At a glance
| Item | Detail |
|---|---|
| Also called | Merchant services account, acquiring account |
| French term | Compte marchand |
| Where it sits in the payment flow | Between your business and the card networks, after the terminal sends a sale |
| Who controls it | The acquirer sets the terms. You sign the agreement |
| Does it cost the merchant | Yes. Fees are per sale and sometimes monthly |
How it works
The acquirer reviews your business before it opens the account. This review is called underwriting. It checks what you sell and how much you expect to process. After approval, your sales are settled into your business bank account.
- You apply and the acquirer reviews your business.
- You sign the agreement and receive your merchant details.
- A customer pays. The terminal sends the sale for approval.
- The acquirer collects the money from the networks and deducts fees.
- The net amount is paid into your bank account.
A Canadian example
A flower shop in Laval takes $5,000 in card sales in a week. Fees for that week total $120. The deposit to the shop's bank account is $4,880. An example only, not a quote. Real fees depend on your pricing, your card mix and your contract. The statement for the account shows the sales, each fee and the net deposit.
What is different in Canada and Québec
- Canada's Code of Conduct covers your merchant agreement. It must open with a summary box of key terms and fees.
- You must get 30 to 60 calendar days' notice before a fee change. You can cancel without penalty within 70 calendar days of the change, or at any time if you did not get notice.
- A fixed-term agreement cannot renew for the same full term. It can renew for six months or less. To stop a renewal, give notice at least 45 calendar days before it.
- Interac debit works through the same account, but Interac says its interchange is currently set at zero and your contract sets the debit fee.
- A Québec restaurant also needs a certified sales recording system. The merchant account does not replace it.
What it costs and where it shows on your statement
Costs include fees on each sale. They may also include monthly, compliance, chargeback and gateway fees. The summary box at the front of your agreement lists them. Each month, your statement shows sales, fees and the net deposit. If you rent a terminal, that may be billed separately.
Where CleverPays fits in this step
The merchant account is held with the acquirer. It reviews your application and sets the account terms. CleverPays is operated by Groupe Heo Inc., an Agent of Fiserv Canada Ltd, and sets up merchants who process through Fiserv Canada. CleverPays does not approve or decline cards.
We can read a recent statement with you and show the effective rate and each fee line. We will walk you through your summary box, and recommend and set up Clover and other terminals or gateways. We answer in English and French.
Common mistakes
- Signing without reading the term, the renewal and the cost to leave.
- Assuming a lease for the terminal ends when the account does.
- Confusing a merchant account with a business bank account. They are separate.
Related terms
- Acquirer: the company that holds your merchant account.
- Underwriting: the review done before an account is opened.
- Payment facilitator: a company that lets many merchants share one account.
- Funding: the payout of your card sales to your bank.
- Payment processor: the company that moves the sale.
- Early termination fee: what some agreements charge to end early.
Common questions
Do I need a merchant account to accept cards?
You need access to one. Some providers give you your own account. Others put many merchants under one account. Ask which you are getting.
How long does it take to get approved?
It depends on the acquirer and on how complete your application is. Ask for a date in writing, and do not plan a launch around a guess.
Is a merchant account the same as a business bank account?
No. The merchant account is for card acceptance. Your business bank account is where the money is paid out.
Sources
- FCAC, Your rights as a merchant, read 6 October 2026.
- FCAC, Code of Conduct for the Payment Card Industry in Canada, read 6 October 2026.
- Interac, Understanding fees, read 6 October 2026.
- CleverPays, Best payment processors in Canada, for the Québec certified-system note.
