Moneris Solutions Review
- Phone Number
- (844) 204-8626
- Date Established
- 2000
- Location
- Toronto, ON
Pros
- Interchange-plus pricing available upon request
- Full range of hardware available for rent or purchase
- Extensive online knowledgebase
Cons
- Three-year contract
- $300 early termination fee per location
- Poor customer support
Overview
Moneris Solutions is a Canadian-based merchant account provider and processor headquartered in Toronto, Ontario. The company was formed in 2000 from a merger of the payment processing divisions of the Bank of Montreal and the Royal Bank of Canada. This merger also included the Harris Bank in Chicago, Illinois, and the company operated in the United States as Moneris Solutions USA until just last year. In December 2016, Vantiv acquired Moneris Solutions USA, and all US accounts were transferred to that company. Today, Moneris Solutions operates only in Canada.
Canadian merchants probably already know that Moneris Solutions is the largest processor in their country. There are some advantages to this, as the company has more investment capital, wider margins, and more experience in the industry than its smaller competitors. Depending on the nature and size of your business, this could translate into lower processing rates and a wider variety of services. At the same time, large processors generally don’t do a very good job of tailoring their services to the needs of small businesses, and Moneris is no exception in this regard.
The sale of the United States side of Moneris’ business seems to have had a positive effect on the company’s overall reputation. Naturally, we’ve seen a significant drop in the overall number of complaints against the company, although many older complaints are still posted online. Moneris also seems to have dropped the liquidated damages clause from its contracts, which previously was one of our biggest criticisms of the company. Nonetheless, we’re still concerned about the company’s early termination fees, automatically renewing contracts, and reputation for poor customer service.
While we have objections to some terms in the company’s contracts, overall Moneris Solutions rates a respectable 4 out of 5 stars. They’re a decent choice for a mid-sized or larger Canadian business. However, you’ll certainly want to negotiate the best rates and terms you can get and review your contract thoroughly before you sign up.
Canadian merchants don’t have as many providers to choose from as their US counterparts, but Moneris isn’t the only game in town. For smaller businesses – or any company looking for a more transparent sales experience, we highly recommend Helcim as the best all-around provider north of the border. It pays to shop around, but most merchants will find the overall cost of maintaining a merchant account to be lower with Helcim.
Table of Contents
Products & Services
Moneris Solutions offers an enormous number of products and services ranging from merchant accounts to office supplies. You can check out their full range of hardware products at ShopMoneris.com. Here’s a rundown of the company’s primary offerings:
- Merchant accounts: Moneris is a direct processor, meaning they process all transactions in-house rather than relying on a third party for this service. For merchants, this means you’ll always be dealing with the same company, especially when you’re faced with a held transaction or an account freeze.
- Credit card terminals: The company offers several countertop and wireless terminals, but doesn’t disclose much information about specific models or capabilities. Some models support NFC-based payment methods, such as Apple Pay or Android Pay. EMV-compliant terminals are also available, and should be your minimum requirement if you’re buying new equipment. While pricing is not disclosed, you should have the option to purchase your equipment Because EMV credit card machines in Canada are not designed to be re-sold, Moneris will rent you an EMV terminal if you don’t want to incur the expense of buying one. While you’ll have to return your equipment at your own expense if you close your account, this is still a much better deal than leasing a terminal.
- Point-of-sale (POS) software: Rather than partner with dedicated POS terminal providers, Moneris offers their proprietary PAYD Pro Plus® This app-based system turns your iPad into a fully-featured POS terminal (Android tablets do not appear to be supported). You’ll get all the standard features you would expect, including payment processing, customer information management, and inventory tracking. Licensing fees start at $44.95 per month for a single user. This plan supports up to 1,000 products. For $74.95 per month, you can have up to ten users and track up to 10,000 products. For larger businesses, $99.95 per month allows you to have up to 100 users and track up to 50,000 products. To accept payments, you’ll need to rent either the wired iPP320 pin pad or the e355 wireless pad. Either model will cost an additional $19.95 per month. Retail merchants should also consider an optional retail kit. Pricing starts at $749 for an iPad stand, cash drawer, and receipt printer. Note that this doesn’t include an iPad! Installation and on-site training plans, while optional, start at $700. These costs all add up to a very significant expense, and you’ll want to evaluate the pros and cons carefully before investing in a Moneris POS system.
- Payment gateway: For eCommerce merchants, the company offers their proprietary Moneris Gateway. You can set this up for access via a hosted payment page or use their API to integrate it directly into your website. Note that the latter option will usually require the assistance of a developer unless you have the requisite coding skills. The Moneris Gateway includes all the standard features you would expect in a payment gateway, including a Vault to store recurring customer data, shopping cart integration, tokenization for security and PCI compliance, and support for Level 2 and 3 payment processing data. There’s also a virtual terminal that can be used with or without the gateway.
- Mobile payments: If you need to process on the go, Moneris can set you up with their PAYD® mobile processing system. This setup consists of the free PAYD app and a magstripe card reader that plugs into your smartphone’s (or tablet’s) headphone jack. The PAYD app is compatible with both iOS and Android. Your first card reader is free, and additional readers are available for $29.95 each. If your phone doesn’t have a headphone jack, or you want to add some extra payment features, you’ll need to upgrade to PAYD Pro, which uses the e355 PIN Pad. This EMV-compliant unit connects via wireless or Bluetooth, and rents for $19.95 per month. Processing rates for the PAYD system are fixed at 2.65% for card-present transactions and 2.85% + $0.15 per transaction for card-not-present sales. Users of the basic PAYD system are limited to processing $5,000 per month in transactions. While there’s no monthly fee for using the PAYD system, you will need to have a merchant account through Moneris, and this usually comes with a monthly account fee.
In addition to these basic services, you’ll also find online reporting via the company’s Merchant Direct website and a developer portal where you can access API SDKs and software documentation.
Fees & Rates
One advantage that Canadian merchants enjoy is that the Canadian government has issued an official Code of Conduct for the Credit and Debit Card Industry in Canada, which aims to protect businesses from some of the more unscrupulous practices that are common within the credit card processing industry. Although it isn’t legally binding, Moneris has pledged to abide by the Code and provides a Code of Conduct Complaints Resolution page on their website where merchants can file complaints. Major provisions of the Code include the following:
- Clear information regarding fees and rates
- A minimum of 90 days’ notice of any new fees or fee increases
- The ability to cancel contracts without penalty should fees rise, or new fees be introduced
- New tools to promote competition, particularly the freedom to accept credit payments from a specific network without the obligation to accept debit payments and vice versa
Despite this commitment, Moneris discloses very little specific information about rates or fees on their website, so you’ll have to obtain a quote from them to get an idea of what your costs will look like. They do provide an Interchange FAQ, but that’s about it. Like many other providers, Moneris appears to offer a combination of interchange-plus and tiered pricing plans. Processing rates will vary depending primarily on your average monthly processing volume and are negotiable. Don’t blindly accept the first quote that you are offered! You should also explicitly ask for interchange-plus pricing, although newer businesses with little or no processing history might not be able to get it.
Moneris also reveals very little information about account fees. While these fees are also negotiable, you can expect to pay a monthly account fee, a gateway fee (if you need the payment gateway), equipment rental fees, and possibly PCI compliance fees. Other incidental fees might include Address Verification Service (AVS) fees, chargeback fees, and others. As always, it’s critically important that you thoroughly review all contract documents before you sign up.
