Comparison · Updated September 26, 2026
Moneris vs Square for Canadian businesses
Moneris
B-
Moneris is Canada’s largest payment processor, providing point-of-sale systems, ecommerce payment gateways, and mobile payment solutions for businesses across Canada through a joint venture owned by Royal Bank of Canada and Bank of Montreal.
Square
A
Square offers simple, transparent payment processing ideal for small businesses. Flat-rate pricing, no monthly fees, and excellent software make it a top choice — but account holds and limited support are key concerns.
VS
Overview
Moneris operates only in Canada, so this comparison uses Square Canada's published pricing in Canadian dollars, not the US rates in the site's Square review. Square, graded A on Payment Review, charges 2.5% on in-person credit cards, 2.8% + 30¢ online and 3.3% + 15¢ keyed, with no monthly fee, no contract, hardware you buy (Square Terminal $399) and free POS software. Moneris, graded B-, charges 2.65% + 10¢ in person and 2.85% + 30¢ online on its flat-rate plan, rents its Moneris Go terminal at $34.95 a month, and its merchant agreement runs three years with a $300 deactivation fee per location, which Moneris waives for merchants who apply through its online form. Moneris wins on Interac debit, at 12¢ a transaction against Square's 0.75% + 7¢, and on 24/7 phone support and next-day deposits even on non-business days. RBC and BMO still own Moneris as of September 2026, but agreed in August 2026 to sell it to Francisco Partners.
Key Takeaways
- ✓Square wins for most small Canadian businesses: 2.5% on in-person credit cards and 2.8% + 30¢ online, no monthly fee, no contract and no cancellation fee, against Moneris's 2.65% + 10¢ and 2.85% + 30¢ plus a three-year agreement.
- ✓Moneris wins on Interac debit: 12¢ per in-person transaction against Square's 0.75% + 7¢, so Moneris is cheaper on every debit sale above about $6.67. A business whose customers mostly pay by debit should price both.
- ✓Hardware is bought at Square (Terminal $399, Reader $69) and rented at Moneris (Moneris Go terminal $34.95 a month, about $1,258 over a three-year term before promotions).
- ✓Leaving Moneris costs $300 per location (waived for merchants who apply online) plus returning rented equipment at your cost; the agreement renews for six-month terms unless you give 45 days' notice. Square accounts can be closed at any time.
- ✓Moneris offers 24/7 phone support and deposits the next day even on non-business days; Square's phone support runs 6 a.m. to 6 p.m. PT on weekdays, with next-business-day transfers free and instant transfers at 1.5%.
Moneris
Moneris suits an established Canadian retailer or restaurant with a high share of Interac debit, several locations or rented terminals under one agreement, and a need for 24/7 phone support and weekend deposits, that is prepared to sign a three-year agreement.
Square
Square suits most small and new Canadian businesses: it is cheaper on credit cards in person and online, needs no contract, sells hardware outright, and includes free POS software, invoicing and an online store.
Overall Winner
🏆 Winner
Square
Aexpert grade
Runner-up
Moneris
Why?
Square is the better choice for most Canadian businesses, and the site's grades, A against B-, agree. On Square Canada's published rates it is cheaper than Moneris's flat rate on every in-person credit card sale and on most online sales, with no monthly fee, no chargeback fee, no contract and hardware you own. Moneris is the stronger choice for a business with heavy Interac debit volume, where its 12¢ per transaction undercuts Square's 0.75% + 7¢, and for one that wants 24/7 phone support, deposits that land on weekends, and many rented terminals under one bank-backed agreement. That business should accept the three-year term knowingly, along with the $300 per-location exit fee if it signs through sales rather than online, and note that Moneris is changing hands.
Feature by feature
Detailed Comparison
Filter Options
Card and Interac rates (Canadian rate cards, CAD)
| Feature | Moneris | Square |
|---|---|---|
| In-person credit card | 2.65% + 10¢ | 2.5% Winner |
| Both are flat rates that include interchange, as of September 2026. Moneris's figure is its published Flat Rate plan; it also offers Simplified Pricing (interchange-plus) on a quote from sales. Square's Retail Plus plan ($79 a month per location) lowers the in-person rate to 2.45%, and Square offers custom pricing above $250,000 a year in card sales. Moneris's Tap to Pay on iPhone page quotes a different flat rate (2.45% + 10¢ credit, 0.70% + 12¢ debit) from its main pricing page; the main pricing page is used here. | ||
| Interac debit, in person | 12¢ per transaction Winner | 0.75% + 7¢ |
| Moneris is cheaper on every debit sale above about $6.67; on a $50 sale Moneris charges 12¢ and Square 44.5¢. Moneris's pricing page lists 12¢ in its plan table but 10¢ in its FAQ; the table figure is used here, and it matches the 12¢ debit fee in Moneris's online order form for the Moneris Go terminal. | ||
| Online credit card | 2.85% + 30¢ | 2.8% + 30¢ Winner |
| Square's rate covers Square Online, Online Checkout, its eCommerce API and invoices paid online. Moneris's rate is its card-not-present flat rate, which also appears on each Moneris Online plan. | ||
| Keyed or phone order | 2.85% + 30¢ | 3.3% + 15¢ |
| Moneris applies its card-not-present rate to payments taken over the phone, and its online order form lists 2.85% + 30¢ for keyed transactions. Square's keyed rate also covers card-on-file and Virtual Terminal payments. Moneris is cheaper on keyed sales above about $33, Square below it. | ||
| Interac debit online | $1.00 per transaction | 2.8% + 30¢ (via Apple Pay or Google Pay) |
| Square charges its online card rate on Interac debit paid through Apple Pay or Google Pay on Square Online, so it is cheaper below $25 and Moneris above. Moneris Checkout also supports Interac's Konek, for which Moneris publishes no separate price. | ||
| Cards issued outside Canada | +0.80% Winner | +1.5% |
| Moneris's surcharge is on its Flat Rate plan; on Simplified Pricing it passes through an incremental fee of up to 1.00%. | ||
In-person credit card
Moneris
2.65% + 10¢
Square
2.5%
Winner
Both are flat rates that include interchange, as of September 2026. Moneris's figure is its published Flat Rate plan; it also offers Simplified Pricing (interchange-plus) on a quote from sales. Square's Retail Plus plan ($79 a month per location) lowers the in-person rate to 2.45%, and Square offers custom pricing above $250,000 a year in card sales. Moneris's Tap to Pay on iPhone page quotes a different flat rate (2.45% + 10¢ credit, 0.70% + 12¢ debit) from its main pricing page; the main pricing page is used here.
