Moneris, formerly known as Moneris Solutions, is a large Canadian-based payments technology company headquartered in Toronto, Ontario. In 2016, the US division of Moneris was purchased by Vantiv, which has since been acquired by Worldpay. While Worldpay has almost completely phased out most of Vantiv's brands, there can still some confusion between the Canadian-based company and the now-defunct US side. In 2023, Moneris partnered with FreedomPay. Other partnerships include Wix, Samsung Canada, and Tulip.
Before we dive in, here's a short summary of what we'll cover:
- Moneris' various payment processing services.
- Moneris has received a number of complaints, though few recently. A primary complaint is over allegedly poor customer service.
- Moneris' contract is not industry-best.
Founded in 2000, Moneris is a result of a joint venture between the Royal Bank of Canada (RBC Financial Group) and BMO Financial Group. Moneris's U.S. division (Moneris USA) was acquired by Vantiv, and which has now been acquired by Worldpay in December 2016, and the company's US-based merchants are now served by Worldpay.
In 2021, Moneris acquired online restaurant ordering company UEAT.
Moneris Payment Processing
Moneris offers comprehensive options aimed at retail, restaurant, professional service, and non-profit organizations as well as enterprise pricing for high-volume merchants. Their solutions include debit and credit card terminals, MOTO platforms, e-commerce processing, PAYD Pro mobile solutions, self-serve and kiosk solutions, the Moneris GO Marketplace, digital wallets, fraud tools, data services, cash advances, gift and loyalty programs, and iPad-based POS systems. Moneris also offers a website-building tool called Moneris Online, which provides built-in online payment functionality. In 2021, Moneris and BMO announced B2B Pay, an automated payment processing offering fueled by straight-through processing.
Payment Terminals and POS
Moneris offers various types of payment terminals, including Moneris Go and Moneris Go Plus. These terminals come with touchscreen technology and are designed to handle both debit and credit card transactions. Moneris Core offers point-of-sale (POS) systems with modern user experience features. These systems are scalable and come with built-in fraud protection.
Moneris provides an all-in-one e-commerce platform in collaboration with Wix. This platform allows businesses to sell online through a custom-built, feature-rich website.
The company offers additional services like fraud protection, gift card programs, and data services. They also have a service called Moneris Kiosk powered by UEAT.
Location & Ownership
Angela Brown was previously listed as the president and CEO of Moneris. As of 2023, James Hicks is now president and CEO. The company is headquartered at 3300 Bloor Street West Toronto, ON, Canada.
Table of Contents
- Costs & Contract: Appears to offer a three-year contract with…
- Complaints & Service: Has received more than 80 public complaints regarding…
- BBB Rating: Has multiple profiles with the Better Business Bureau, the main profile has…
- Sales & Marketing: Appears to hire independent sales agents and has received a low number of complaints about its…
|Integration Options: Easy POS and online integration.
|Equipment Cost: Additional charges for hardware.
|Reporting Tools: Detailed, insightful financial reports.
|Fees: Potentially high transaction costs.
|Wide Acceptance: Accepted at many locations.
|Contract Terms: Long-term commitments required.
|Security Features: Advanced fraud protection measures.
|Complex Pricing: Confusing fee structures.
|Customer Support: Reliable, accessible customer service.
|Limited Global Reach: Mainly Canada-focused.
Moneris Solutions Customer Reviews
Here's What Their Clients Say
|Total Online Complaints
|Live Customer Support
|Most Common Complaint
Moderate Complaint Total
We have found more than 80 Moneris reviews on various consumer protection websites. The majority of these Moneris reviews report unexpected or excessive cancellation fees, hidden per-transaction or monthly fees, unexpected renewal of contracts, broken promises of refunds and rebates, and difficulty resolving problems through the company’s customer service. The content of the company’s complaints has impacted Moneris’s rating in this section more so than the overall amount of complaints that the company has received. If you have your own Moneris review to make, please do so in the comments below.
Moneris Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Moneris. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Moneris Customer Support Options
Moneris offers 24/7 phone support to all of its clients.
Moneris Customer Service Numbers
- (888) 782-3965 – Toll-Free Customer Support
Other Support Options
- Customer support form on its website
This is a decent level of support, but it falls shy of our expectations of top-rated payment processors for great customer service.
Moneris Solutions Online Ratings
Here's How They Rate Online
BBB Rating Analysis for Moneris Solutions Corporation
Moneris Solutions Corporation in Etobicoke, ON, has an average BBB customer review rating of 1/5 stars and an “A+” on one profile and an “A-” on another based on 3 customer reviews. The company has had 9 complaints closed in the last 3 years, with 3 complaints closed in the last 12 months. Common themes in customer reviews include dissatisfaction with product/service problems and poor customer support.