We’ve also seen reports of Moneris charging some merchants as much as $300 in application and account setup fees. Do not accept this when setting up your account. They’re mostly junk fees and can usually be waived if you insist on it.
Contract Length & Early Termination Fee
Moneris posts the Terms and Conditions of their merchant accounts on their website, so it’s a good idea to review this document before contacting their sales department. According to the latest version, the following conditions apply:
17.1 Term (including Renewal Terms). The Initial Term of the Agreement will begin on the Effective Date and will continue for 3 years and the Agreement will automatically renew for successive Renewal Terms of 6 months each unless any party notifies the others at least 90 days before the end of the Initial Term or Renewal Term, that it wishes to terminate the Agreement, such termination to be effective at the end of the Initial Term or Renewal Term, as the case may be. As used in the Agreement, “Term” means the Initial Term and any subsequent Renewal Terms.
While three years is the industry standard for an initial merchant account contract, the automatic renewal period of only six months is shorter than most providers will offer you. At the same time, requiring 90 days’ notice to cancel means that you’ll have to pay close attention and submit the necessary documentation to close your account long before your contract expires. Note that you might be able to negotiate a waiver to the three-year term entirely, in which case your contract would effectively be month-to-month.
Moneris also charges a “deactivation fee” (i.e., an early termination fee (ETF)) of $300 per location if you close your account early. Again, you can sometimes get this fee waived if you negotiate firmly when setting up your account. If you’d prefer not to have to deal with lengthy contract terms or early termination fees at all, we recommend that you take a look at Helcim. They offer month-to-month contracts to all their merchants, and they never charge an ETF.
Sales & Advertising Transparency
Moneris Solutions’ website is impressive. It’s one of the most thorough, polished, and generally good-looking sites we’ve seen from a payment processor. The site presents a ton of useful information, including an in-depth knowledgebase with guides to the company’s equipment and software. It’s not perfect, however, as very little pricing information is disclosed. While a few fixed costs (such as terminal rental fees) are disclosed, there’s no mention of processing rates or account fees. Moneris does provide a copy of the Terms and Conditions that apply to all merchant account holders, however, and a few of the standard fees are buried in the fine print of this document.
Unfortunately, the site also features a number of sales gimmicks designed to entice you into signing up for a Moneris merchant account. In the merchant services industry, these kinds of “freebies” are never really free. There’s always some fine print (disclosed or not) that limits the value of whatever reward is being offered, making the offer far less valuable than it appears. For example, Moneris is currently promoting an offer where you can get a rebate of up to $500 if you sign up for an account. Although they note that this rebate does not apply to Moneris PAYD® products, other caveats are not disclosed. You can rest assured that a merchant would have to process a very high amount in transactions to get the full $500 rebate. In most cases, your rebate, if any, will be much smaller.
Moneris also touts a free trial period, but doesn’t provide specifics. Since your three-year contract begins the moment you sign up, it’s a safe bet that you won’t be able to process any live transactions during this trial. At best, you’ll be able to log into your account and play around with some of the reporting features. That’s about it. The bottom line is that you shouldn’t be fooled by any of these gimmicks. There will always be a catch, usually buried in the fine print of your contract documents, that lessens or eliminates the value of the offer.
Moneris Solutions also has a robust presence on social media, with accounts on Facebook, Twitter, and LinkedIn. These accounts are updated fairly often and are mostly used to publicize the company’s blog. Their YouTube channel includes dozens of videos, including testimonials, equipment tutorials, and educational clips. Videos are in both English and French.
Customer Service & Technical Support
Moneris offers 24/7 customer support by phone or through their Merchant Direct Secure Message Center. You’ll also find a wide range of manuals, troubleshooting guides, installation instructions and so on through their Support page. This knowledgebase is very impressive, and one of the better ones we’ve seen.
You can also contact customer service via Facebook or Twitter. While this is a novel way to provide support and can save you from having to wait on hold for a long time on the telephone, we’re not sure it’s all that useful for solving complex problems.
Unfortunately, we’ve seen quite a few complaints from merchants alleging they received poor customer service from Moneris. This is a common problem among many of the larger processors, who simply don’t put the resources into hiring an adequate support staff and providing them with the necessary training to do their jobs properly. Our recommendation is to make every effort to resolve your problem using their knowledgebase before you try to contact their customer support.
Have you worked with Moneris Solutions? Feel free to leave us your review. Don’t forget to read the user review and comment policy.
Negative Reviews & Complaints
Despite its size, Moneris Solutions is not accredited by the BBB. The company currently has a B rating, with 27 complaints filed within the last three years. Six of those complaints were filed within the last twelve months. The company also has nine reviews posted with the BBB, and all nine of them are negative. Note that these complaints and negative reviews are all from the company’s Canadian office. Additional complaints from the company’s Illinois office are still posted, but it’s now listed as no longer being in business.
Ripoff Report shows an additional 32 complaints dating back to 2006. Note that many of these complaints are for the old American office. In reviewing these complaints, you’ll want to focus on those for the Canadian office, as the company apparently had different business practices in the United States than it did in Canada.
For a company that processes more than 3 billion credit and debit card transactions a year and serves over 350,000 merchant locations across North America, this complaint volume is actually better than average. Moneris also responded to almost all their BBB complaints, usually offering refunds or trying to resolve the situation appropriately. Issues that came up frequently included the following:
- Nondisclosure of early termination fees: As with most payment processors, the number one complaint you’ll see has to do with allegedly undisclosed early termination fees. You don’t have to worry about this, of course, since you will make sure to bring this up in negotiations and you will not sign the contract until their ETF clause is amended to your satisfaction – right?
- Liquidated damages: Many merchants also have complained in our Comments section and on other review sites about being charged liquidated damages as a part of their early termination fee. For some merchants, this translates into thousands of dollars owed upon closing, which Moneris automatically takes from their accounts. Some complaints assert that these damages are equal to the three highest months of processing fees combined, with a bottom limit of $250. This practice seems to have been limited to the American office, and is no longer an issue.
- Undisclosed automatic renewal of contract: Again, this comes up with a majority of processors. It happens for two reasons. First, it occurs because auto-renewal is the industry standard and 95% of processors have this as part of their standard merchant agreements. Second, it happens because many sales agents just want to get you signed up while disclosing as few potential sticking points as possible. The problem is that unsatisfied merchants are waiting patiently for the three-year contract to be up so they won’t have to pay the termination fee. They wait and wait and then when it’s time for the contract to expire they call to cancel only to find out they are stuck for another six months. In case you were wondering, this makes merchants very angry. While I understand why they do the auto-renewal (it saves them time and makes them money), Moneris needs to do a much better job of informing their merchants about it.
- Poor customer service: A few merchants have complained about dealing with rude customer service reps, especially when it comes to handling more complex problems. I’d like to hear some more opinions on this, as it’s difficult to tell based on a few anonymous complaints. If you’ve dealt with Moneris Solutions’ customer service department, please let us know how you’ve been treated. Authenticated reviews will, as always, be heavily considered in future updates.