Interac debit, in person
Moneris
12¢ per transaction
Winner
Square
0.75% + 7¢
Moneris is cheaper on every debit sale above about $6.67; on a $50 sale Moneris charges 12¢ and Square 44.5¢. Moneris's pricing page lists 12¢ in its plan table but 10¢ in its FAQ; the table figure is used here, and it matches the 12¢ debit fee in Moneris's online order form for the Moneris Go terminal.
Online credit card
Moneris
2.85% + 30¢
Square
2.8% + 30¢
Winner
Square's rate covers Square Online, Online Checkout, its eCommerce API and invoices paid online. Moneris's rate is its card-not-present flat rate, which also appears on each Moneris Online plan.
Keyed or phone order
Moneris
2.85% + 30¢
Square
3.3% + 15¢
Moneris applies its card-not-present rate to payments taken over the phone, and its online order form lists 2.85% + 30¢ for keyed transactions. Square's keyed rate also covers card-on-file and Virtual Terminal payments. Moneris is cheaper on keyed sales above about $33, Square below it.
Interac debit online
Moneris
$1.00 per transaction
Square
2.8% + 30¢ (via Apple Pay or Google Pay)
Square charges its online card rate on Interac debit paid through Apple Pay or Google Pay on Square Online, so it is cheaper below $25 and Moneris above. Moneris Checkout also supports Interac's Konek, for which Moneris publishes no separate price.
Cards issued outside Canada
Moneris
+0.80%
Winner
Square
+1.5%
Moneris's surcharge is on its Flat Rate plan; on Simplified Pricing it passes through an incremental fee of up to 1.00%.
Best For Your Business
Recommendations based on your business type
New or small shop, café or service business
Recommended
Square
Square's 2.5% in-person credit rate and free POS app need no contract or monthly fee, and a $69 reader or $399 terminal is bought once. Moneris adds a $34.95 monthly terminal rental and a three-year agreement.
Grocery, convenience or other high-debit retailer
Recommended
Moneris
Interac debit costs 12¢ a transaction at Moneris against 0.75% + 7¢ at Square, a gap that grows with ticket size. Price both against your own card mix: at $30,000 a month split evenly between credit and debit at $40 a sale, the two come out within about $6 of each other.
Online store
Recommended
Square
Square charges 2.8% + 30¢ online against Moneris's 2.85% + 30¢, and its online store has a free tier. Moneris Online starts at $19 a month on an annual plan.
Multi-location retailer or restaurant group that wants round-the-clock support
Recommended
Moneris
Moneris staffs phone support 24/7, deposits the next day even on non-business days, and runs field services for installation and repairs. Square's phone support runs weekdays and closes at 6 p.m. PT unless you are on Restaurants Plus.
Seasonal business or one that may close or switch within three years
Recommended
Square
Square has no term or cancellation fee. Leaving Moneris means returning rented equipment at your own cost, plus $300 per location unless you applied online, and its agreement renews automatically for six months at a time.
Moneris: Best for 2 use cases
Square: Best for 3 use cases
Frequently Asked Questions
Common questions about this comparison
On credit cards, yes: Square charges 2.5% in person and 2.8% + 30¢ online, against Moneris's flat 2.65% + 10¢ and 2.85% + 30¢. On Interac debit Moneris is cheaper, at 12¢ a transaction against Square's 0.75% + 7¢. As an example, $30,000 a month in person, half credit and half debit at $40 a sale, costs about $514 at Square and about $520 at Moneris including the $5 software fee and one $34.95 terminal rental.
Yes. The Moneris Merchant Agreement has a three-year initial term and then renews for six-month terms unless you give 45 days' notice. Ending it costs a $300 deactivation fee per location, which Moneris waives for merchants who apply through its online form, and rented equipment must go back at your cost. You can cancel without penalty within 70 days of a fee increase or a new fee. Square has no contract.
Moneris's public pages price its terminals as rentals only: the Moneris Go terminal is $34.95 a month and the Go Slim $39.95. Its agreement does allow for merchant-owned equipment, but pricing for that is not published. Square sells its hardware outright, from the $69 Reader to the $399 Terminal and the $999 Register.
For standard deposits, Moneris says funds show the next day even when that is not a business day, working with BMO and RBC. Square transfers free by the next business day. Square also offers instant transfers to a Canadian debit card for 1.5%, from $25 to $5,000 each; Moneris publishes no instant settlement option.
RBC and BMO still own Moneris as of September 2026. On 10 August 2026 they agreed to sell it to Francisco Partners for about $2.0 billion, with closing expected by the end of the banks' first fiscal quarter of 2027. Both banks will keep exclusive referral arrangements with Moneris.
No. This comparison uses Square Canada's rates in Canadian dollars: 2.5% in person, 2.8% + 30¢ online, 3.3% + 15¢ keyed and 0.75% + 7¢ on Interac debit. Square's US rates, which the site's Square review describes, are different.
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