There are many concepts and stakeholders involved in the merchant onboarding process. Here are a few you should be aware of:

Merchants: Merchants are individuals or businesses looking to set up a payment system that will accept and manage customer transactions for the sale of goods or services. These businesses can belong to different industries, have an in-person or online store and be of any size. The merchants seek out payment service providers to provide payment processing solutions for their customers through various channels such as online, in-person and mobile payments.

Payment Service Providers: Payment Service Providers (PSPs) are companies that provide payment processing solutions to merchants. Moneris offers merchants a full suite of unified payment solutions, 24/7 support, and onsite field services.

Acquirer: An acquirer is typically a financial institution that is licensed by Card Networks (e.g. Visa, Mastercard) to offer card acceptance and processes credit and debit card transactions for merchants.

Issuer: Issuers are financial institutions that are authorized to offer consumers various payment types in the form of debit cards, credit cards, or physical and virtual prepaid cards. These cards are used at the point of payment for goods and services at a merchant’s business.

Payment Card Network Operators : Payment Card Network Operators (PCNO) establish procedures and standards for card use and acceptance, playing an important role in facilitating the interaction and settlement of transactions between the acquirer and the issuer. Card processing networks include Mastercard, Visa, Discover, Interac, UnionPay, and American Express.

Regulatory Bodies: Regulatory bodies such as the Payment Card Industry Security Standards Council (PCISSC), Financial Consumer Agency of Canada (FCAC), and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) create and enforce rules and regulations surrounding payment processing in Canada . They ensure that all processes are secure and safe for customers and businesses and uphold payment standards and the interests of participants.

Know Your Customer (KYC): Know Your Customer (KYC) is a regulatory process that involves following guidelines to verify customers' identity and financial profile. KYC is a crucial step within the onboarding process as it helps gauge the associated risk of partnering with individuals and businesses, before establishing a business relationship with them. The goal of the KYC process is to prevent identity theft, fraud, money laundering, terrorist financing and other financial crimes.

Merchant Onboarding with Moneris Explained

Procedure

Overview

Onboarding Process

Key concepts to know about the onboarding process

What happens behind the scenes from application to acceptance?

What information to prepare before you get started?

Get Started with Moneris

Get Started with Moneris

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