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Obtaining a credit card merchant account in Canada in 2005

How different is it from 1998

     
2:19 am on Nov 6, 2005 (gmt 0)

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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.

3:59 am on Nov 6, 2005 (gmt 0)

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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.
6:22 pm on Nov 6, 2005 (gmt 0)

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Thanks FabFurs.

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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