Moneris vs Helcim: Canada's Two Homegrown Processors Compared

Company Background

Moneris is jointly owned by RBC and BMO. Founded in 2000, it's Canada's largest payment processor by volume — handling roughly one-third of all Canadian card transactions. Headquarters in Toronto.

Helcim was founded in 2006 in Calgary. It's independently owned (not bank-affiliated) and went public on the TSX Venture Exchange. Much smaller than Moneris, but growing fast among small and mid-sized merchants who want transparent pricing.

Pricing Comparison

Both offer interchange-plus pricing, but the similarity ends there. Helcim publishes its rates on its website. Moneris quotes rates per merchant — and the rate you get depends on your negotiation skills.

Moneris's monthly fees add up fast. A single terminal rental at $49.95/month plus the $24.95 account fee means you're paying $899/year before processing a single transaction. Helcim charges zero for both.

The Contract Trap

Moneris typically locks merchants into 3–5 year contracts with early termination fees. If your business closes or you find a better rate, you're paying $300–$500 to leave — sometimes more if you have leased terminals.

Terminal leases are the worst part. Moneris (through its authorized resellers) has been known to lock businesses into 4-year terminal leases at $50–$80/month.

Over 4 years, that's $2,400–$3,840 for a terminal worth $300–$500. These leases are non-cancellable.

Helcim has no contracts. Cancel anytime.

Buy the card reader outright for $99 and it's yours. Our guide on switching processors covers how to exit a Moneris contract.

Interac Debit Processing

Both Helcim and Moneris pass through Interac debit at near-actual interchange cost. This is a huge advantage over flat-rate processors like Stripe and Square.

Interac debit interchange is $0.005–$0.07 per transaction. With Helcim, total cost is about $0.08–$0.12 per Interac tap. With Moneris, it depends on your negotiated rate — typically $0.05–$0.15 total per Interac transaction.

On Interac specifically, the difference between the two is pennies. Both are massively cheaper than Stripe (2.7%) or Square (2.65%) on debit. More on Interac processing.

POS Hardware

Moneris offers a wider range of POS terminals — countertop Verifone/Ingenico units, wireless terminals, and its own Moneris Go system. For large retail chains needing dozens of terminals with centralized management, Moneris has more options.

Helcim sells a single card reader ($99) that pairs with its iPad/Android POS app. It's clean and modern but less hardware variety. No standalone countertop terminal — you need a tablet.

E-commerce & Online

Helcim provides Helcim.js for custom checkout integration, hosted payment pages, and a built-in online store builder. For most small e-commerce businesses, it covers the essentials.

Moneris offers the Moneris Gateway (formerly eSELECTplus) for online processing. It integrates with Shopify, WooCommerce, Magento, and other platforms. The API is functional but dated compared to modern processors.

Neither matches Stripe's developer experience online. But for standard e-commerce checkout, both work fine.

Support

Helcim offers phone and email support from its Calgary office during business hours. Response times are generally fast, and you're talking to people who understand Canadian payment processing.

Moneris has 24/7 phone support — a genuine advantage for businesses that operate outside normal hours. However, wait times can be long (20–40 minutes is common), and frontline support staff often can't resolve complex billing or rate disputes without escalation.

For after-hours emergencies (terminal not working during Saturday dinner rush), Moneris's 24/7 line is valuable. For day-to-day support quality, Helcim is faster and more knowledgeable.

Who Each One Is Built For

The Hidden Cost of Moneris

Moneris's sticker rate might look competitive — some merchants get quoted 0.10% + $0.05 in-person markup, which beats Helcim's 0.15% + $0.06. But add the monthly fee ($24.95), terminal rental ($49.95), PCI fee ($9.95), and you're paying $1,018/year in fixed costs before processing anything.

Helcim's fixed costs: $99 one-time for a card reader. That's it. Over three years, Moneris's fixed fees alone cost $3,054 vs Helcim's $99.

For the Moneris markup to overcome that fixed-cost disadvantage, you'd need to process significant volume. At $50K/month, the slightly lower per-transaction markup saves about $75/month — but the fixed fees cost $85/month. Moneris only starts winning on total cost around $150K+/month with aggressively negotiated rates.