Moneris

Last updated
Moneris
FormerlyMoneris Solutions
Company type Joint venture
Industry Payment processing
FoundedDecember 2000;23 years ago (December 2000)
Headquarters Etobicoke, Ontario, Canada
Area served
 Canada
Key people
James Hicks - President & CEO [1]
Products Point of sale terminals and auxiliary equipment
Number of employees
1,900
Parent Royal Bank of Canada
Bank of Montreal
Website moneris.com

Moneris (formerly "Moneris Solutions") is a Canadian financial technology company that specializes in payment processing. [2] [3]

Contents

Moneris was established in December 2000 as a joint venture between the Royal Bank of Canada and Bank of Montreal. [4] The company is headquartered in the Toronto suburb of Etobicoke, Ontario and has offices in Sackville, New Brunswick, [5] Burnaby, British Columbia, [6] Montreal, Quebec, [6] and Calgary, Alberta. [6]

Moneris's U.S. operations (formerly known as Harris Bank Merchant Services/The Charge-It-System) were based in Schaumburg, Illinois, until being sold in November 2016 to Vantiv. [7]

History

Moneris was first established in December 2000 as a 50/50 joint venture between RBC and BMO. [8] It became the first Canadian appropriator to offer both Visa and Mastercard merchant accounts in one single point of contact. [9] Moneris was also the first Canadian payment processor to use an integrated point-of-sale system, so businesses could have the proceeds from all card transactions flow into a single deposit account. [9] After its first 1.5 years, the company reported having processed more than 2 billion transactions in Canada. [9]

In October 2003, Moneris acquired Ernex Marketing Technologies, an industry leader in providing privately branded loyalty programs and stored-value gift cards. [10]

In February 2004, Moneris purchased the merchant portfolio of RBC Centura to become the payment provider for all existing and new merchant accounts tied to the bank. [11] The acquisition supported the company's expansion into the United States with merchants located in North Carolina, South Carolina, Virginia, Georgia, and Florida. [11]

On June 6, 2005, Moneris became the first payment processor in Canada to process an Interac Online transaction. [12] This marked the first opportunity for Canadians to pay for goods and services purchased on the Internet directly from their bank account. Prior to Interac Online, the primary option for Canadians to pay for purchases online was through a credit card. [12]

On June 27, 2005, Moneris processed the first full data EMV chip transaction in Canada with a VISA certified chip. [13] This was the first card transaction in Canada that required inserting a card into a chip reader slot on the terminal, rather than use a swipe feature. [13] On August 27, 2007, the company announced it was among the first acquirers in Canada to be certified by all of Interac, Mastercard and VISA to provide chip technology in Canada. [14]

In April 2008, Moneris acquired Keycorp Canada, one of the largest providers of POS support services in Canada, to expand its portfolio of merchants. [15]

In March 2013, Moneris processed the first Near Field Communication (NFC) mobile debit transaction in Canada. [16] Using Interac Flash, Canadians could now make contactless debit transactions with their mobile device. [16]  The debut of NFC payment in Canada was performed in a McDonald's restaurant using a Blackberry smartphone. [16]

In November 2014, Moneris became the first Canadian acquirer to offer a full processing solution for the UnionPay card portfolio. [17]

In November 2016, US-based payment processor Vantiv announced that it had acquired Moneris USA for $425 million USD. [7] Vantiv (now under Fidelity National Information Services Inc.) took over all Moneris USA operations including merchant accounts and other business relationships. [7]

Products

Devices

In June 2014, Moneris launched Payd Pro, a point of sale (POS) solution that can run on a smartphone. [18] The device was promoted as Canada's first mobile POS solution to accept Interac debit and credit, as well as the first to include EMV chip and PIN and contactless payment technology. The device came in the form of a PIN pad, which connects to Moneris' Payd app using a Bluetooth connection. Payd Pro was targeted at small businesses to accept payments from anywhere.

In April 2019, Moneris introduced Moneris Core, a proprietary software used to power its next-generation payment terminals. With Moneris Core, Moneris became the first major payment provider in Canada to provide its own propriety payment experience. [19]

In September 2020, Moneris launched Moneris Go, using the A920 Android POS mobile terminal from PAX Technology. [20] The mobile device accepts card and contactless payments and can integrate with third-party apps. The device was announced as the company's first smart terminal and suitable for businesses of all sizes.