Positive Reviews & Testimonials
Although it’s not easy to find, Moneris has a nice section called Success Stories on their Insights blog which features testimonials from some of their more-satisfied customers. Rather than the usual quick blurb that most processors provide, these are in-depth articles and videos showing how customers are using Moneris products and services in the day-to-day operation of their businesses. While any testimonial featured on a company’s website is naturally going to be very one-sided, it’s nonetheless an impressive presentation.
You’ll also find a few testimonials on the company’s YouTube channel and scattered throughout their website. If you’ve had a positive experience with Moneris Solutions, please feel free to tell us about it in the Comments section below.
Final Verdict
Moneris offers an impressive lineup of products and services. They provide just about every kind of hardware and software you would need to run either a retail on online business. However, their lengthy contracts and hefty early termination fees bring them down a notch. Their failure to disclose essential contract terms – either verbally or on their websites – lowers their score even further.
Like so many other large processors, Moneris’ pricing and contract terms are geared more toward large businesses, rather than small startups. Pricing for their iPad-based POS system is particularly eye-popping. We’re glad to see that they offer equipment rentals rather than leases, but this appears to be mostly because EMV-compliant terminals cannot typically be resold in Canada. We still recommend buying your equipment outright, as this will be more cost-effective in the long run. The Code of Conduct imposed on Moneris by the Canadian government also seems to prevent some of the unethical business practices that are so common amongst American providers.
As it stands, Moneris Solutions earns a rating of 4 out of 5 stars. This is a higher rating than we’ve given them in the past, and the improvement is mostly due to the divestiture of their American division. Be wary when reading complaints and reviews about Moneris, as many of the older complaints don’t specify whether the merchant was dealing with the American or Canadian side of the company.
While Moneris rates as a better-than-average processor, it’s not the best choice out there. For Canadian merchants, we highly recommend Helcim, a company that provides the best overall combination of pricing and service of any Canadian-based provider. You can also check out our article The Best (and Worst) Canadian Merchant Account Providers for some other recommendations.
Frank Kehl
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81 Comments
Organization Name: Dr. Fred Zietz
I was with BMO Harris (from Canada) and they recommended Moneris and stated that I would save about $250 per year on fees. I was given a 2 year contract. When I sold my company in the middle of last year, Moneris sent me a notice of a $2650 termination fee. Never saw this and was NOT told about this on signing up. We are currently fighting the fee and was offered a fee of half if I paid immediately. Now it is at a collection agency and we will go to court. The NON disclosed fee is ridiculous and shame on them for hurting an average business owner, like me and many others. my email is fredez03@yahoo….feel free to contact me.
Organization Name: The Music Shop
We have also just been hit by a credit card scam that is available through monaris on.ly. Fake admin cards are being used. Why would any other card other than our own personal admin card work for our machine? Even the receipts say its a diff number than what we were handed by monaris. This company needs to step up and make good for what is being stolen from us due to their sloppy programming. Unbelievable. Feel free to contact me at countrypickin@hotmail.com for further information. I am happy to expose this company
This comment refers to an earlier version of this review and may be outdated.
Horrible customer service and scam practices. We were approved for a machine and even before we even got a machine, they closed the account saying we do not actually quality for an account. Following that, they called the next day saying that someone called and “activated” an account? Like seriously, someone can just call and reactivate a previously closed account?! Sounds incredibly shady. Next thing we know, moneris somehow managed to freeze our account at td and are going to recuperate 5k from our td account?! What’s worth mentioning that Moneris has not deposited a penny of processed payments into our accounts as the account was closed before we even got a machine. Makes you think that we live in some sort of communist state where “the big brother” can come and seize everything anywhere you righteously own it
This comment refers to an earlier version of this review and may be outdated.
Long story short, Moneris Canada had my wife on a matchlist because my wife closed the account after being charged for 2 terminals several months. They agreed their mistake but no way to get refund. Now my wife can’t do business with another supplier because of her name on the matchlist.
This comment refers to an earlier version of this review and may be outdated.
The well hidden”automatic three year renewal” clause is something all of their customers should be very aware of. A three year renewal is absurd. Read your terms and cancel your contract at least two months before your renewal.
This comment refers to an earlier version of this review and may be outdated.
Do not respect contract signed by their representative in our case by their Account Manager for Machine .
Straight and Clear violation of agreement, If anybody need to see will sent as proof and looking forward to explore this situation with media and social Media let to know about such a Major Called Canadian Company.
Recently their system to RIP OFF $ 151.30 debited from our CIBC account, since keeping eyes the withdrawal shock and called to office. First time calling they keep on hold 40 minutes to discuss with supervisor, than apologized and informed us will call back with in 24 hrs with issuing a Ref: # 33609662.
Nobody called and later, we called to follow up the said amount they apologized saying , SORRY system fault $151.30 will be returned in account.
HO many account holder watch closely out of 350,000 merchants dealing $ 3 Billion credit and scammed in same way, they know how to scamme.
We need to address this serious issue to BBB and fraud departemet to Discipline this Giant corpoate.
I have to cancell and terminate the services but like us small business will suffer because either we need to close account or pay to bank to stop withdarwl before they draw any FEE.
This comment refers to an earlier version of this review and may be outdated.
STILL PAYING CAN’T STOP IT. agreed on startup fee. It was double. Agreed on monthly fees they were higher. There were other hidden fees. Asked for termination and refund of services. Have been avoided and ignored since. Have to shut down business. Have to close all bank accounts. Will be charged large cancellation that will go to collections if I don’t pay it. About $2000 all in. No services reviewed.
This comment refers to an earlier version of this review and may be outdated.
Moneris over charged me 600$. I called several times and was told each time a manager would be in contact with me. Five times actually. no one ever called me back. once everything was worked out they only offered to pay back 119$ of the 600$ over charge. Never would I use this service again where they just go into your bank account and take money.
This comment refers to an earlier version of this review and may be outdated.
I signed up with Moneris when I started my Plumbing and Heating business back in December of 2015. As a small business just starting up, I need to have money in my account to pay for materials. When the deposits are inconsistent and not in my account when they’re expected to be, I lose out on money. This week I processed a credit card transaction on Thursday expecting the money would be in my account the next morning. When it wasn’t, I called customer service and was told it was a problem on their end and the deposit would settle and be in my account by Saturday morning at the latest. It wasn’t and now I’m unable to pay for a part that is a few thousand dollars because of this. I lost a customer and lost over $2,000. This is not acceptable when trying to grow a business.
This comment refers to an earlier version of this review and may be outdated.
Significant issues and although Customer Service was amicable and easy to work with we were directed to a different department which are not polite, thorough nor are they professional. We have received different messages which were always quoted as policy etc and the Managers are often condescending and blaming us as their customer.
When we attempt to deal with our Sales Rep, we are again shuffled back to another department.
Overall Customer Service when you’re experiencing an issue with their staff is TERRIBLE.
We want answers and want to avoid legal escalation but they’re really leaving us no options as they will not communicate effectively let alone honestly.
This comment refers to an earlier version of this review and may be outdated.
Moneris is a devil you know and there just isn’t much choice here in Canada. I’ve been dealing with them since 1997 just with an imprinter for Visa or MC. I’m beginning to have a problem with their lack of transparency and disclosure regarding what services they have which are taxable and not.
Had a helpful rep show me their complaint site.
https://www.moneris.com/en/Merchant-Support/Merchant-Notices/Code-of-Conduct-Complaints-Resolution
This comment refers to an earlier version of this review and may be outdated.
