together. This is unnecessary, and experienced processors know that there is simply something that happens with online businesses.
If you are in need of a Canadian merchant account, do your homework. Not all processors are the same, and not all are experienced in your type of business. Be smart, and be patient, as your business deserves the best.