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Review of Moneris Solutions Inc.

(Formerly Humboldt Merchant Services)

To be frank, our merchant account with Moneris Solutions was not the first merchant account established by Interface Network Inc. However, our Moneris Solutions merchant account is the one we have chosen to maintain since 2007.

Our first contact with Moneris Solutions was in 2007, with what was then known as Humboldt Merchant Services. We had been operating our first two INI Online Stores for a little over a year and we wanted to streamline our processes and reduce our fixed costs. We had endured some less than enjoyable experiences with merchant account providers so we had established some very specific requirements as we began our search for a new merchant account provider.

After extensive and detailed comparative research, we chose to establish our new merchant account with Humboldt Merchant Services, continuing with Authorize.Net as our Payment Gateway. While Humboldt’s rates and fees were not the lowest in every case, they were competitive overall with the other major providers we investigated. While cost was certainly an important consideration, in the final analysis the decision came down to customer service and the trust we had established with the Humboldt representative.

We had two specific requirements for our new merchant account. First, we wanted to use a single account for multiple ecommerce sites. Second, we wanted to eliminate the personal guarantee required on the account which was operated by our corporation.

As we investigated merchant account providers; the response to our requirements ranged from a blithe “no problem at all, we can do that” to a “that is impossible” dismissal. Humboldt was unique in that they took the time to educate us about the reasons for their particular application policies and explain what was required for us to obtain an exception to their standard operating practices. We came to understand which rules were based upon laws and regulations and which were standard risk mitigation practices.

With the assistance of our Humboldt representative, we completed the application process, providing all of the information necessary for Humboldt to fairly evaluate our requests. While not disclosing the terms of our agreement, I can say we were given a much greater degree of flexibility than was allowed for in Humboldt’s standard operating practices.

In 2008, Humboldt was acquired by Moneris Solutions, and by 2009 the transition was completed with Humboldt Merchant Services being dropped from the name. Throughout the transition we were pleased to retain our original account representative who helped make sure we experienced a smooth transition. In 2009 we were assigned a new account representative who continues the same tradition of personalized customer support.

Since 2007, when we established our merchant account, Moneris Solutions has reevaluated and adjusted our fee structure multiple times. Based upon our proven track record, our processing limits have increased and our discount fees have been repeatedly reduced.

In my opinion their willingness to be flexible is ultimately the greatest benefit Moneris Solutions offers their clients. For example; some merchant account providers require a mandatory personal guaranty on all accounts regardless of years in business or credit worthiness. Other merchant account providers do not require a personal guaranty but will only accept applications from corporations with a minimum number of years in business. In our experience, Humboldt was willing to apply the common sense approach of considering our application on its own merits. What might this mean for you and your business? In accordance with their standard policy of requiring a personal guarantee, if your business is new and does not have a proven credit record, you can still secure a merchant account. On the other hand, if your business is well established with a proven credit history, you may qualify for a merchant account with out the necessity of a personal guaranty.

Bottom line; if you intend to grow your business you simply can’t afford to be stuck in an inflexible relationship with your merchant account provider.

Larry Murray, of Interface Network Inc.

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