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|Obtaining a credit card merchant account in Canada in 2005|
How different is it from 1998
I am selling one of my web based buisneses, and the merchant account is non transferable.
Back when I did this in 1998, the bank (merchant provider) was very nervous, and I almost had to put a $5000 deposit and had to pay 4.5% commission. After a couple years I got this down to 2.25%.
The new owner will want the same sort of deal, but wants to deal with a differnt Canadian Bank.
ie they don't want to put down a deposit and they want a discount rate the same as the one we got. Something tells me that this is not going to be easy.
Anybody had any experince with this scenario?
I don't have a clue on what it takes in Canada to get a good merchant discount rate in Canada in 2005, since I haven't done it in 8 years.
Moneris - a Royal Bank and Bank of Montreal group on the Canadian side. No deposit and easy to get a 2.25 rate with 0.12 per transaction. Takes about a week for someone with established credit.
New Owners credit is clean (All R1 for 6 Years), so this looks like it is going to by easy.
What a difference from 8 years ago, when they look at you like you had 2 heads, when you said you were going to take credit cards over the Internet.
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