We have been trying to get answers from Moneris regarding our new system integration since the end of February 2023. We operate a small business and some of our guests cannot receive refunds or pay for their reservations through our system yet due to delays on their end completing the integration. We have been reported to the BBB by our guests and they are demanding their refunds, which I do not blame them for being frustrated about. The claim against us to the BBB was removed from our file as we were found not in the wrong and doing our due diligence to try and resolve this issue for our guests. I have reached out to Moneris and numerous departments on numerous occasions and have not received any straight answer other than ‘We have escalated this to another department and it should be completed soon’. It has been 2 months of trying to find a solution to a simple system integration, which happens seamlessly with many other businesses daily via Moneris. We now have guests boycotting us online/social media, harassing our staff over phone & email and planning protests outside of our business all because we cannot receive answers. – Complaint from April 21, 2023
Putting us out of business, have been waiting for over a month for our small business funds, been with these people for over 5 years. I’ve been calling every day and keep getting different answers. From we owe them money to our bank isn’t cooperating and many others. Told us we owe them money and we have to check online to see what we owe they’ll keep coming up with new reasons. They yell at us on the phone. Someone needs to check out this call center and Moneris. If you need your money from your transactions do not go with Moneris. Their system is old and outdated. – Review from August 16, 2023
There are no positive reviews published about Moneris Solutions Corporation on the BBB website.
ComplaintsBoard Rating Analysis for Moneris Solutions
Moneris Solutions has several complaints listed on ComplaintsBoard. The common themes in these complaints include issues with customer service, billing disputes, and dissatisfaction with contract terms and fees. There is no specific average rating provided on the site, but the nature of the complaints indicates general customer dissatisfaction.
I am extremely disappointed and how my nearest does business, I have been a client of theirs for over 20 years. I made an innocent mistake last week by a ‘0’ when processing a charge so that $1,130 became $11,300 and noticed it a day later and called to fix it. Shocked to see a Moneris fee this morning of $488.33 for their Amex fees on that original transaction rather than the correct one. Highway robbery. Spoke to 2 people in customer service who refuse to fix it and would not give me access to someone senior. – Review from Deb Diament, February 1, 2023
I was with moneris 6 years. It was great. But I eventually had a bigger store needed something that didn’t run off my phone. After 6 months of feeling ok with new machine I realized I could cancel moneris. I paid for the connection for 6 months as it was only 21$. So I called them up to cancel. They said ok. Then they send machines back. But they never gave me address or pick up number from purolater. About 3 weeks passes by then dong my account 661$. I don’t even know who it was it said rbc. My bank rejected it as they didn’t have new numbers on my account. So I got my money back. – Review from Heather Joy 4444, April 30, 2022
There are no positive reviews published about Moneris Solutions on the ComplaintsBoard website.
Moneris Solutions Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees
Variable Contract Terms
The cost of a Moneris merchant account appears to vary based on a client’s business type, processing volume, and by the agent setting up the account. This is typical of the credit card processing industry and indicates that rates and fees through Moneris are highly negotiable. However, the company’s reported contract terms are about average for the industry.
Previously we reported that the standard merchant account agreement with Moneris included a three-year service agreement with a minimum $250 Liquidated Damages Early Termination Fee (ETF). Moneris has clarified that fee is no longer applicable, and the company now charges $50 to $25 per device as an equipment refurbishing cost when a contract is canceled.
Moneris iPad POS Pricing
Moneris offers three pricing plans for its iPad POS solution: “Small”, “Medium”, and “Large”. The Small plan costs $44.95 per month plus taxes and includes one user and 1,000 products. The Medium plan costs $74.95 per month plus taxes and includes 10 users and 10,000 products. The Large plan costs $99.95 per month plus taxes and includes 100 users and 50,000 products. All plans charge a fixed swiped rate of 2.65% and a fixed keyed-in rate of 2.85% plus $0.15, but Moneris does note that these rates don’t include “payment processing fees and other applicable fees as set out in your Merchant Agreement.” Businesses processing over $10,000 a month can also receive custom rates. We encourage business owners to check out our list of the providers of the best merchant services.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Moneris Solutions also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. Its proprietary gateway offers the unique feature of being able to accommodate multi-currency pricing which allows clients to accept payments in over 70 different currencies. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Level 2 and Level 3 Processing Services
In addition to its traditional merchant services, Moneris Solutions also advertises that it provides Level 2 and Level 3 processing for B2B and B2G transactions. Level 2 and Level 3 processing rely upon different interchange rates than traditional consumer credit transactions. Accommodating those rates requires different payment processing technology from a merchant account provider to transmit the amount of data required to facilitate the transactions. These services are reserved for B2B and B2G purchases that utilize corporate credit cards.
Moneris provides an extensive list of rates and fees associated with different transaction types. The 2020 rate list can be seen here. The company also clearly conveys the interchange rates it relies upon. Businesses are advised to compare their processing agreements with Moneris to those offered by the cheapest merchant account providers.
Moneris Solutions Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers
|Discloses All Important Terms
Inside Sales Team
Moneris appears to market its services primarily through telemarketing and an inside sales force. There are some Moneris reviews that describe an outside sales agent visiting a business on behalf of Moneris, though this could be associated with Moneris USA. A representative from Moneris has reached out to clarify that “All of our sales agents are hired as full-time staff, not independent contractors.” The company does offer work-from-home positions, but it also boasts in-person and on-site support and installation teams. We are currently able to locate a low-to-moderate number of Moneris complaints that describe undisclosed fees or misrepresentation of rates.
No Deceptive Quotes
As a point in the company’s favor, we have found no uses of deceptive advertising or rate quoting. This compares favorably to our list of best credit card processors. We have therefore assigned Moneris a “B” in this section of the review. If you suspect that a Moneris representative has added hidden fees to your contract, you can double-check your pricing with a third-party statement audit.
Copyright © 2024 CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Getting paid to re-write this page? Click here to earn a reward.
Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice. We may earn revenue if you obtain services from a provider that we recommend. See this page to learn how we support our operations.