Moneris Solutions is a Canadian based Credit Card Processor with a growing footprint in the US market. While they have fairly competitive rates there are enough warning flags that we have trouble providing a great review of their service.
While their Better Business Bureau rating is currently set as an A, it is important to recognize that once you sign a contract with the Moneris, the Better Business Bureau will side with Moneris as long as the rates/charges/changes/termination fees were outlined in the contract. Often the complaints levied against Moneris typically appear to be merchants who feel as though they were mislead during the sales process and that the way their contract/fees/termination costs were explained turned out to be very different than the ones they were charged (per the actual language in their contracts).
It is now time to turn on the broken record and say that one of our biggest complaints is the contract/cancellation terms merchants signing with Moneris are held to. They currently hold any merchant signing and agreement with them to a 3 year auto-renew contract, with a termination fee of $300. Due to the auto-renew feature the only way a merchant can avoid paying this fee once they sign the contract is by staying with Moneris for the first 34 months. Then in the 60-30 day window before the end date of their contract they need to notify Moneris and alert them that they will be cancelling at their contract termination date. Miss this window, or alert them too early and you are out of luck.
The obvious question is in a two way relationship like a merchant account service contract (they provide a service, you keep sending them money), why should you be held to a contract? That they are signing merchant accounts into 3 year auto-renew contracts makes us question their commitment to making sure their merchants are getting the best service they can be.
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