Key takeaways
- Square: 2.5% in person, 0.75% + 7¢ Interac, no monthly fee.
- Helcim: interchange + 0.40% + 8¢ in person, no monthly fee.
- Moneris: quote-based pricing, terminals from C$29.95 a month.
- Your card mix and volume decide which is cheapest.
At a glance
| Square | Helcim | Moneris | |
|---|---|---|---|
| Pricing model | Flat rate | Interchange-plus | Flat-rate plans or interchange-plus by quote |
| In-person credit | 2.5% | Interchange + 0.40% + 8¢ | Quoted |
| Interac debit | 0.75% + 7¢ | Interchange-based | Quoted |
| Online | 2.8% + 30¢ | Interchange + 0.50% + 25¢ | Quoted |
| Monthly fee | None on free plan | None | Terminal rental, e.g. Moneris Go C$29.95 |
A worked example
A shop takes C$10,000 a month in in-person credit card sales, about 250 purchases of C$40.
- Square: 2.5% = C$250.
- Helcim: assuming average interchange of 1.5%, the cost is C$150 + 0.40% (C$40) + 8¢ × 250 (C$20) = about C$210.
- Moneris: depends on your quote, plus the terminal rental.
Your real interchange depends on your customers’ cards: premium rewards cards cost more, debit and standard cards cost less.
Which one to choose
- Just starting, or want simplicity: Square.
- Growing volume, many debit or standard cards: Helcim.
- Established business wanting in-person support and terminals: Moneris, after comparing quotes.
Common mistakes
- Comparing headline rates without adding monthly, terminal and statement fees.
- Assuming flat rates are always cheaper because they’re easier to read.
- Signing long contracts without checking cancellation fees.
Providers that can help
Interchange-plus with no monthly fee
Simple flat rates and a free point of sale
Large Canadian processor with terminals
FAQs
Which is cheapest: Square, Helcim or Moneris?
It depends on your volume and card mix. Square is simple and has no monthly fee; Helcim’s interchange-plus pricing often costs less as volume grows; Moneris prices by quote, so compare its full monthly cost including terminals.
Does Helcim charge a monthly fee?
No. Helcim charges interchange plus a markup per transaction, starting at 0.40% + 8¢ in person and 0.50% + 25¢ online, with lower markups at higher volumes.
Do I have to rent a terminal from Moneris?
Moneris rents terminals such as Moneris Go for C$29.95 a month, with software and processing priced separately. Ask for the full cost in writing.
Can I switch processors easily?
Usually, but check your current contract for cancellation or equipment return fees before you switch.
Which is best for online sales?
Square charges 2.8% + 30¢ online, and Helcim charges interchange + 0.50% + 25¢. For subscription-heavy SaaS, also compare Stripe.
Sources: Square, Helcim and Moneris published Canadian pricing. Interchange example is illustrative.