Moneris Solutions

Moneris Solutions
  • Editor Rating

  • Rated 3.5 stars
  • Very Good

  • Moneris Solutions
  • Reviewed by:
  • Published on:
  • Last modified: August 18, 2015
  • Disclaimer

Review Summary:

While they have fairly competitive rates there are enough warning flags that we have trouble providing a great review of their service.

Moneris Solutions
  • Moneris Solutions
  • Rating: 3.5
  • Reviewed by:
  • Published on: February 25, 2015
  • Last modified: August 18, 2015

Review Summary:

While they have fairly competitive rates there are enough warning flags that we have trouble providing a great review of their service.

View our Top Ranked Processor

Moneris Solutions is a Canadian based Credit Card Processor with a growing footprint in the US market. While they have fairly competitive rates there are enough warning flags that we have trouble providing a great review of their service.

While their Better Business Bureau rating is currently set as an A, it is important to recognize that once you sign a contract with the Moneris, the Better Business Bureau will side with Moneris as long as the rates/charges/changes/termination fees were outlined in the contract. Often the complaints levied against Moneris typically appear to be merchants who feel as though they were mislead during the sales process and that the way their contract/fees/termination costs were explained turned out to be very different than the ones they were charged (per the actual language in their contracts).

It is now time to turn on the broken record and say that one of our biggest complaints is the contract/cancellation terms merchants signing with Moneris are held to. They currently hold any merchant signing and agreement with them to a 3 year auto-renew contract, with a termination fee of $300. Due to the auto-renew feature the only way a merchant can avoid paying this fee once they sign the contract is by staying with Moneris for the first 34 months. Then in the 60-30 day window before the end date of their contract they need to notify Moneris and alert them that they will be cancelling at their contract termination date. Miss this window, or alert them too early and you are out of luck.

Before You Sign A Contract!

We recommend that all merchants speak with at least 2 processors before signing their contract. Why?…

First – You should feel comfortable with the sales representative, if you’re feeling pressure on the call or feel as though you are not a focus, it’s unlikely your experience will improve after signing your contract!

Second – Be wary of introductory rates (specifically qualified rates) in the initial pitch – each business is unique and the rates/fees that will actually save your business the most, are only available once the sales representative has learned about your business.

We currently have Cayan listed as our top ranked merchant service provider. However if they do not fit your needs, you can look through our full list of processors and find the one that is right for your business here.

The obvious question is in a two way relationship like a merchant account service contract (they provide a service, you keep sending them money), why should you be held to a contract? That they are signing merchant accounts into 3 year auto-renew contracts makes us question their commitment to making sure their merchants are getting the best service they can be.

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SMB Reviews
SMB Reviews 473 posts

SMBReviews is committed to providing small and mid-sized business owners with the information and resources they need to select the best service or product for their company.

Editor review

Costs
4/5
Sales
3.5/5
Customer Service
3.5/5
Ratings
3.5/5

3.63

Average
3.63
Summary

While they have fairly competitive rates there are enough warning flags that we have trouble providing a great review of their service.

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0 Comments

  1. Mike
    November 26, 01:59 Reply
    After 3 years contract done with Moneris. They just hook you up with another three years without any noted telling you. I did not know that until I cancelled the service after my lease is over. They told me there is a deactivate service for $300.00. I complained to their management. But it has seen wasting my time. They all agree with this charged $300.00 deactivate fee and blame for the company's policy. And even of their service manager told me , you have been doing business for many years you should know this and read their policy??? There are many companies to serve debits and credits card transactions, and honest, better Service company than Moneris. Honestly, $300.00 is not something that the business owner cannot afford, but they just scam and steal away their royal customers's trust and relationships. I never and never come back with this company to do business! I rate them, Moneris with Zero Star. And hope my feed back and comments obove could bring attention to business's owners. Why we waste time, money and dishonest company, Moneris???

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