A Place for Canadian Business...and More!

  Readers often ask us where to take certain business that their provider cannot or will not handle. For this reason we are always looking for new programs or opportunities and the following may be just the ticket for you.

     PayNet Merchant Services Inc., of Franklin, MI (no relation whatsoever to Paynet Transaction Services) is an agent of Harris Trust & Savings Bank, of Chicago. Since Harris is owned by the Bank of Montreal, they are uniquely positioned to work with Canadian companies as well as U.S. based retail and Internet merchants.

     PayNet notes, “We are very ethical when offering our rates and fees to customers. If you visit our Web site you will notice that we explain, in detail, normally undisclosed fees and how leasing works in the credit card business. We are looking for long-term relationships and referrals to grow our business.”

     If you are selling in Canada, have some customers who are on both sides of the border, or are in one of the states hugging the border and would like to know what it takes to set up such an account, following are some answers from PayNet.

Canadian Merchants

     Other than normal underwriting guidelines, PayNet has only a couple of requirements of a Canadian merchant. First, only Card Not Present transactions can be processed. Second, the merchant must have a bank account in the U.S. to receive the funds. (PayNet can help them open an account at Harris, if necessary.) Canadian companies that sell to customers in the U.S. and elsewhere find such accounts useful because they can quote prices in U.S. dollars and eliminate questions about currency conversion and rates. And, they are paid in U.S. dollars.

     Unlike other ISOs who can open accounts for Canadian businesses, PayNet does not require Canadian merchants to have a U.S. business entity, a U.S. presence, or to fulfill from the U.S.

     For Canadian businesses, dealing with PayNet can be a refreshing change, since they are accustomed to dealing with two separate banks for the acceptance of credit cards—one for Visa, and one for MasterCard. PayNet can set them up with POS terminals, software, and Internet solutions.

     PayNet reports that their business is booming and they welcome relationships with other banks or ISOs interested in placing or marketing to Canadian businesses. Interested parties should visit www.visa-master.com or call (888) 855-8644.

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