Introduction

Canada's digital payment landscape is served by a variety of robust online platforms, each offering unique strengths for individuals and businesses. These providers facilitate seamless and secure transactions in the digital age, supporting everything from everyday purchases to complex business operations. With a focus on user experience and data protection, these platforms are integral to Canada's growing e-commerce ecosystem and the efficient movement of funds. The market includes both globally recognized giants and locally grown innovators, providing a diverse range of features and functionalities tailored to the specific needs of Canadian users and merchants.

Best digital payment platforms in Canada

Some of the leading online digital payment platform providers in Canada include:

1. Moneris: As one of Canada's largest payment processors, Moneris offers a wide range of solutions for businesses, including POS systems, online payment processing, and mobile payment options. They support various payment methods, including Interac, credit cards, and digital wallets. Moneris is known for its reliability and comprehensive services tailored to different business sizes and industries.
   
   
2. Stripe: A global platform popular for its developer-friendly APIs and customizable solutions, Stripe enables businesses to accept online payments, manage billing, and prevent fraud. It supports a wide array of payment methods, including credit and debit cards, digital wallets, and local payment options relevant to the Canadian market like Interac. Stripe is a strong choice for e-commerce businesses looking for flexible integration and scalability.
   
   
3. PayPal: A well-established global leader in online payments, PayPal offers a secure and widely recognized platform for both consumers and businesses in Canada. It supports various funding sources, including bank transfers, credit cards, and its own digital wallet. PayPal is popular for online purchases and also provides solutions for businesses to accept payments online and in-person.
   
   
4. Square (now Block Inc.): Known for its ease of use and affordability, Square offers a range of payment solutions, particularly popular among small businesses and freelancers in Canada. Their services include mobile payment processing, POS systems, online stores, and invoicing. Square supports various payment methods, including contactless payments, credit cards, and digital wallets.
   
   
5. Chase Payment Solutions (formerly Chase Merchant Services): Backed by JPMorgan Chase, this provider offers scalable payment solutions for businesses of all sizes in Canada. They provide services for in-person and online payments, with a focus on security and efficiency. Chase supports major credit and debit cards, as well as digital wallets.
   
   
6. Nuvei: A Canadian fintech company based in Montreal, Nuvei offers innovative and flexible payment solutions globally. They support a wide range of payment methods, including credit cards, digital wallets, real-time payouts, and even cryptocurrencies. Nuvei is a good option for businesses looking for advanced and diverse payment processing capabilities.
   
   
7. TD Merchant Services: As part of TD Bank Group, this provider offers integrated payment solutions for businesses already using TD Bank's services. They provide both in-person and online payment processing, with a focus on security and integration with TD business accounts.
   
   
8. Transfi: Transfi is a global payment solution provider that supports cross-border payments for businesses. They offer services such as payment gateways and global payment collections, supporting multiple currencies and payment methods, including digital currencies. Transfi emphasizes fast transactions, low processing fees, and robust security measures.
   
   
9. Worldline: A global leader in payment processing, Worldline offers a variety of online payment solutions for businesses in Canada. They provide secure payment gateways and processing services for e-commerce and other online transactions, supporting various payment methods.
   
   
10. Adyen: Another global payment platform, Adyen provides a single platform to accept payments anywhere, online, in-app, and in-store. They support a wide range of payment methods relevant to the Canadian market and are known for their unified commerce capabilities.
    
    

When choosing a platform, businesses should consider factors such as integration compatibility, processing fees, supported payment methods, security features, and the reliability of customer support. The best platform for you will depend on your specific requirements, such as the volume and frequency of transactions, the countries you're dealing with, and your budget. Check out Transfi’s Bizpay for easier transactions, faster payouts and collections and simplified transfers.

Cross-border payment platforms Canada

Here is a list of cross-border payment platforms available in Canada;

1. Transfi: A global payment solution provider supporting cross-border payments for businesses. They offer payment gateways and global payment collections in multiple currencies and payment methods, including digital currencies, emphasizing fast transactions, low fees, and security.

2. Remitly: Known for fast and affordable transfers, offering various delivery options like bank deposits, mobile wallets, and cash pickup.

3. Wise (formerly TransferWise): Emphasizes transparency with real exchange rates and low upfront fees, suitable for recurring international payments.

4. Western Union: A widely available and trusted platform with multiple options for sending money, including bank deposits, mobile wallets, and cash pickup, though fees might be higher than digital-first platforms.

5. MoneyGram: Provides global money transfer services with online and in-person transfer options and a broad network of locations for easy access in India.

6. Tazapay: A cross-border payment gateway focused on secure collection, hold, and payout, supporting various local payment methods and offering features like chargeback management and fraud protection.
7. Papaya Global: Offers payment solutions for international workforce, allowing funding in CAD and payouts in over 130 currencies, emphasizing compliance and timely payments.

8. Nium: A global real-time payment platform facilitating payouts to over 190 countries with local currencies and methods, focusing on speed and efficiency.

