The verdict
- Pick Square if you’re a small or mid-sized shop. Square charges 2.5% per in-person credit sale with $0 a month. Moneris Flat Rate charges 2.65% + 10¢, plus $39.95 a month for a rented terminal and software.
- Pick Moneris if many of your customers make large debit payments. Moneris charges a flat 12¢ per in-person Interac payment. Square charges 0.75% + 7¢, which is 82¢ on a $100 sale.
- Moneris pays out the next day. Moneris says deposits show the next day, even on non-business days, with BMO and RBC. Square says transfers come as soon as the next business day.
- Moneris’s agreement runs 3 years, then renews every 6 months. Square has a $0 plan and says you can cancel Plus anytime.
| Feature | Square Checked Oct 19, 2026 | Moneris Checked Oct 19, 2026 |
|---|---|---|
| Pricing | Flat rate | Flat or custom |
| In person | 2.5% | 2.65% + 10¢ |
| Online | 2.8% + 30¢ | 2.85% + 30¢ |
| Keyed in | 3.3% + 15¢ | 2.85% + 30¢ |
| Interac debit | 0.75% + 7¢ | 12¢ |
| Monthly cost | $0 (Free plan) | $39.95 (Terminal rental + software fee) |
| Contract | Month to month | 3 years, then 6-month renewals (45 days notice) |
| Payouts | Next business day free, or instantly for a fee | Next day (Moneris says even on non-business days) |
| True cost: first year at $10K/month | $3,069 (est.) | $4,139 (est.) |
| Visit | Visit Square | Visit Moneris |
The Moneris rates in the table are its Flat Rate pricing. Moneris also offers Simplified Pricing (interchange-plus), but its markup isn’t published.
What a month costs
These are estimates. They use Square’s Free plan and Moneris Flat Rate, cards issued in Canada, and an even split between credit and Interac debit. For Moneris we count $39.95 a month: one rented Moneris Go terminal ($34.95) and the software fee ($5), treated as monthly since Moneris doesn’t say how often it’s billed. We leave out paper statements and other incidental fees.
Example 1: a small shop, $5,000 a month, 200 payments, half by debit.
- Square: credit 2.5% × $2,500 = $62.50. Debit 0.75% × $2,500 = $18.75, plus 100 × 7¢ = $7, for $25.75. Monthly fee $0. About $88.25 a month.
- Moneris: credit 2.65% × $2,500 = $66.25, plus 100 × 10¢ = $10, for $76.25. Debit 100 × 12¢ = $12. Terminal and software $39.95. About $128.20 a month.
Example 2: a busier shop, $20,000 a month, 800 payments, half by debit.
- Square: credit 2.5% × $10,000 = $250. Debit 0.75% × $10,000 = $75, plus 400 × 7¢ = $28, for $103. About $353 a month.
- Moneris: credit 2.65% × $10,000 = $265, plus 400 × 10¢ = $40, for $305. Debit 400 × 12¢ = $48. Terminal and software $39.95. About $392.95 a month.
Where Moneris wins: big debit sales. Say your $20,000 came in as 200 Interac payments of $100 each. Square would charge 0.75% × $20,000 = $150, plus 200 × 7¢ = $14, for $164. Moneris would charge 200 × 12¢ = $24, plus $39.95, for $63.95.
Check your own mix in the fee calculator.
Differences that matter beyond rates
Hardware. Moneris rents its Moneris Go terminal from $34.95 a month per terminal and doesn’t publish a purchase price. Square lists its Reader at $69 and Register at $999. Moneris also lists Tap to Pay on a phone from $0 a month.
Online and phone payments. Square charges 2.8% + 30¢ online and 3.3% + 15¢ for keyed-in cards. Moneris charges 2.85% + 30¢ for card-not-present payments, and $1.00 for an online or in-app Interac payment.
Chargebacks. Moneris lists a $25 chargeback fee and $80 for authorization chargeback handling. Square’s Canadian pricing page doesn’t list a chargeback fee.
Foreign cards. Square adds 1.5% on cards issued outside Canada. Moneris lists a 0.80% foreign card fee, up to 1.00%, on its Simplified Pricing.
Payouts. Moneris says you’ll see deposits “the very next day, even if it’s not a business day,” with BMO and RBC. Square says free transfers take one to two business days, or arrive instantly for 1.95%.
Contracts. Moneris’s merchant agreement runs 3 years, then renews for 6 months at a time unless you give 45 days notice. Square’s Free plan has no monthly fee, and Square says you can “cancel anytime” on Plus.
Ownership change. Moneris announced it is being sold to Francisco Partners by BMO and RBC, with the deal expected to close by the end of the first quarter of BMO and RBC’s fiscal year 2027.
Pick Square if
- Most of your card sales are credit, or your debit sales are small.
- You want $0 a month and no terminal rental.
- You want to see every price, including the contract terms, before you sign.
Pick Moneris if
- A big share of your sales are large Interac debit payments.
- You bank with BMO or RBC and want next-day deposits, even on non-business days.
- You’re happy to rent a terminal and get the contract terms in writing first.
More on each: our full pages on Square fees in Canada and Moneris fees. Also weighing interchange-plus? See Helcim vs Square, or Square vs Clover.
Common questions
Is Square cheaper than Moneris?
For most small businesses, yes. Square charges 2.5% per in-person credit sale with no monthly fee. Moneris Flat Rate charges 2.65% + 10¢, and its Moneris Go terminal rents for $34.95 a month plus a $5 software fee. Moneris costs less on debit, at 12¢ a payment against Square's 0.75% + 7¢.
What are Moneris's monthly fees?
Moneris lists its Moneris Go terminal from $34.95 a month per terminal, and a Moneris Go software fee of $5, though it doesn't say how often that is billed. It also lists a $5 minimum merchant discount rate and a $2 paper statement fee. Moneris Go Retail POS software starts at $10 a month plus the terminal.
Does Moneris have a contract?
Moneris's merchant agreement runs 3 years, then renews every 6 months unless you give notice at least 45 days before the term ends. Ask what leaving early costs, in writing, before you sign. Square says you can cancel its Plus plan anytime, and the Free plan has no monthly fee. Square doesn't mention an early termination fee.
What is happening with Moneris's sale?
Moneris announced in August 2026 that Francisco Partners has agreed to buy it from BMO and RBC. Moneris says the deal is expected to close by the end of the first quarter of BMO and RBC's fiscal year 2027. If you're signing with Moneris now, ask how the sale could affect your agreement.