While the United States and Canada share a close economic relationship, their respective payment standards exhibit notable differences and regulatory frameworks. Understanding these distinctions is essential for businesses operating in Canada or both the U.S. and Canada to ensure compliance and optimize payment processing strategies for all levels of entity involved. Below are the unique differences between the Canadian and U.S. payment processing on the Payrix platform, exploring key areas like:
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The Merchant Sign-Up Form hosted will also utilize a similar structure as the Portal and API URL domains for Canada respectively: payrixcanada.com, with the applicable subdomain of “test-portal” or “portal” as usual based on the intended environment. This can also be set manually in the Payrix Portal by accessing the Sign-Up Forms page (under Forms) while logged into the applicable environment.
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A distinctive feature of Canadian-based Signup Forms is the provision of an extra Fee Disclosure confirmation for the Merchant. This confirmation ensures that they have read, agreed to, and consented to the Fee Disclosures outlined in the Merchant Terms and Conditions. These disclosures are linked within the Signup Form to ensure continuous compliance with Canadian regulatory requirements. Canadian Signup Forms, offers an additional Fee Disclosure confirmation for Merchants to guarantee that Merchants have acknowledged, agreed to, and consented to the Fee Disclosures specified in the Merchant Terms and Conditions. The Fee Disclosures are accessible through links embedded in the Signup Form to maintain compliance with Canadian regulations consistently. |
Card Payments
Credit and debit cards can be used in payment transactions like U.S. Merchants except for some card brand limitations.
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Transaction Batch Close | FBO Account Funded | Bank Account Deposit |
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Monday | Thursday* | Friday morning |
Tuesday | Friday* | Monday morning |
Wednesday | Monday* | Monday morning |
Thursday | Tuesday* | Tuesday morning |
Friday | Wednesday* | Thursday morning |
Saturday | Wednesday* | Thursday morning |
Sunday | Wednesday* | Thursday morning |
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*= These timelines are based on the earliest possible funding time for eCheques (3 business days). Please note that eCheques can take up to 5 business days to complete settlement to fund the Merchant FBO account for later withdrawal. |
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