Moneris vs Nuvei vs Square: an honest comparison
SavPay sets up merchants with all three, so this is not a sales page for one of them. Each is a good choice for some businesses and a poor one for others. The right answer depends on how you sell, how much you process and how much you want to manage yourself.
The short version
| Moneris | Nuvei | Square | |
|---|---|---|---|
| Who it is | Canada's largest processor, owned by RBC and BMO | Payments company founded in Montréal | Self-serve payments and POS from Block |
| Pricing | Negotiated; interchange-plus available | Negotiated; built for online and multi-currency | Published flat rates, no negotiation |
| Setup | Application and underwriting | Application and underwriting | Online sign-up, often same day |
| Best at | In-person retail and restaurants, Canadian debit | E-commerce, recurring billing, cross-border | Small and new businesses, simple setups |
| Support | Moneris, or your ISO's team | Nuvei, or your ISO's team | Square's own help centre and phone support |
Moneris
Moneris is the processor most Canadian merchants have heard of. Its Go family of terminals covers countertop, portable and integrated setups, and it connects to many Canadian POS systems. Pricing is negotiated, which means a business with steady volume can get interchange-plus pricing and a lower markup than a flat rate.
The trade-off is that the account goes through underwriting and the agreement has terms you should read: contract length, monthly fees and what leaving early costs. Through an ISO like SavPay, you get the same Moneris account with a pricing review and a named contact.
Nuvei
Nuvei started in Montréal and is strongest where Moneris is not: online checkouts, APIs for developers, recurring billing and selling in several currencies. It also offers in-person terminals, so a business that sells online first and in person second can keep one provider.
Like Moneris, it is a negotiated account with underwriting. It suits e-commerce stores, subscription businesses and companies that sell outside Canada.
Square
Square is the easiest to start with: sign up online, buy a reader, and take payments the same week. Its POS software has a free tier and paid plans, and its rates are published flat percentages, the same for everyone.
That simplicity has a cost. Flat rates do not go down as you grow, so a business processing a few hundred thousand dollars a year often pays more than it would on negotiated pricing. Square also manages risk itself, which can mean holds on funds if your sales pattern changes suddenly.
How to choose
A rough guide, based on the businesses we set up:
- Mostly in-person, steady volume, want the lowest cost over time: Moneris on interchange-plus.
- Mostly online, subscriptions or international customers: Nuvei.
- Just starting, low volume, want to be up and running this week: Square.
- Not sure: compare your effective rate on each with your own statements before you decide.
Whichever you choose, read the agreement for term, monthly fees and termination costs. Our fee guide explains how to compare offers on one number.
Frequently asked questions
Is one of them always cheapest?
No. Flat rates are often cheaper for very small or irregular volume; negotiated interchange-plus pricing is often cheaper once volume is steady. Your own statements are the only reliable way to compare.
Can I switch later?
Yes. Check the termination terms of your current agreement first. We review agreements for free and tell you what switching would cost.
Does SavPay favour one of them?
We work with Moneris, Clover, Nuvei, Square and Shopify, and recommend the one that fits how you sell.