23 Aug Moneris Sale

BofM and RBC have been negotiating to sell Moneris the largest and one of the last Canadian Payment Processors to an American Investment firm. The sale is not final but may close if all conditions are fulfilled in the first quarter of 2027. We have a couple of concerns with this, Moneris has been one of the best in adhering to the Canadian Code of Conduct for the Payment Card Industry and they have what consider to be one of the better statement formats. The real concern for me is support I have seen American processors consolidate their support to U.S. locations or in some cases to other countries. The rules for processing in Canada are different from the States we have Interac for online transactions and of course the Code of Conduct. Support has generally deteriorated when moved one of our clients spent over an hour on hold waiting for help with a cancellation. Imagine you are a small retail operation and your only terminal goes out could you wait an hour for support with customers waiting to pay?

Financial Post recently published an article on this and we were quoted here is a link https://financialpost.com/fp-finance/fintech/moneris-sale-sparking-concerns-over-fees-transparency