Great article.
So I waited on hold for Moneris support for over 5 hours, eventually hanging up because I knew that their support department was closed. I’m trying to resolve an SSL issue.
This comment refers to an earlier version of this review and may be outdated.
We signed up with Moneris in 2007 after our previous service proved unreliable. Our experience with Moneris was favourable in terms of service and reliability but we always recognized that we were paying Lexus prices for a Toyota service. We were unaware of the auto-renewal and when we closed our doors in late 2015 we certainly didn’t expect the $300 charge for ending service outside the arbitrary 3 month fee-free window. To this point I have always promoted Moneris to other business owners but that stops now. I will warn everybody to stay away from Moneris.
This comment refers to an earlier version of this review and may be outdated.
It’s so unfair that such practice is still happening. I am talking about EFT (early termination fee) that is hidden somewhere in the website (not even in the contract that you sign)!
After three years with Moneris we decided to move to a new platform which would provide more functionalities for our business. By the way, Moneris has never proposed any initiative to keep us with the new requirements requested by the credit card companies.
Story short, they are asking for $500 EFT (which has been originally $2600). The term that has never been discussed with the representative when I signed the contract. I signed the contract for three years and was expecting to have month to month renewal like any other respectful company in the same market. Unfortunately I could only share my frustration with the account manager and her manager. The only recommendation that I have for Moneris is that they need to raise their standard as their customer satisfaction is far beyond what they can be.
I am supposed to talk to their attorney that such important term can not be in another document in the web where information can be easily changed and there is no traceability. Let’s be more human.
This comment refers to an earlier version of this review and may be outdated.
Hi. Moneris did indeed charge us a large termination fee. We were in the “auto renewal” program but we did not know when renewals were to take place. Make sure you know when the 60 day termination period is! Other than that Moneris has been great.
This comment refers to an earlier version of this review and may be outdated.
Very disappointed in Moneris, I am closing my franchise business and they refuse to waive this $300 cancellation fee. Not very sympathetic to small businesses, but I understand it is my own fault for not reading the fine print. For my next business I will be using someone else and will spread the word to all the future franchisees and contacts.
This comment refers to an earlier version of this review and may be outdated.
very bad service and customer rip off keep away from them ,this kind like cheating ,I think the cancellation fee of $250 -$300 is ridiculous.
This comment refers to an earlier version of this review and may be outdated.
Moneris lied to me about collateral required on my account. I operate a furniture store and take deposits on orders and then the balance upon delivery. They explained to me that they would need collateral on my business in the event of returns and would review the amount in a year and that it would be returned if their were no refunds/returns processed on my account.Since I have operated the business we have had zero returns and zero refunds and yet my collateral still has not been returned. The amount is significant and the only answer I get when I ask why it won’t be returned is that “the risk to Moneris has increased with increased sales volume.” WTF? The only thing that’s increased is the amount of money that I am paying to Moneris because of higher sales volumes.
This comment refers to an earlier version of this review and may be outdated.
Great Country. Lousy Service. This just in from Moneris “Solutions”:
If your card reader is down, don’t worry; not only will they offer to repair the problem between the hours of 10:30 am and 8:30 pm—they don’t bother to show up. And the topper is Moneris doesn’t follow up with a phone call. You have to chase after them, but they are available 24/7 with this helpful tidbit: “Sorry, we can’t help you. There are no parts available.” Gee—I guess that means we should just fold up our tent and go home. Thanks Moneris; your business lack of service will help put us out of business.
James Gauley, President/Partner
Pumphouse Supplements Inc.
This comment refers to an earlier version of this review and may be outdated.
OMG … their customer service is atrocious; this is putting it kindly; over the last 3 days we have spoken to over 10 of their first line support and spent over 5 hours on hold for their integration department and no luck. We have sent emails and no responses. We have left voice mail and again no responses. We already have 20 customer using Moneris via our software and we are thinking of changing all 20 customers to another provider.
This comment refers to an earlier version of this review and may be outdated.
Do not let this company any near your precious business; they will ruin your potential success just by their presents around you with all the negative outrage towards this company. It is an absolutely ugly company with absolutely ugly employees.I stayed with them for 10 years and when I found another MSP who was much, much less expensive, who disclosed any single point to me I decided to switch.Moneries instead of closing the account talked me into a 4 months suspension in case if I change my mind and want to stay with them. They promised to close an account automatically if I do not want to stay with them any longer. After the period was gone they started charging my account again for not even doing anything for me. I called them again to cancel and get a charge reimbursement. They pressed me to charge $300 cancellation fee for something that I cannot even find on any Moneries papers that I have. Yes, it does say that when I sign a contract I agree to their terms and conditions. The terms and conditions came with POS terminal in a digital format as I can tell – go figure….The funniest thing that I started talking to them about the service cancelation just on time to avoid this renewal cancellation clause not even knowing that; BUT THEY DID . They prolonged time to get me into a time frame that allows them to charge me that cancelation fee and only then make me aware of the fee clause!SHAME ON YOU MONERIES!
This comment refers to an earlier version of this review and may be outdated.
In November 2014 a sales person came into my store selling Moneris, owned by Royal Bank and Bank of Montreal. I refused their offer at least 4 times as I was still in a contract with another company for another 5 months. The sales person kept insisting they would give me $300.00 if I signed up with them. This would help pay any fees I incurred with the other company. This was a promotion only they could offer and that the banks don’t even have. I asked when I would get the $300.00 and they said after 3 months. They kept pushing until I said I would sign up as long as I got the $300.00 My husband came in and asked also and was told the same thing, we would get $300.00 afte 3 months. I read the fees after the first month and they were almost double what I was paying with the other company. I called them to address this and was told that we wouldn’t be getting $300.00 as there is a minimum dollar sales amount that we have to achieve to qualify. Our sales weren’t even close to what they wanted to qualify so I canceled them. The woman gave me a cancelation reference # and her phone #. I called her back a week later, left a message that they should refund me the fees, to this day ave not received a reply. I was worse off than when the rep from Moneris entered our store. The company I was contracted with raised their fees as I advised them I was going to cancel with them in 5 months. I was deceived by Moneris right from the start. The representative asked to see a statement from my current provider. I opened the last one up and there was no activity. At this time they would have known that this was not a good choice for us. We’re about $250.00 worse off than if Moneris never entered our store. In the last 1 1/2 years 3 different people came into our store to sell Moneris and I said no every time. I was pressured into saying yes this last time. I only gave in because of the reputation of Royal Bank of Canada. I know they don’t do business this way by deceiving and don’t know why they keep their name associated with this company.
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I was really happy with the Moneris Payd app. I have recently started a small business and it had several features that suited me perfectly.
I soon realized that I would exceed the 5000 monthly limit and called a sales rep to set up an account on their I select plus system. I submitted all the information they requested and waited patiently form their descision.
Not only was my application refused, Moneris went ahead and cancelled the account I had been using for two weeks, no warning and on Christmas eve to boot. Very classy.
This has seriously compromised my ability to do business. It has left me in the lurch just as my busy season is approaching.
If this is how the company treats small businesses that are just getting off the ground, I would stay away. If my issue does not get resolved and I am one day running a larger business you can bet I will, take my payment processing elsewhere.
