Check every line of a card processing quote and contract before you sign, from rates and fixed fees to notice periods, equipment and exit terms.
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Use this checklist when you request quotes from two or three processors and again before you sign. It does not rank providers or score them. It makes sure each quote is complete and that you compare total cost in dollars on the same sales volume.
How to use it. Start with your own numbers: sales, transactions and the split between Interac debit, credit and online payments. Then go through each quote line by line. Mark what is missing and ask the processor to fill it in writing. Under the revised Code of Conduct for the Payment Card Industry in Canada, processors offering services under the networks' rules must give you clear disclosures, including a cost per transaction disclosure with the application and a cover page summarising key terms in the agreement.
Worked example (illustrative). Two quotes look close: 2.65% flat on everything, or interchange-plus at 0.30% + $0.08 with $15 a month in fixed fees. On $15,000 of monthly sales (500 transactions, 60% credit, 40% Interac debit) the totals in dollars can differ by a hundred dollars or more a month in either direction depending on the card mix. Only the dollar total settles it: run both through the card fee calculator.
Limits. The checklist covers common items, not every contract clause. For large volumes, long contracts or a lease you do not understand, have a lawyer or accountant read the documents before you sign. Read how to compare processor quotes and contract length and cancellation fees.
Fees, pricing models and 2026 rules
What the revised Code of Conduct (in effect since 30 October 2024) gives merchants: disclosures, 30-60 day fee notices, a 70-day penalty-free exit, renewal limits and more.
Cost examples and choosing a best-fit processor
A method for comparing card processing quotes on the same month of sales, the documents to request under the Code of Conduct, and the non-price terms that decide fit.
Common pitfalls and official sources
The most common costly mistakes with merchant processing in Canada, composite examples, and the regulators and official sources to use: FCAC, Bank of Canada, OPC, CRA.
Common pitfalls and official sources
Why processors charge PCI programme and non-compliance fees, what PCI DSS validation means for a small business, how to stop a non-compliance fee, and PIPEDA links.
Common pitfalls and official sources
What the Retail Payment Activities Act means for merchants, which providers must register with the Bank of Canada, how to check the PSP registry, and what registration does not cover.