9. Moneycorp: Provides cross-border B2B payment solutions with direct access to currency exchange and payment services, offering an online platform and risk management tools.

10. Corpay: Specializes in FX risk management and cross-border payment solutions, offering customizable platforms for businesses to manage international transactions.

11. Finix: Aims to be a unified cross-border payment system, offering a single API for various payment needs and promising benefits like improved authorization rates and lower FX costs.

When selecting a cross-border payment platform, Canadian individuals and businesses should consider factors such as transaction fees, exchange rates, transfer speed, supported currencies and countries, security features, ease of use, and customer support. The specific needs of the sender and receiver, as well as the frequency and volume of transactions, will also influence the choice of platform.

How to accept international payments in Canada

Accepting international payments in Canada involves setting up systems and processes that allow you to receive funds from customers or businesses located outside of Canada. Here's a comprehensive guide on how to do this:

1. Choose a Payment Gateway or Processor that Supports International Transactions:

Research different providers: Look for payment gateways and processors that specifically handle international payments and support multiple currencies. Consider factors like:

• Supported Currencies: Ensure they can process payments in the currencies of your target markets.  

• Fees and Exchange Rates: Compare transaction fees, currency conversion rates, and any other associated costs.  

• Payment Methods: Check if they support the payment methods preferred by your international customers (e.g., credit/debit cards, digital wallets, local payment methods).  

• Security: Ensure they have robust security measures and comply with international payment regulations (e.g., PCI DSS).  

• Integration: Verify compatibility with your existing e-commerce platform, website, or invoicing system.  

• Payout Options: Understand how you will receive the funds in your Canadian bank account and any associated fees or timelines.

• Customer Support: Check the availability and quality of their customer support, especially for international inquiries.  

Popular Options in Canada that Support International Payments:

• Transfi: Supports cross-border payments for businesses with payment gateways and global payment collections in multiple currencies.  

• Stripe: Known for its developer-friendly APIs, wide currency support, and various payment methods including credit/debit cards, digital wallets, and Interac.  

• PayPal: A widely recognized global platform supporting numerous currencies and funding sources.  

• Moneris: While primarily Canadian, Moneris supports various international credit cards and some cross-border processing capabilities for businesses in Canada.

• Square (Block Inc.): Offers solutions for online stores and supports international card payments.  

• Nuvei: A Canadian company with a global reach, supporting a vast array of payment methods, including cryptocurrencies.  

• Adyen: A global platform offering omni-channel support and accepting payments in over 120 currencies.

• Tazapay: Focuses on high authorization rates for international transactions and supports local payment methods.  

• Worldline: A global payment processor with solutions for online payments in Canada.  

2. Set Up a Merchant Account (if required):

• Some payment processors (like traditional merchant service providers) may require you to have a merchant account. This is a special type of bank account that allows you to accept credit and debit card payments.  
• Payment gateways like Stripe and PayPal often act as aggregators, so you may not need a separate merchant account directly with a bank.  

3. Integrate the Payment Gateway with Your Platform:

• If you have an e-commerce website, you'll need to integrate the chosen payment gateway with your platform (e.g., Shopify, WooCommerce, Magento). Most platforms have plugins or APIs that make this integration relatively straightforward.  
• For invoicing or other payment collection methods, the gateway may provide payment links or virtual terminal options.

4. Determine Pricing and Currency Display:

• Display prices in local currencies: Consider using currency conversion tools or plugins on your website to show prices in your international customers' local currencies. This improves the user experience.
• Be transparent about pricing: Clearly indicate whether prices include taxes and any potential cross-border fees or charges.

5. Understand Taxes and Regulations:

• Sales Taxes/VAT: Be aware of the tax regulations in the countries you are selling to and ensure your platform collects and remits taxes appropriately.
• Import/Export Regulations: If you are selling physical goods, familiarize yourself with import and export rules and any associated duties or tariffs.
• Data Privacy: Comply with international data privacy regulations (e.g., GDPR if dealing with European customers).  

6. Implement Fraud Prevention Measures:

Cross-border transactions can be more susceptible to fraud. Utilize the fraud prevention tools offered by your payment gateway and consider implementing additional security measures.  

7. Offer Multiple Payment Options:

Providing a variety of payment methods preferred by your international customers can increase conversion rates. This might include local payment options, digital wallets, and credit/debit cards.  

8. Consider Cross-Border Payment Platforms for Specific Needs:

• For specific scenarios like paying international employees or contractors, platforms like Papaya Global can streamline the process, handle compliance, and offer payouts in local currencies.  
• For businesses focused on B2B international payments, services like Moneycorp and Corpay offer FX risk management and payment solutions.  
• Platforms like Wise (formerly TransferWise) and Remitly, while often used for individual transfers, can also have business solutions for receiving international payments with transparent fees.  

9. Bank Transfers/Wire Transfers:

• For larger transactions or specific business needs, you can also accept international payments via bank wire transfers. Ensure you provide your international clients with accurate bank details, including SWIFT/BIC code, IBAN (for many European countries), and your bank's transit number and account number. Be aware that wire transfers can sometimes have higher fees.  