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This company have the patina of honesty but will not honor written or verbal commitments or quotes, unilaterally changing terms and conditions without consent or notice; and as others have mentioned only gives a narrow window every 3 years to cancel without penalty. They will debit your accounts once hooked up even if you object. The only way to stop their access and their unauthorized debits is to close your bank account and open a new one with a different number.
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Ugly company with ugly employees. Their only target is to rip off merchants, taking all the money they can from them and then screw them. If you like to be ripped off go ahead with this company if i can call that a company…They gonna put you on the mastercard blacklist for no reason and close your account in 2 hours just over the phone after almost 9 years of business with them and taking high fees.
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Avoid this company. I feel ther are dishonest an I’m being charitable. They had my fax cancelling service since May 2010 – 4.5 years ago. I stopped using them and didnt get one call, one receipt and yet they continued to take services fees from my bank for 4.5 years. I’ve called twice now and sent the cancellation form. They want me to prove I sent it on one breath and stating even if they got it they woudln’t have accepted it.I was thier legit client paying high fees for several years before that. Processsing companies get your bank info and process fees under msp or merchant services. it all looks the same so if you move you have to do careful checks to make sure you dont have lingering fees. Id ony g owth a company that clearly states under thier name one fee a month and thats credited nt offset from revenues which is confsuing. We plan to take then to small claims court.
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Moneris is HORRIBLE!!! People be aware and avoid it! Nothing is good with Moneris, high monthly fees and terminal charge! Ridiculous! I paid cancellation fee $300 and I’m free! Thanks God! Go with Square instead!
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Ridiculous early termination fees – USURY.My new rep says they’re higher than a hospital he just converted – I have a small business.AVOID THESE PEOPLE AT ALL COSTS _ THEY ARE TERRIBLE !!!
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I like Moneris as a merchant provider. But I am extremely disappointed at their lack of safety and report options when it comes to gift cards. To not have to put it a clerk ID when selling gift cards is to me as a business owner not acceptable. It is extremely easy to make extra money for someone not honest, especially if customers pay cash for their gift cards. No control what so ever. I wish to think this is about the staff you hire, but it is also easy to make mistakes, and forget to punch into the POS system if it is not connected to your terminal could be the same. You can not get reports helping you to track down who has sold what gift card and how it has been paid. This to me, is enough to say no to their gift card service if you were ever thinking of signing up, do not lock your self up on this useless service, I am sure there are others out there that knows how to make this system safer.
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Just had the worst customer experience ever. And…..it was to cancel. Not only was I given the ‘cancellation fee’ that I was supposed to know about from 8 years ago, I was told why my new provider was so terrible. It’s none of your business! I am really upset by the interaction, not just the charge, because I felt attacked by the cancellation representative. I was with this company for years and was very disappointed by this interaction. Avoid moneris and don’t by intimidated by their scare tactics. Options are not possible once you ‘sign up’!
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We had a three year contract with Moneris Solutions to process our MasterCard and Visa payments. After over 2+ years we decided we couldn’t justify the monthly charges since we were we not being asked to use CC in our business. We called Moneris to verify the end date of our contract and to ask if there would be any cancellation fees if we closed our account at the end of our contract period. We werer told that there there was a $250 cancellation fee or we could just pay till the end of our contract Dec 2014. Apparently the fine print in the contract also says that if you don’t use the service they can cancel you and charge you $250. We continued to pay the monthly service charges intending to payout till the end of 2014. We have two accounts with them so our fee would have been $500. We opted to just pay the minimum for the rest of the service period. What Moneris does is very clever. They continue to charge your account for months even if you don’t use they service, then before your contract period is over they cancel you for not using the service and charge you $250 termination fee.The manager of customer service was rude and unhelpful. Also beware there is a small window to terminate in writing or your are on the hook for another 3 years. This means it will costs me $1,000 to stop doing business with Moneris. This company is based in Canada. Don’t trust them. I am using aurthorize.net. Moneris is a rip off and they should not be allow to do business in the US. They claim to operate under the Canadian Code of Conduct, but it is unclear it it applies to US customers.
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Moneris is a rip-off. Not only are their fees astronomical, you can’t depart from them without them ripping you off for more. They ask you to keep the affiliated bank account open so you can receive your deposit refund for the machine. Don’t. Close the bank account and forget the measly deposit so they can’t help themselves to more of your money for cancellation fees and another entire month of service fees after you cancel!
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When we no longer needed this debit machine we were charged a $300 fee to cancel and were told to pack up their machine and it would be picked up. That’s all normal and the machine was duly picked up. However we were then charged for an extra month despite having paid the cancellation fee and signing the documents, because they didn’t receive the machine back in time (don’t forget they organized the machine to be returned). They will not refund the months rental. Stealing would be what I would call this. To take money for no product or service!! On reading the reviews this is obviously one of your business practices! Moneris we would not use nor recommend you again. We will refer this to the BBB and to our local business associations. Small businesses work hard to make ends meet and you should be ashamed or yourselves for your bad business practice.
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Every company in canada have not asking a fee for the cancellation before 90 days, it’s a gouvernement’s loy.
The cancellation fee with moneris is $ 300 for every custumers. the contract is automatically renewed, more moneris to increase these rates in 2013 and he add a PCI security fees per month or every 3 monthes.
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Just wanted to chip in on Moneris. We have several webstores and have had several processors over the years. Moneris is the worst. Two of our websites have been using Moneris as processor for almost four years. When we wanted to switch to a different processor, they informed us, that we had to pay termination fees described above as liquidated damages. We had initially entered into a 3 year agreement, that I have now learned included these liquidated damage charges. When our agreement expired after three years, it auto renewed for another three years and the absurd temination fees continued to be a part of the agreement, so when we terminated after being a good customer for four years, we ended up having to pay in excess of $6,000. I would advise other merchants to stay away from Moneris and as a minimum to make sure, that any agreement only has a one year life and that it does not have these liquidated damage fees included. I would advise Merchants already using Moneris to check their agreements and if they have any of these clauses, renegotiate when the agreements expire (and remember there will only be a 60 day window to do so).
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I’ve been using Morris/Moneris for a year now. Whilst I’ve had problems, they have to be fair been pretty quick at solving them. However, I’ve just done my first stocktake in my new business and discovered a very basic, but major flaw in their system. So basic in fact, they should be embarrassed….You can Add inventory, Update Inventory or Add and Update, but you can’t replace existing data with new data. I have over 3,000 products and have to go into each one that I don’t currently have in stock to amend inventory errors. You would think that a simple scanned stocktake followed by an import of the resulting data to override existing data would be an obvious feature.
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I am just disappointed that I have found out that Moneris is releasing name of businesses to a private lender that is partnering with them and offering you money without consenting with you before releasing names of the business to this organization!!! Not cool!
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We fired Moneris yesterday after a rough 7 month stint with them. They are a very ethically challenged company who are arrogant enough to believe that they can treat their clients with complete disregard and have the client come crawling back wanting more. Promises were made when we switched over to them from Chase Paymentec ($300 gift card for each account) and then those promises were broken without so much as an apology. Their customer service reps are wretched at their job, but I guess they are just an extension of the corporate culture in that they are arrogant and belittling. We have been in business for almost 23 years so we are not neophytes who demand the unattainable. Our only demand is that any business associate with us act in a business like manner. Moneris failed this test.
