Choosing from the Best Payment Gateways in Canada

If you’re a Canadian retailer or vendor planning to invest in a payment gateway, first invest in the time to identify the best payment gateways in Canada for your business, because it’s a big decision.

But before we get there, a quick recap:

What is a Payment Gateway?

We covered the particulars of payment gateways in a previous post, so here are the high-level points:

• A payment gateway is the technology that lets merchants and retailers accept payments from their customers.
• Some payment gateways in Canada are “end-to-end” meaning they facilitate the accepting AND processing of payments.
• Other payment gateways in Canada are omnichannel, in that their clients (merchants and retailers) can accept payments in-store and online, and from multiple payment methods (credit cards, debit cards, digital wallets, and global currencies).
• Online payment gateways in Canada can be hosted (customers leave the merchant site to pay and are then sent back); self-hosted (customers pay on the merchant’s page) or API-hosted (a merchant builds and customizes their own payment gateway).
• An online payment gateway can also route transactions through a local bank — helpful for merchants or retailers who accept global currencies.

What are the benefits of partnering with a payment gateway?

If you pick the right payment gateway, all your sales data will be in one place so reconciliation across all your points of sale will be easier. Troubleshooting multiple payment platforms will be easier as well because you’ll only need one point of contact.

From the viewpoint of your customers, having the best payment gateway for your business will make the payment experience faster and more pleasant. Given that payment is your final opportunity to leave a lasting impression with a customer (and especially a new customer), it makes sense to do what you can to optimize the interaction. This is why a third of Canadian businesses are investing to improve their customer experiences.

Finally, as the global economy continues melding into one seamless ecosystem of commerce, being able to accept international payment methods like WeChat Pay and Alipay is a smart move for businesses that expect to expand their international customer base, both at home and abroad.

Canada has welcomed over a million new people in the last two years, and US immigration rates are the highest they’ve been in 20+ years. As our new neighbours settle into life in North America, the assumption is that, just like the population at large, more than half will abandon a purchase if they can’t use their preferred payment methods.

How to choose from the best payment gateways in Canada

The market for payment gateways in Canada is large and diverse, with multiple hosted, self-hosted, API and local bank options. So, how do you decide? Start with these questions:

What do you sell?

This is important because of the way fee structures are offered by payment gateways in Canada. Some work on a small flat charge per transaction. Others take a small percentage of each transaction. So, a specialty retailer that makes a few big-ticket sales per month will think about their options differently than a vendor that makes multiple low-value sales every day.

How important is your brand?

Some payment gateways in Canada are white label, which means a retailer or vendor can brand their online portals and in-store hardware with their logo and colours . If you’re the type of vendor or retailer that relies on brand recognition, either because you’ve built it up as a symbol of trust or excellence or value, then being able to reinforce your brand at every touchpoint is a good idea. And what better touchpoint is there than the moment your customer chooses to give you their money?

Are you worried about cyber threats or bad actors?

A few retail industries are known for their fierce (and sometimes nefarious) competition. If you’re in one of those spaces, a Canadian payment gateway option with heightened security may be the answer for you. All the reputable payment gateways in Canada comply by the PCI DSS compliance standard, but it doesn’t hurt to see what else the payment gateways on your shortlist can do for your peace of mind.

Do you sell both online and in a brick-and-mortar store?

If so, you’ll want to strongly consider a Canadian payment gateway with omnichannel capabilities so the customer experience is equally seamless across the board. The right omnichannel solution will also accommodate alternative methods of payment like QR codes.

Would you like to accept international payments?

In other words, do you want to take advantage of a truly global economy? If so, payment gateways in Canada that can facilitate global payments would be your best bet.

OTT Pay: One of the Leading Payment Gateways in Canada

OTT Pay provides agile solutions that can both provide a hosted payment gateway and an API-hosted gateway. OTT Pay solutions are also omnichannel, which means we can facilitate all your online and in-person payments. In addition, our solutions can accommodate QR code payments, which is the next great leap forward in speed to purchase because customers can buy from you in-store without needing to stand in line at a cash desk. Finally, OTT Pay can facilitate international payments, thus putting you into the global economy.

Looking for the best payment gateways in Canada to support your business? Start by looking at OTT Pay.

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