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Merchant Account in Canada for Non-Residents
Practically all businesses need to accept credit card payments from their customers. It is the most common method of payment.
Canada has a well established, stable and reliable financial system. Banking services are not expensive in Canada. Therefore, a lot of our clients, who are not residents of Canada are interested in opening banks and merchant accounts in Canada for their companies.
However, banks are not willing to open merchant accounts for newly registered businesses especially, when owner of the business is a non-Canadian resident. The most common reason for that is absence of a credit history in Canada.
In response to such demand, our company has teamed up with a well established Canadian merchant service provider, who is able to assist our clients with opening merchant accounts. This provider has a dedicated merchant consultant working with our clients.
Required Corporate Documents
All required corporate documents are prepared by our company.
Required Personal Documents
The following personal documents from each beneficial owners and authorized signatories are required:
Personal visit is required for opening a bank account. When a bank account is opened, your presence for opening a merchant account is not required. Our company forwards all information to the merchant provider, who starts working with your merchant application.
Merchants are able to accept debit and credit cards Visa, MasterCard, American Express.
Most merchant accounts are opened within 7 to 10 business days.
Merchant accounts are in CAD and USD.
Accounts with sales less than $4000 per month: Setup fee - $49; Monthly fee - $20; Transaction Fee- $0.25; Discount Rate - 3.5%.
Accounts with sales $4000 or more but less than $50,000 per month: Setup fee - $199; Monthly fee - $29; Transaction Fee- $0.15; Discount Rate - 2.95%.
Accounts with sales $50,000 or more per month: other pricing options are available.