Moneris is the only acquirer in Canada to offer a unified bilingual experience for English and French users across all of its point-of-sale terminals. [19]

Services

In October 2018, Moneris launched its digital analytics tool Offlinx to measure the effect digital ad spending can have on in-store purchases for retail businesses. [21] The service is powered by a tagging mechanism that anonymously links browsing data to transactions that process through Moneris' national payment network. [22]

The company's data services has publicly shared findings to disclose Canadian consumer spending habits during the 2019 NBA Finals, [23] the King Street Pilot Project, [24] and holiday seasons. [25]

Business

Operations

Moneris processes more than 3 billion transactions a year for over 350,000 merchant locations and employs more than 1,900 people across North America. [26] While based in Toronto, the company has offices in Sackville NB, Burnaby BC, Montreal QC, and Calgary AB.

Growth

In 2016, Moneris began a partnership with Planet Payment, a provider of international and multi-currency payment processing services. [27] Payment Planet's currency conversion technology enables Moneris merchants to offer international customers the choice to pay in their home currency. [27]

In 2018, Moneris began a partnership with Kount, an online fraud protection platform. [28] The Moneris-Kount partnership provides businesses with fraud management tools to determine valid and fraudulent orders. [28]

In 2020, Moneris began a partnership with Bookmark, a Toronto-based website building startup, to provide web-building tools for small businesses. [29] Bookmark uses an artificial design assistant to assist users in designing an ecommerce website for their business. [29]

Moneris is partnered with all major card brands in Canada, including Interac, Visa, Mastercard, American Express, Discover, and Union Pay. In 2015, Moneris announced support for Apple Pay in its contactless-capable terminals. [30] In 2017, Moneris announced support for Google Pay. [31]

Moneris is the payment provider for such businesses as McDonald's Canada, Indigo Books, IKEA Canada, and the Canadian Federation of Independent Grocers.

Related Research Articles

<span class="mw-page-title-main">Debit card</span> Card used for financial transactions, usually without a credit line

A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. Many of the new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. These are similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder's bank account at the time of the purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.

<span class="mw-page-title-main">EFTPOS</span> Type of electronic payment system

Electronic funds transfer at point of sale is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit cards or credit cards, at payment terminals located at points of sale. EFTPOS technology was developed during the 1980s.

<span class="mw-page-title-main">EMV</span> Smart payment card standard

EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for "Europay, Mastercard, and Visa", the three companies that created the standard.

<span class="mw-page-title-main">Interac</span> Canadian interbank network

Interac is a Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions. Interac serves as the Canadian debit card system and the predominant funds transfer network via its e-Transfer service. There are over 59,000 automated teller machines that can be accessed through the Interac network in Canada, and over 450,000 merchant locations accepting Interac debit payments.

<span class="mw-page-title-main">Maestro (debit card)</span> Debit card from Mastercard

Mastercard Maestro is a brand of debit cards and prepaid cards owned by Mastercard that was introduced in 1991. Maestro is accepted at around fifteen million point of sale outlets in 93 countries.

<span class="mw-page-title-main">Visa Debit</span> Debit card

Visa Debit is a major brand of debit card issued by Visa in many countries around the world. Numerous banks and financial institutions issue Visa Debit cards to their customers for access to their bank accounts. In many countries the Visa Debit functionality is often incorporated on the same plastic card that allows access to ATM and any domestic networks like EFTPOS or Interac.

<span class="mw-page-title-main">Verifone</span> Multinational point-of-sale equipment manufacturer

Verifone, Inc. is an American multinational corporation headquartered in Coral Springs, Florida. Verifone provides technology for electronic payment transactions and value-added services at the point-of-sale. Verifone sells merchant-operated, consumer-facing and self-service payment systems to the financial, retail, hospitality, petroleum, government and healthcare industries. The company's products consist of POS electronic payment devices that run its own operating systems, security and encryption software, and certified payment software, and that are designed for both consumer-facing and unattended environments.

<span class="mw-page-title-main">Payment card</span> Card issued by a financial institution that can be used to make a payment

Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer with a payment terminal and access automated teller machines (ATMs). Such cards are known by a variety of names, including bank cards, ATM cards, client cards, key cards or cash cards.

