Switch Guide: Moving from Square to Moneris
Square is a San Francisco company that entered the Canadian market aggressively, but it's still a US company with US-centric product decisions and USD-denominated internal operations. Moneris is co-owned by RBC and BMO — it's deeply, irreversibly Canadian, processes more than 40% of all card transactions in Canada, and has 25+ years of relationships with Canadian banks, acquirers, and payment networks. For Canadian retailers, restaurants, and service businesses, Moneris offers something Square can't: genuine Canadian infrastructure with the trust of Canada's largest banks behind it.
What You'll Gain
- Canadian bank backing: Moneris is backed by RBC and BMO — about as Canadian as it gets.
- Interac Debit: Moneris has had native Interac Debit support for decades. It just works, seamlessly.
- Competitive rates for volume: Moneris negotiates rates based on your volume — high-volume merchants can get better economics than Square's flat rate.
- In-person hardware options: Moneris has a wide range of certified payment terminals for every retail and restaurant environment.
- Canadian support 24/7: Support team based in Canada, available around the clock.
- Established dispute resolution: Moneris's chargeback and dispute process is mature and well-documented.
What You Might Miss
- Free POS software: Square includes a very capable free POS app. Moneris's POS software is an add-on cost.
- Setup simplicity: Square is genuinely easy to set up in minutes. Moneris requires a merchant application and approval process.
- Free hardware: Square's free card reader for new merchants has no Moneris equivalent.
- Integrated e-commerce: Square's online store integration is more seamless for small retailers with both online and in-person sales.
Migration Checklist
- Export your Square data — Download transaction history, customer data, item library, and inventory from Square Dashboard → Reports.
- Apply for Moneris account — Complete the merchant application. Have your business registration, bank account information, and expected monthly volume ready.
- Choose your Moneris POS solution — Select the right terminal and POS software package for your business type.
- Order hardware — Allow 5–10 business days for hardware delivery and certification.
- Import your item library — Re-enter your products/services into Moneris POS or connect to your existing inventory system.
- Migrate customer data — Import your customer list to your CRM or Moneris's customer management features.
- Train your staff — Moneris's interface differs from Square. Budget a half-day training session before go-live.
- Run a test day — