What is Moneris
Moneris Solutions Corporation, commonly known as Moneris, is a Canadian-based payment processing company. It is one of the largest providers of payment processing solutions in North America, serving businesses of all sizes and industries.
Moneris offers a wide range of payment processing services, including credit card and debit card processing, e-commerce solutions, mobile payments, and gift card programs. The company enables businesses to accept various forms of electronic payments, whether in-store, online, or through mobile devices.
As a payment processor, Moneris connects businesses with financial institutions, allowing them to process transactions securely and efficiently. They provide the necessary infrastructure, software, and support for businesses to accept payments from customers using different payment methods, such as credit cards, debit cards, and contactless payments.
Moneris offers point-of-sale (POS) solutions that integrate with a variety of hardware and software systems, enabling businesses to manage sales, inventory, and customer data. Their payment solutions are designed to be flexible, scalable, and customizable to meet the specific needs of different industries.
Overall, Moneris plays a crucial role in facilitating electronic payments for businesses, helping them streamline their operations, improve customer experience, and securely process transactions.
The history of Moneris
Moneris Solutions Corporation has a rich history that dates back to 2000 when it was established as a joint venture between two of Canada’s largest financial institutions: Royal Bank of Canada (RBC) and Bank of Montreal (BMO). The name “Moneris” is a combination of the words “money” and “Eris,” the Greek goddess of discord and rivalry.
Here’s an overview of the key milestones in the history of Moneris:
- 2000: Moneris is founded as a joint venture between RBC and BMO, aiming to provide payment processing services to businesses across Canada.
- 2002: Moneris expands its operations by acquiring Ernex Marketing Technologies, a company specializing in loyalty and gift card programs.
- 2006: Moneris enters the U.S. market by acquiring the U.S. payment processing assets of NOVA Information Systems.
- 2008: Moneris launches eSELECTplus, a web-based payment processing platform that enables businesses to accept online payments securely.
- 2012: Moneris acquires the payment processing division of RBS WorldPay in Canada, further expanding its market presence.
- 2013: Moneris partners with Discover Financial Services to enable acceptance of Discover and Diners Club cards at Moneris merchants across Canada.
- 2015: Moneris introduces PAYD Pro, a mobile point-of-sale solution that allows small businesses to accept payments using smartphones and tablets.
- 2017: Moneris partners with Kount, a leading fraud prevention solution, to enhance its security and fraud detection capabilities.
- 2018: Moneris collaborates with Apple to bring Apple Pay to its merchant base in Canada, allowing customers to make contactless payments using Apple devices.
- 2019: Moneris launches PAYD Now, a mobile debit and credit card reader for small businesses, providing them with an affordable and portable payment solution.
Since its inception, Moneris has continued to innovate and expand its range of payment processing solutions. Today, it remains a leading provider of payment processing services in Canada, serving businesses of all sizes and industries.
How Moneris eSELECTplus works
Moneris eSELECTplus is a web-based payment processing platform that enables businesses to accept payments securely over the internet. Here’s an overview of how it works:
- Integration: Businesses integrate the Moneris eSELECTplus platform into their website or e-commerce system. This integration can be done using various methods, including APIs (Application Programming Interfaces), plugins, or shopping cart modules.
- Customer Checkout: When customers make a purchase on the business’s website, they proceed to the checkout page. At this point, the Moneris eSELECTplus platform comes into play.
- Payment Information: Customers enter their payment information, including credit card details (such as card number, expiry date, and CVV) or select alternative payment methods, depending on what options the business has made available.
- Secure Transmission: Moneris eSELECTplus ensures that the payment information is transmitted securely over the internet. It employs encryption and industry-standard security protocols, such as SSL (Secure Socket Layer), to protect sensitive data during transmission.
- Authorization: The payment information is securely transmitted to the respective payment networks, such as Visa, Mastercard, or other payment processors. Moneris eSELECTplus communicates with these networks to authorize or decline the transaction based on factors like available funds and fraud checks.
- Response and Confirmation: The authorization response from the payment network is received by Moneris eSELECTplus. Depending on the response, the platform generates a confirmation or decline message, which is then displayed to the customer.
