World Watches as Moneris Signs Big Deal with Government of Canada

Apr 28, 2015

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.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

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EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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