Your guide to accepting online payments as a Canadian business

Running a business in Canada today means being ready to accept payments online, whether from local customers or international clients. With more transactions moving away from cash and cheques, finding the right way to get paid digitally is more important than ever to keep up with the competition and most importantly, keep your customers happy.

From traditional CAD payment processors to flexible multi-currency solutions like Wise, this guide breaks down the key options. We’ll cover how each method works, what it costs, and what to consider to help you choose the best option for your business.

What to consider when choosing an online payment solution

Before settling on a payment provider, take the following into account:

• Currency support: If you work with or provide services to international clients, accepting payments in both CAD and foreign currencies is essential.
• Integration: Make sure the solution connects easily with your website, accounting tools, or e-commerce platform.
• Fees: Look out for setup costs, monthly charges, transaction fees, and currency conversion markups that can add up over time.
• Payout speed: How quickly will you get access to your funds after a customer pays?
• Compliance: Choose a provider that follows Canadian payment regulations and security standards.
• Customer experience: A smooth, secure checkout experience can help build trust and reduce cart abandonment.

Popular ways to accept online payments in Canada

Canadian businesses have more ways than ever to accept payments online to boost sales, reduce operational costs and simplify the customer experience.

Credit card payments with payment gateways

Payment gateways make it possible to accept credit card payments directly on your website or app. Most integrate easily with major e-commerce platforms like Shopify, WooCommerce, BigCommerce, and Wix.

Below is a comparison of top payment gateways used by Canadian businesses:

Top Payment Gateways for Canadian Businesses

Accepting payments via PayPal, e-Transfers, and direct deposit

In addition to credit cards, many Canadian businesses use simple, familiar methods like Interac e-Transfers, PayPal, and direct bank transfers to collect payments. These are popular for local transactions, service-based work, and freelancers who’d rather skip the hassle of setting up a full payment system.

Easy methods for local CAD payments

Interac e-Transfer for Business

Businesses can use Interac e-Transfer for Business to receive CAD payments straight into their bank accounts. Ideal for companies with high volumes or frequent transactions, it supports higher limits and automatically matches payments to invoices.

PayPal Business

PayPal is a widely recognized option that enables businesses to accept both local and international payments. Quick to set up and equipped with buyer protection, PayPal easily integrates with online stores and invoicing tools. Customers can also pay by credit card or without needing a PayPal account.

Comparison of Bank and App-Based Payment Methods

How to accept online payments for business in multiple currencies

If your business deals with customers or clients outside Canada, being able to accept payments in multiple currencies is a must. Just keep in mind that international transactions can come with surprise fees, like extra charges from payment processors.

Here’s what you’ll need to accept payments globally:

• A payment solution that supports multiple currencies
• Transparent fees and competitive exchange rates
• Easy integration with your invoicing or ecommerce system
• Fast and reliable payouts

FX fees and payment processor costs

Most Canadian banks and traditional payment processors charge high foreign exchange (FX) markups, often 2.5%, on top of service fees. These extra costs can quickly eat into your profit margin, especially if you're receiving payments in USD, EUR, GBP, or other foreign currencies.

In addition to FX markups, international credit card payments often have higher processing fees than local CAD transactions.

A cost-effective alternative: Wise Business

Wise offers a global multi-currency account that lets you receive payments in major currencies like USD, EUR, GBP, and more with no foreign currency conversion until you’re ready. You get local account details in major markets and can convert funds at the mid-market exchange rate with transparent fees that are often lower than banks and many processors.

Wise Business: A global account for Canadian businesses

Wise Business is built for modern Canadian companies that work across borders. Whether you're sending invoices abroad, paying overseas contractors, or receiving customer payments in multiple currencies, Wise makes it easier and more affordable to manage your money globally.

Wise Business lets you:

• Get local account details in 8+ major currencies (including USD, EUR, GBP, AUD, and more) to receive payments like a local
• Hold and convert over 40 currencies with mid-market exchange rates and low, transparent fees
• Send payments to 160+ countries — great for paying suppliers, freelancers, or teams abroad
• Pay invoices in foreign currencies to overseas staff or suppliers without losing money to high FX markups
• Add team members to manage finances collaboratively
• Automate payments with batch payments to up to 1000 people in one click

Seamless integration

Wise Business also connects with tools many Canadian businesses already use, including:

• QuickBooks and Xero for accounting
• Shopify for ecommerce
• Stripe for receiving payments

What information do you need to start accepting online payments?

Getting set up to accept payments online in Canada is relatively straightforward, but you’ll need to have a few key details ready to help speed things up:

• Business name and registration number – Most payment processors require proof that your business is legally registered in Canada.
• GST/HST number (if applicable) – If your business earns more than $30,000 annually⁶, you may need to provide your GST/HST registration number.
• Bank account details – You'll need a Canadian business bank account to receive payouts.
• Business website or online store – Some platforms will review your site to ensure it meets their standards before approval.
• PCI compliance – To process credit card payments securely, you'll need to comply with Payment Card Industry (PCI) Standards, but most payment providers will help you meet these requirements.

Tips to streamline your payment process

Getting paid shouldn’t be a headache for you or your customers. A simple, reliable payment system keeps cash flowing and your business running smoothly. Here are just a few ways to make that happen:

• Use automated invoicing tools – This reduces manual work and helps ensure timely payments.
• Integrate payments with your accounting software – Syncing platforms like QuickBooks or Xero with your payment system makes reconciliation easier.
• Offer multiple payment methods – Give customers options like credit cards, e-Transfers, and digital wallets to reduce friction.
• Clearly communicate payment terms – Make sure your invoices list due dates, fees, and accepted methods.
• Track payment status – Use dashboards or alerts to monitor overdue payments and follow up quickly.

Conclusion

There’s no shortage of ways to accept online payments in CAD in Canada. From credit cards to bank transfers and digital wallets, the best option comes down to how your business runs and what your customers prefer.

If your business deals with international clients or works across currencies, Wise Business offers a cost-effective way to receive and manage payments globally with no hidden exchange rate markups.

Whichever method you choose, always compare fees, features, and flexibility to find the best fit for your business.

Sources:

1. Pricing & Fees - Stripe
2. Moneris Online | Optimize Sales with an Ecommerce Payment Solution | Find the Best Online Payment Processing in Canada
3. Square Processing Fees, Plans and Software Pricing
4. Understanding Fees - Interac
5. Fees | Merchant and Business | PayPal CA
6. When to register for and start charging the GST/HST - Canada.ca