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Merchant services for small business

By 2030, cash purchases are predicted to make up only 10% of transactions in Canada, according to Moneris. Setting up merchant services will enable your new business to effectively serve customers and streamline transactions. The goal? For you to provide a seamless customer experience. 

What are merchant services?

Merchant services are a range of financial services that allow businesses to accept customer payments through different channels like debit and credit cards, online and mobile. Merchant services improve the customer experience by providing convenience and security.

As a business owner, you’re also protected by merchant services because they offer robust security measures that safeguard data and minimize the risk of breaches. Merchant services also collect data, which helps you with cash flow management, sales forecasting and inventory management. 

Types of merchant services

There are many options for merchant service solutions. Your business banking advisor can help you find the best fit for your business:

  • Mobile payment solutions allow you to process payments through your smartphone or tablet via mobile card readers or apps. This is ideal for businesses that don't process a high volume of transactions but require on-the-go flexibility. Generally, there isn’t a monthly fee or setup cost, but the cost per transaction is higher. These services transfer the money you make from sales to your account immediately.
  • Point of Sale (POS) systems are what you commonly see at most businesses. There are three types: stationary, cordless and wireless. This system works well for businesses with a higher volume of transactions and a physical location. There are both setup and monthly fees for these systems, but the per-transaction costs are lower. These systems come with additional features like gift card and promotion processing, receipt printers, cash registers and barcode scanners. They also provide data analytics.
  • E-commerce solutions are useful for processing online transactions and can be set up through your website to connect directly to your bank account. These online payment gateways come with setup, monthly and transaction fees. E-commerce solutions are a must-have for any business that wants to do sales via their website, no matter where in the world their customers are located


How to know what's best for your business

Given the variety of options and costs available to business owners, the easiest way to figure out what service works best for your business is to meet with a banking advisor and consider these questions:

  • What type of product or service are you offering?
  • How many transactions do you think you’ll make each month?
  • How do you plan on taking payment?
  • If you’ll accept cards, how many customers do you think will want to pay that way?
  • What will your monthly revenue be?
  • What’s the average transaction you will process?

ATB partners with Moneris, Canada's number one payment processor. Contact an ATB business advisor to find out more or visit ATB’s digital enrollment page to access merchant solutions any time, anyplace.

Now that you are equipped with more knowledge about merchant services, let's explore our next topic: hiring vendors.