- Transaction Settlement: If the payment is authorized, the transaction is processed for settlement. Moneris eSELECTplus communicates with the respective financial institutions involved in the transaction, such as the customer’s issuing bank and the merchant’s acquiring bank, to settle the funds.
- Reporting and Management: Moneris eSELECTplus provides businesses with comprehensive reporting and management tools. Merchants can access transaction details, reconcile payments, generate reports, and manage their account settings through the eSELECTplus online portal.
It’s important to note that the specific implementation of Moneris eSELECTplus may vary based on the business’s requirements, integration method, and customization options. However, the underlying process generally follows these steps to facilitate secure online payment processing for businesses.
Can Moneris eSELECTplus be trusted
Moneris eSELECTplus is a widely recognized and trusted payment processing platform in Canada. As a joint venture between two major Canadian financial institutions, Royal Bank of Canada (RBC) and Bank of Montreal (BMO), Moneris has built a strong reputation over the years.
Here are some factors that contribute to the trustworthiness of Moneris eSELECTplus:
- Industry Experience: Moneris has been in operation since 2000 and has become one of the largest payment processors in North America. Its long-standing presence in the industry demonstrates its stability and reliability.
- Financial Institution Backing: Moneris is backed by RBC and BMO, two highly reputable and well-established Canadian banks. Their involvement provides an added layer of confidence in the security and integrity of the payment processing services offered by Moneris.
- Compliance and Security Measures: Moneris adheres to stringent industry standards and compliance requirements, including Payment Card Industry Data Security Standard (PCI DSS) compliance. This ensures that customer data is handled securely and in accordance with industry best practices.
- Fraud Prevention: Moneris employs robust fraud detection and prevention measures to safeguard against fraudulent transactions. They have partnerships with leading fraud prevention solutions, such as Kount, to enhance their security capabilities.
- Customer Support: Moneris offers customer support and technical assistance to merchants using the eSELECTplus platform. This support helps businesses resolve any issues or concerns they may encounter during payment processing.
- Market Presence: Moneris serves a vast customer base across various industries, including small businesses, large enterprises, and e-commerce platforms. Its widespread adoption and positive customer reviews contribute to its trustworthiness.
It’s important to note that no system is entirely immune to security breaches or issues. However, Moneris eSELECTplus has established itself as a reputable and trusted payment processing platform with a strong track record. Businesses can rely on Moneris to provide secure and reliable payment processing services.
Does Moneris eSELECTplus charge a fee
Yes, Moneris eSELECTplus charges fees for its payment processing services. The specific fees can vary depending on factors such as the type of business, transaction volume, payment methods accepted, and other factors. It is common for payment processors to have a fee structure that includes various components. Here are some common types of fees associated with Moneris eSELECTplus:
- Transaction Fees: These fees are charged per transaction and may vary based on the type of payment (credit card, debit card, etc.), the transaction volume, and the card brand (Visa, Mastercard, etc.). Transaction fees typically include an authorization fee and a percentage-based fee on the transaction amount.
- Monthly/Annual Fees: Moneris eSELECTplus may have recurring monthly or annual fees to cover the cost of maintaining the payment processing services and providing ongoing support. These fees can vary based on the specific service package or plan chosen by the merchant.
- Setup/Installation Fees: There may be one-time setup or installation fees associated with getting started with Moneris eSELECTplus. These fees cover the initial onboarding process and configuring the payment processing system for the merchant’s specific needs.
- Chargeback Fees: In the event of a chargeback (when a customer disputes a transaction), Moneris eSELECTplus may charge a fee for handling the chargeback process. Chargeback fees help cover the administrative costs associated with resolving disputes.
- Additional Service Fees: Depending on the merchant’s requirements, there may be additional fees for value-added services or additional features offered by Moneris eSELECTplus. For example, if a merchant needs additional reporting capabilities or advanced fraud prevention tools, there may be an additional fee associated with accessing those services.
It’s important for businesses to review and understand the fee structure provided by Moneris eSELECTplus before signing up for their services. The specific fees and pricing details can be obtained directly from Moneris or their sales representatives.