10. Monitor Performance and Adapt:

• Track your international sales and payment data. Analyze customer feedback and be prepared to adjust your payment methods and processes as needed to optimize the experience for your global customers.

By carefully considering these steps and choosing the right payment solutions for your business, you can effectively accept international payments in Canada and expand your reach to a global market.

To avoid high fees and easy setting up for carrying out international transfers, checkout Transfi’s Bizpay and avail the maximum benefits across countries.

Crypto and stablecoin-friendly payment platforms in Canada

While the cryptocurrency and stablecoin landscape in Canada is still evolving, several platforms are emerging or adapting to support these digital assets for payments. Here's a list of crypto and stablecoin-friendly payment platforms in Canada;

1. Stripe: While primarily known for traditional fiat payments, Stripe has been expanding its support for crypto, including stablecoins like USDC. They offer solutions for businesses to accept stablecoin payments globally and have fiat-to-crypto onramps.

2. Nuvei: This Canadian fintech company offers a broad range of payment solutions and has been actively integrating support for cryptocurrencies and digital assets, including stablecoins, for businesses worldwide.

3. CoinGate: A cryptocurrency payment gateway that allows merchants to accept various cryptocurrencies, including Bitcoin and stablecoins, with options for fiat payouts.

4. NOWPayments: Another non-custodial crypto payment gateway supporting a wide range of cryptocurrencies and stablecoins with competitive fees and various integration options.

5. Cryptomus: Headquartered in Vancouver, Cryptomus is a crypto payment gateway that supports several cryptocurrencies and stablecoins, offering merchant tools and crypto-to-fiat settlements.

6. CoinRemitter: This platform offers cryptocurrency payment processing with low fees, supporting various cryptocurrencies, including some stablecoins.

7. Transfi: As a global payment solution provider, Transfi supports cross-border payments and is actively integrating stablecoins into its payment rails. They aim to provide seamless access to both fiat and stablecoins for businesses, offering solutions for collections and payouts in various digital currencies. Transfi emphasizes fast transactions, low fees, and robust security for both traditional and digital assets. Their services cater to Web2 and Web3 businesses looking to utilize stablecoins for payments.

8. OneSafe: This platform focuses on crypto banking services for Web3 companies in Canada, offering integrated exchange services and facilitating payments with digital assets.

9. Wealthsimple: While primarily an investment platform, Wealthsimple also offers crypto trading and is considered relatively crypto-friendly for deposits and withdrawals.

‍Bitbuy and Coinsquare: These are Canadian cryptocurrency exchanges that facilitate the buying, selling, and holding of various cryptocurrencies, which could potentially be used for payments if integrated with other services or through their platforms.

It's important to note that the regulatory landscape for digital assets and stablecoins in Canada is still developing. Businesses should ensure they comply with all applicable laws and regulations when accepting these forms of payment. The availability and specific features related to stablecoin payments may vary between these platforms.

Conclusion

In conclusion, Canada's landscape for crypto and stablecoin-friendly payment platforms is steadily growing, with both international players and domestic innovators like Transfi recognizing the potential of digital assets for transactions. While traditional payment methods still dominate, the increasing adoption of digital assets and the stability offered by stablecoins are driving the development of more integrated payment solutions. This evolution reflects a broader trend towards digital transformation within Canada's financial ecosystem.

Frequently asked questions (FAQs)

1. What are some of the Crypto and stablecoin-friendly payment platforms in Canada?

• Stripe
• Nuvei
• Transfi
• CoinGate
• NOWPayments

2. How to accept international payments in Canada?

• Choose int'l payment gateway.
• Consider Stripe, PayPal, Nuvei, etc.
• Check supported currencies.
• Compare fees.
• Integrate with your platform.
• Set up a merchant account (if needed).
• Display prices clearly.
• Consider local currencies.
• Understand int'l taxes.
• Implement fraud prevention.
• Offer multiple payment options.
• Consider wire transfers.
• Monitor and adapt.

3. What are some of the Cross-border payment platforms in Canada?

• Transfi
• Remitly
• Wise (formerly TransferWise)
• Western Union
• MoneyGram
• Tazapay
• Papaya Global
• Nium
• Moneycorp
• Corpay
• Finix

4. What are some of the best digital payment platforms in Canada?

• Moneris
• Stripe
• PayPal
• Square (Block Inc.)
• Nuvei
• Transfi
• Shopify Payments
• Worldline
• Adyen
• Telpay
• Clearly Payments
• TD Merchant Services
• Apple Pay
• Google Pay
• Samsung Pay
• Interac e-Transfer

5. What are some of the Local payment methods in Canada?

• Interac Debit
• Interac e-Transfer
• Canadian Credit Cards (Visa, Mastercard, American Express)
• Mobile Banking Apps (supporting Interac and card payments)
• Digital Wallets (Apple Pay, Google Pay, Samsung Pay - linked to cards or bank accounts)
• Cash (still used for some transactions)
• Pre-authorized debits (for recurring payments)