<span class="mw-page-title-main">NETS (company)</span> Singaporean electronic payment service provider

Network for Electronic Transfers, colloquially known as NETS, is a Singaporean electronic payment service provider. Founded in 1986 by a consortium of local banks, it aims to establish the debit network and drive the adoption of electronic payments in Singapore. It is owned by DBS Bank, OCBC Bank and United Overseas Bank (UOB).

<span class="mw-page-title-main">Contactless payment</span> Technology enabling payment without physical contact

Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication (NFC) for making secure payments. The embedded integrated circuit chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the Point-of-sale terminal. Contactless payments are made in close physical proximity, unlike other types of mobile payments which use broad-area cellular or Wi-Fi networks and do not involve close physical proximity.

The payment card industry (PCI) denotes the debit, credit, prepaid, e-purse, ATM, and POS cards and associated businesses.

Versapay is a Canadian financial technology company that specializes in account receivable software. It was listed on the TSX Venture Exchange under the symbol VPY between January 2010 and February 2020 when it was acquired by private equity firm Great Hill Partners for $126 million.

Worldpay, Inc. is an American payment processing company and technology provider. In February 2024, it was separated from Fidelity National Information Services (FIS) to become an independent company once again. It is majority owned by private equity firm GTCR. It is headquartered in the greater Cincinnati, Ohio area. Worldpay, Inc., is the largest U.S. merchant acquirer ranked by general-purpose transaction volume.

Payanywhere is a payments platform and app that allows merchants in the United States to accept credit and debit card payments while building customer relationships in-store, online, or on the go. Merchants may accept payments on their smartphone via a Bluetooth card reader or on an in-store “Storefront” solution featuring a tablet and stand, which was introduced on April 8, 2014. PayAnywhere offers credit card readers and apps that are compatible with both Apple and Android devices.

FreedomPay is a company that provides payment platform as a service. It was founded in 2000 and is currently located in Philadelphia, Pennsylvania. In early 2000, FreedomPay launched mobile payment "proof of concepts" with enterprises such as McDonald's, Bank of America and Visa. Later in 2004, FreedomPay delivered a closed loop payment system for stored value and voucher systems to the food service industry.

Seymour Direct is a UK payment processing company. It provides online payment solutions as a developer of Sagepay

Apple Pay is a mobile payment service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web. It is supported on iPhone, Apple Watch, iPad, Mac, and Vision Pro. It digitizes and can replace a credit or debit card chip and PIN transaction at a contactless-capable point-of-sale terminal. It does not require Apple Pay–specific contactless payment terminals; it can work with any merchant that accepts contactless payments. It adds two-factor authentication via Touch ID, Face ID, Optic ID, PIN, or passcode. Devices wirelessly communicate with point of sale systems using near field communication (NFC), with an embedded secure element (eSE) to securely store payment data and perform cryptographic functions, and Apple's Touch ID and Face ID for biometric authentication.

Card transaction data is financial data generally collected through the transfer of funds between a card holder's account and a business's account. It consists of the use of either a debit card or a credit card to generate data on the transfer for the purchase of goods or services. Transaction data describes an action composed of events in which master data participates. Transaction focuses on the price, discount and method of payment interaction between the customer and the organization. They are based on volatility as each transaction data changes every time a purchase is made, one time it could be $10, the next $55. Since debit and credit cards are commonly used to pay for goods and services, they represent a strong percentage of the consumption expenditure in the country.

<span class="mw-page-title-main">Google Pay (payment method)</span> Mobile payments platform developed by Google

Google Pay is a mobile payment service developed by Google to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. Users can authenticate via a PIN, passcode, or biometrics such as 3D face scanning or fingerprint recognition.

Square is a financial services platform by Block, Inc. for small and medium-sized businesses. It enables accepting credit card payments using smartphones as POS registers, and facilitates various business operations. As of 2023, Square reports 4 million merchant clients and an annual payment value of US$210 billion.