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Moneris Solutions is statind that i have a 90 day trial period with their service. I have called this week (Nov 11, 2013) to cancel the service and they are waiving the $300 termination fee, however i have to pay the value of the Terminal $742.27
When i spoke to the Sales Rep on the phone on the 11th Nov 2013, he also admitted to not giving me the right information and nowhere does it state on my contract that i have to pay the Terminal in full within the 90-day trial period!
I have filled a complaint with the BBB.
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Have been with Moneris for 8 years and I had to switch to due technical issues with their pinpad integrating with my computer system.
After canceling my 5 accounts I received a $300 cancellation charge for each. I am under no contract and when I request a copy of the contracts, I get no response.
No one in interested in providing back-up to this contract.
So frustrating!
TD Merchant Services on the other hand, gave a better rate, better service and someone that I can call when I need help.
Not Moneris! Definitely the worst supplier relationship that I have had with a financial institution.
As with any of my review I am more than glad to remove or modify my review once the issue has been solved. If you are reading this, it’s because Moneris still has not replied to me regarding why they have charged me $1,500 in cancellation fees.
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These people are THIEVES. The WORST company ever. Their charges are ASTRONOMICAL and they have NO integrity or honesty. They will nickle and dime you to death and even after a request for cancellation of our account had been accepted, they still continued to withdraw money from the account. ABSOLUTELY THE WORST COMPANY IN THE STATES. I give this company 1 star because there is no choice for a ZERO.
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Avoid Moneris at all costs. They seem to have stupid staff. They wrote us about an unpaid invoice for peanuts and when I called them to pay they said that their collection dept had it wrong and that our account was in order. Then they cancelled it 2 days later and refused to respond to emails.
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I HAD CONTRACT WITH MONERIS FOR 3 YEARS. NOW 3 YEARS IS OVER, I WANT TO CANCEL THEIR SERVICES. FIRST, THEY SAID I HAVE TO PAY $300 FOR CANCEL BECAUSE OF AUTOMATIC RENEWAL. I LOOK BACK ON THE PAPER THAT I SIGNED, DID NOT SAY THAT. THEY SAID IT COME WITH THE TERM AND AGREEMENT PAPER WITH CAME ON THE DAY THAT THEY INSTALL THE TERMINAL.
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Oops, one star! don’t even deserve that.
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I feel much the same as most of you on here!
Moneris misinforms and charges customers fees for NO service.
Here is my story:
I inherited a Moneris machine with the business I purchased last summer. I called to activate a merchant account, so funds would be forwarded to me. No problem. I called to close in the fall, since it was a seasonal business. No problem, I return the machine ($35/mth) and I’m advised to continue paying the $15 a month to keep the account open so I would not have to pay another set up fee ($250) next spring, makes sense, cheaper to pay $15 for 6 months, than pay another set up fee.
I called back recently to get a debit machine for start up, guess what ?, another set up fee, now $300???? I’m pissed, since I paid all winter for nothing. No problem, I acquired the services of another merchant account company and cancelled this account. Guess what $300 fee to close the account???? Yup, $300 to click “CLOSE” wow, Moneris, I will never be back, nor will i even so much as pay anything on any of your machines in the future. All the best to you, I hope you choke on my $300, plus the $90 I paid to keep my account open all winter for nothing.
This comment refers to an earlier version of this review and may be outdated.
I am writing this complaint concerning Moneris Solutions to warn others about their exuberant costs. Moneris Solutions is a company that provides card services to businesses at rates that equal 10% of total sales in my case. I have dealt with this poor excuse of a company for the last few years.Until another company in the same field of business enlightened me,Bank Associates Merchant Services,charging me half as much. I switched companies last month and Moneris gave me a going away present of $71.90 in charges. Here’s the sick part.! I didn’’t have any transactions with them during that period.The person that I complained to at Moneris told me that the charges were out of his control.The fellas name and position at Moneris,[edited: name removed] | Merchant Retention and Account Management | Moneris Solutions further told me to complain to some attorney at the company. Instead I have decided to enlighten the business community to avoid using this company.
This comment refers to an earlier version of this review and may be outdated.
Yep, same boat. Except I stopped them taking payments from my bank via TD. TD was applaulded. They Moneris representative claims that the $300.00 they wanted to take from my account was to pay for space on their server for keeping my information for the next four years. In the four years I have been with them only one of my clients complained and that is only because they did not recognize our name on their credit card statement and this was cleared up with the client and Moneris with a five minute phone call. I asked Moneris to show me where I signed this contract and they say I never did. It is just understood the first time I use the machine.
I am disgusted with Moneris after being a client of their’s for four years.
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I just closed my father’s account with Moneris. He was the smallest of the small time operators, lost money consistently, and paid ridiculous fees to Moneris for years, relative to his sales volume. He still used one of the old “knuckle-busters” to run credit cards through. I spoke to a customer service rep named [edited: name removed] to cancel, and of course nearly choked when she got to the $300 cancellation fee. She said, ever so softy, “It’s in the contract…””I can’t tell him that” I said, ” Look at his sales history, have you seen how little he makes? I can’t tell him it will cost him $300 to retire. Is there anyway around it?” She put me on hold, spoke to a supervisor, and waived the fee!I don’t know what rating to give. My father’s experience with this company was mostly negative, but then [edited: name removed] (blessings upon her), saved the day and let my father out without exacting the requisite pound of flesh. I guess it’s worth it to read contracts carefully.
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@ zoe Stewart, can you please provide me the name they have deleted so i would know which company to choose for my payment processing needs.
THanks
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Emails dated april 21 2012..
Please confirm what you mean after the 90 days, you will not have to do anything for the rebate promotion as the money is deposited into your business bank account automatically if you continue to use the services after those 90 days, enjoy the 2 month trip!
David Preston
IB Sales Consultant
david.preston@moneris.com
( 1-877-825-0361×4436
( 416-232-2391×4436
Fax: 416-2347094
Called after that 90 days period to find out he is no longer there.. its now Oct 31 2012 and still no 500 bonus for staying 90 days what gives??? Am i being scammed?
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I am willing to pay the cancellation fee! It would save me a lot of money as their processing is SO INCACCURATE! They told me they have a “known problem” in the software of their new equipment. In two days, they deposited roughly $6,000 LESS than the dollar amount we have in transaction slips. According to them, their reports balance so it is something we’re doing. They then suggested we use a different report as their report that we’re currently using “isn’t accurate”. It often takes 2 huors to settle and balance 1 day of electronic payments PLUS the time I’ve spent on the phone with them repeatedly asking for a rep to attend our place of business. I am in Toronto so it isn’t a great distance. I was with Global Payments and left because their equipment was unreliable and frequently crashed at our busiest time. At least their reports were accurate and reliable. I’m currently seaching for a provider with accurate reporting and reliable equipment! Ted
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Read the fine print from Moneris. They stealthily initiated a $10 per month PCI fee and then a $20/month ‘non-compliance’ PCI fee and when i checked around, others simply charge a $10 per month compliance fee. So i told Moneris i was moving my credit card handling to another company after almost 2 years with them So what did they do? DING me a $250 cancel fee??!! ALL OTHER merchant service companies have MONTH TO MONTH contracts so you can cancel any time. DO NOT USE MONERIS they will nickel and dime you (apparently their sales rep said ‘oh yea, we’re month to month’ but in the fine print they include a 3 YEAR CONTRACT? and then even after i mentioned what their sales rep represented to my company they refused to ‘waive’ the fee. Also because i trusted them and didn’t notice the PCI fees for many months i was beyond the 90 day cancellation window. I recommend you stay away form MONERiS and find a company who gives you month to month contracts.