References

  1. ↑ "Moneris - Our Executive Team". Moneris. Retrieved May 15, 2017.
  2. ↑ "Payment Processing Leader Moneris Celebrates 15 Years in New Brunswick". 5 July 2017. Retrieved 2022-09-03.
  3. ↑ "Sage 50 Accounting is now connected to Moneris | Sage". www.sage.com. Retrieved 2017-12-18.
  4. ↑ "Moneris - Corporate History". Archived from the original on 2008-04-04. Retrieved 2008-08-28.
  5. ↑ "Minister Of Finance, Mayor Of Sackville And Moneris Solutions CEO Open New Sackville Contact Centre". Archived from the original on 2007-10-10. Retrieved 2008-08-28.
  6. 1 2 3 "Moneris | Contact Us". www.moneris.com. Retrieved 2020-10-23.
  7. 1 2 3 "Vantiv has made a key acquisition". Business Insider . 14 November 2016. Retrieved 26 June 2017.
  8. ↑ "RBC Royal Bank - Contact Us - Merchant Card Services". www.rbcroyalbank.com. Retrieved 2020-11-03.
  9. 1 2 3 "MONERIS RECORD • 07/24/2002". CardFlash® - Payment Card Industry News. 2002-07-24. Retrieved 2020-11-03.
  10. ↑ "Moneris Solutions Enters Gift Card Market with Ernex Acquisition • 10/29/2003". CardFlash® - Payment Card Industry News. 2003-10-29. Retrieved 2020-11-03.
  11. 1 2 "Moneris Solutions Purchases Merchant Acquiring Portfolio from RBC Centura". www.businesswire.com. 2004-02-12. Retrieved 2020-11-03.
  12. 1 2 "Moneris- payment processing, point of sale, debit credit card machine, pos equipment: /aboutus/mediacenter/pressreleases". 2007-10-10. Archived from the original on 2007-10-10. Retrieved 2020-11-03.
  13. 1 2 "Moneris Solutions demonstrates Canada's first Visa certified chip transaction". Archived from the original on 2007-10-10. Retrieved 2008-08-28.
  14. ↑ "Moneris Solutions delivers convenient and secure payment processing to Canadians through fully certified chip technology". Archived from the original on 2007-10-08. Retrieved 2008-08-28.
  15. ↑ "Moneris Has Deal for Keycorp Canada". American Banker. 2008-04-08. Retrieved 2020-11-03.
  16. 1 2 3 "First Interac Flash debit transactions made from a mobile phone". newsroom.interac.ca. March 27, 2013. Retrieved 2020-11-03.
  17. ↑ "Moneris adds UnionPay to card acceptance offerings for Canadian merchants". www.newswire.ca. Retrieved 2020-11-03.
  18. ↑ Candice So (23 June 2014). "New mobile payments solution takes both debit and credit". IT Business. Retrieved 2020-10-23.
  19. 1 2 Moneris. "Moneris introduces universal payment application on next-generation devices". www.newswire.ca. Retrieved 2020-10-23.
  20. ↑ "PAX Technology and Moneris Solutions launch A920 in Canada". PRWeb. Retrieved 2020-10-23.
  21. ↑ Simpson, Meagan (30 October 2018). "New Moneris analytics tool shows ROI of digital marketing for brick-and-mortar stores". IT Business. Retrieved 2020-10-23.
  22. ↑ Corporation, Moneris Solutions. "Moneris launches Offlinx™ - the first marketing analytics tool in Canada connecting digital spend to in-store sales". www.newswire.ca. Retrieved 2020-10-23.
  23. ↑ "Raptors' long playoff run means 'multiple millions' for Toronto | CBC News". CBC. Retrieved 2020-10-23.
  24. ↑ "Business along King Street Pilot Project route saw 'slight' growth this spring, report finds | CBC News". CBC. Retrieved 2020-10-23.
  25. ↑ "Tomorrow is expected to be the busiest shopping day of 2019 | News". dailyhive.com. Retrieved 2020-10-23.
  26. ↑ "Moneris Solutions - About Us". Archived from the original on 2009-02-24. Retrieved 2009-02-16.
  27. 1 2 "Planet Payment partners Moneris for multi-currency processing solutions delivery to Canadian merchants". thepaypers.com. Retrieved 2020-10-23.
  28. 1 2 "Moneris | Moneris partners with Kount to expand fraud protection services for Canadian online businesses". www.moneris.com. Retrieved 2020-10-23.
  29. 1 2 "Moneris | Moneris Invests and Partners with Bookmark to Deliver Online Business Solutions for Canadian Small Businesses". www.moneris.com. Retrieved 2020-10-23.
  30. ↑ "Moneris | Moneris welcomes Apple Pay to Canada". www.moneris.com. Retrieved 2020-10-23.
  31. ↑ "Moneris | Moneris Supports Android Pay in Canada". www.moneris.com. Retrieved 2020-10-23.
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