This comment refers to an earlier version of this review and may be outdated.
Anyone currently with Moneris may be interested to know that as per the Code of Conduct for Credit and Debit Card Industry that you have 90 days to opt out of your contract without penalty if they raise your fees.
Many customers (including our business) received a PCI Security Fee addition that will be effective July 1st. If you received this on your March 31st statement you will have 90 days from that time to cancel.
See this link for more info direct from Moneris
http://www.moneris.com/Support/Help/Interchange.aspx
Hope that helps!
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Im having a hard time figuring out how this company has a 4 star review, they are clearly the opitomy of of evilness in merchant services. My advise to any merchant with Moneris is to contact your attorney general ASAP, if you just turn tail and take this abuse you will get it. If you have found a new MSP get up and running with them and periodically plug your Moneris terminal in and run a few transactions because the will attempt to ACh you if they find out you’ve switched and ps the contract says you can not switch banks nor MSP’ s. We are currently working on a lawsuit against this company and would like any readers with questions or complaints about Moneris to email me for advise as we have got multiple clients out of these rediculas fees. After seeing the rating merchant maverick has givin them this website has lost some credibility in my eyes and is not up to date on many subjects. Best of luck and turn their ACH abilities off with your bank, because sooner or later you will get hit for these fees unless you fight back. Good luck
This comment refers to an earlier version of this review and may be outdated.
Thanks for the input Jared. The Moneris review is due for an update, and we’ll reconsider their score if necessary.
Would you mind telling me which subjects are not up to date? I’d like to get them fixed if necessary.
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The cancellation, this sight states $250-300. The fact is that if a merchant cancels with them they will take the average volume of the highest months and figure 3% of that along with any fixed fee’s is then multiplied by the remaining monthes with a fee no less than $250. All I am saying is that I have had multiple clients that have recieved bills anywhere from $2700- $21000 and I would hate to see a person look for advice on this sight and then end up like this. Moneris also has a claus that says you can not leave RBC or you will have the same harm. Moneris also uses FD Nashville and TSYS if you werent aware. I noticed you gave Heartland 5 stars, just so you are aware they have raised their ETF to $500. Ive been in this industry a combined 10 years with my partner, neither of us have ever leased equipment no written a teired account, we sell with honesty and integrity and answer the phone for our clients; so when I see what Moneris does it makes me sick.
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Thanks Jared. The Moneris cancellation fee was historically $250-$300, but it seems they’ve changed to a liquidated damages type ETF as of late. Still, it would be nice to see a copy of their new contract. Do you have one that you can send me?
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Jared:
We got involved with Moneris through RBC bank. We were led to believe they were rbc’s in house processor and their ridiculous 3 year contract terms were not made clear at signing. Shame on me for not reserching this more closely. When RBC pulled out
of Georgia and we had to switch banks, we switched to a local processor.
I am now getting calls from their counsel demanding a $3000 termination fee. If a Moneris rep contacts you, run for your life. It seems to my uneducated self to be simple usury. Most upstanding processors will wave this contract requirement if confronted. You will need to read to page 28 in their contract to find this hidden requirement.
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Hi Jared, just another victim of our own stupidity…we too have been in a conflict with the above mentioned, and are wondering what to do. they have cancelled with us, and now want 2900 dollars! reading your remarks, and wondering if you had any success or can point me in the right direction?
thanxs, disallusioned…
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Hello Jared,
Can you let me know how the lawsuit turned out for you? We are also being harassed by Moneris. Any information would be helpful.
Thank you!
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Worst company ever! Avoid Moneris at any cost! After 8 years with them, they are asking for $3,200 to close the account, because of that 3 YEARS RENEWAL clause THAT NOBOADY KNOWS ABOUT! THIS IS OUTRAGEOUS!!!!!!!!
I hope someone will close their business or ask them about their practices!
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Does anyone have a better solution than Monteris? Julie, Reg, Heather have any of you switched to a provider that offers a better system?
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I was just talking to a Moneris representative on the phone today. I asked about interchange + pricing. And he must have thought I had heard to ask that interchange pricing is the way to go but that I didn’t know much details about it. He tried to convince me that interchange pricing includes 1.65% base + 0.25% for rewards type cards + the interchange fee. When I asked him how much the interchange fees are he said they are usually between 0.3% and 0.7% however on the Visa and Mastercard interchange fee schedule on their website it lists ecommerce fees around 1.55%.
After I brought it up a 2nd and 3rd time he tried to get me to ask the others about it. He answered the phone as [edited: name removed]. At the end when I asked him for his extension # and name he had changed it to [edited: name removed] after I said to confirm it was [edited: name removed]. And also I asked him to send me a quote by email which was also not sent (no surprise).
If this type of behavior is being done by their sales people, it is no doubt structured that way from the very top. These are unethical business people and everyone should be very wary and careful when dealing with these guys. And by being careful I mean look elsewhere for a merchant!
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Just try to cancel your contract with Moneris. They have a feE schedule that is referred to and never available. It says see section 19 and there is no page 4 or section 19. I have been trying to work with the company for over 6 months and they are so big, they can cancel you at anytime but you can never cancel them. They take your largest 3 months in your 3 year history and that is your cancellation or early termination fee, not the standard 250 try 2600. I have filed with the BBB and they debited my account anyway. They have raised their rates, April, then again in June, it is in tiny print on the last page of your statement. Beware ! Also you have to cancel 6 months prior to the end of your contract in writing. Beware of being grandfathered in when they buy out a company too !! Beware of sales people selling you great things from a company that has their best interests at heart. Beware of the qualified vs non-qualified transactions, you could be charged 4% of the sale. Beware, they are Gods and you are just a stupid merchant and they hold all the power and can do whatever they want to you. GET OUT, CLOSE YOUR ACCOUNT AS SOON AS YOU CAN, MONERIS IS A BAD WORD FOR MERCHANT SERVICES.
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I deal with Moneris in the US and have for several years with no real issues to speak of. Within the last year, I have had nothing but poor customer service. In the past I would get my issue or question answer immediately on the phone. Now they have changed the way ypu get serviced and to come out to find after asking some questions, that they moved these departments to Canada. Now I understand why companies consolidate, but it seems that they have put a bunch layers in now and their reps just take messages and say that someone will call me back. The average turn around seems to be 2 days if at all. I miss the one call and I’m done approach they use to have. I’ve decided to start looking elsewhere because maybe they have just gotten to big.
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Same story here. Longtime Moneris customers. After repeated fee increases we sought out another credit card processor. Called to cancel and were made aware of this ridiculous contract that we had NEVER seen or signed. Decided to wait until renewal (cause it’s only 8 months away) and then were told that we couldn’t give notice of our desire to NOT renew until within the 90 days prior to renewal. I asked for an address of record where I could send a registered letter to document our desire to not renew and they refused to supply it. Insisted that we call back within the 90 days. When we do that I suspect they’ll tell us it’s too late and that we should have phone PRIOR to the 90 days. Just ridiculous! Absolute extortion!!! Seek out another solution! These guys are bandits! And for the record, this organization is a joint venture of RBC and BMO, pulling your business from either of those institutions would be another wise move – and be sure to tell them why!
This comment refers to an earlier version of this review and may be outdated.
Moneris & RBC bank
To all merchants looking for credit card processing:
Please be aware of the fine print which includes VERY excessive and severe consequences for early termination of this (3) year agreement. Below is what will happen if you decide to leave Moneris Payment Solutions or discontinue processing according to their terms stated in application MSFRI-OC-APP-0910.
“Early Termination Fee is calculated based on the greater of Two Hundred Fifty Dollars ($250) or Bank’s average monthly volume derived from processing Merchant’s
transactions (based on an average of the highest three (3)months of processing volume during the previous or current term of the Agreement,whichever is greater),multiplied by .003,multiplied by the number of full and partial
months remaining in the term of the Agreementâ€
EX: A business processes $40,000 monthly in credit cards and is unhappy with increased rates and poor service. After 1 long year of being fed up they change processors and cancel Moneris.
The Consequence: $40,000 x .003= $120….then take ….$120 x 24 (months remaining) on your (3) year term= YOU GET HIT WITH A $2,880 CANCELLATION FEE.
But please keep reading because it gets more ridiculous…………….
“TERM AND TERMINATION. (1)Term.The termof thisAgreement,including any equipment
rental, shall be for three (3) years from the Effective Date and shall remain in full force and effect
until termination.This Agreement shall be automatically renewed thereafter for successive three
(3) yearperiods unless Merchant gives written notice of termination at least sixty (60)daysbut not
more than one hundred twenty (120) days prior to the expiration of the then existing term.
(2) FEES FOR DISCONTINUING PROCESSING. In the event Merchant (i) discontinues or ceases
processing of Card Transactions prior to the end of the term hereof, or (ii) gives notice of discontinuance
of processing (including an invalid or ineffective termination notice),or (iii) violates Section
15 of this Agreement, Merchant shall pay Bank upon demand the Early Termination Fee
described in the Schedule of Rates and Fees attached to and made part of this Agreement. Merchant
agrees to pay this Early Termination Fee and agrees that such Early Termination Fee constitutes
liquidated damages and is not a penalty.â€
In other words…unless Moneris is notified within 60-120 days at the end of the initial contract…They will stick owners back into another 3- year contract without consent. Therefore allowing merchants that have been with them for 3-10 years to still be subject to these outrageous fees.
The above also states that merchants can be punished for discontinued processing. So if you close your business or for whatever reason decide not take credit cards, you are still on the hook for thousands of dollars…And believe me they come after you… as well as none of this gets explained as your signing the contract.
This comment refers to an earlier version of this review and may be outdated.
this is happening to me right now, they are saying that i owe them over 2700.00 in fees, changed to a new company in June and they are just now sending me this nasty gram here in December, I signed with them back in 2004 and who knows what was or wasn’t said back then but i am sure i was not told about their renewal terms because i would not have agreed to something so stupid as that, I hate being locked into something for so long and not having a way out, please give me some advice if you can, thanks
This comment refers to an earlier version of this review and may be outdated.
I can confirm that Moneris solutions have hidden fees.
Moneris charges an extra 20$ EVERY MONTH fee PER EACH moneris terminal if we do not process a total of 8000$ per terminal. We have never been made aware of such charge.
This comment refers to an earlier version of this review and may be outdated.
I have been with Moneris for last few years but i am definitely going to change it this day. I am really fed up with their service and i feel they will scam you like anything else. Charging you your hard earned money left and right. I am really depressed and will go ahead for cancellation of which i have to pay another $300. I am Not Satisfied.
This comment refers to an earlier version of this review and may be outdated.
All processors are the same Moneris, Payment Tech, Pivotal Payments,First Data, Global Payments , any banks and others.
You have to read the contract before signing, this is the number one mistake merchants make, the salesperson will tell you no need to read contract. The contract always states its automatic renewal and contract term varies between 3-5 years depending on the company. Some companies also will charge you liquidation damages if you cancel the contract, LD is calculated from monthly fees, monthly volumes of sales and any misc monthly or yearly charges. I have see merchants charges over $50.000 depending on their volume of sales. If you don’t understand your contract have a lawyer read over the contract. Another issue is terminal purchase versus terminal leases, LFG is a rip-off they offer you a 4 year lease non-cancellable but they fail to mention that after your 4 year lease you have to buy-back the lease you will still be billed monthly charges.
Hope this helps anyone
This comment refers to an earlier version of this review and may be outdated.
I was ripped off by Moneris Solutions. I was only with them for three months and cancelled because they would not change the font to be legible on my printed tickets. They offered to sell a new machine to me. Once I cancelled for getting NO SATISFACTION from their services they took OVER $1300 from my account not as a cancellation fee but for their “lost business” feel. I tried getting my money back but was told I needed to hire a lawyer and sue them. I can’t afford that so I got ripped off. They even paid $250 for cancellation fees from my previous processor but yet they rip me off for $1300. My business is in Alabama.
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I just found out the hard way as well about the Moneris theft of $300, based on an ‘agreement’ that I was never privy to. I asked for the ‘agreement’ to be faxed to me, and it indeed does say that there is a $300 cancel fee. Trouble is, I have never seen this form, ever. I was told that it was in place when I signed for the terminal. Shuldn’t we be given a copy of any such agreement and given a chance to read ot, or have it explained?
This comment refers to an earlier version of this review and may be outdated.
Since May I have a $9.95 “Pre-authorized Payment No Fee, ACCT SERV PKG MSP/DIV” charge on my Moneris merchant account. Why? I don’t recall any mention of this new “No Fee” fee?
Suzanne
This comment refers to an earlier version of this review and may be outdated.
I was charged the same amount per month $9.95 which wasn’t stated in my contract.
This comment refers to an earlier version of this review and may be outdated.
You are required to have separate merchant accounts per location for security purposes
This comment refers to an earlier version of this review and may be outdated.
10+ year merchant with Moneris. Opened third location, new account refused. No reason given. Rates increased. Called today to cancel account as we have opened with another provider who will cover all locations. Very uncooperative and rude representative. When I asked how to spell his name (for my records) he hung up! I surmised the closing application was over. I was unaware of the $300 per account cancelation fee. Do you suppose this is why Moneris requires a seperate merchant number for each location?
This comment refers to an earlier version of this review and may be outdated.
FWIW, I read my application more carefully. The “waive early termination fee” appears to be coming via a Special Program from Dharma Merchant Services, not Moneris Solutions.
This comment refers to an earlier version of this review and may be outdated.
That’s correct Virginia. Dharma has a special agreement with Moneris in which they waive the early termination fee.
This comment refers to an earlier version of this review and may be outdated.
I have just reviewed an OA-S19 contract from Moneris Solutions that I have obtained through Dharma Merchant Services. The contract is one year auto renew. The section 25 on early cancellation fees has been removed from my document. Perhaps Moneris is aware of your recent review or perhaps it was removed by Dharma Merchant services.
Thank you very much for your website. It has been very helpful to me in our search for a new provider.
This comment refers to an earlier version of this review and may be outdated.
Did you end up signing up with Dharma? If so, how is it going with them? If not, who did you end up choosing? Thank you so much.
This comment refers to an earlier version of this review and may be outdated.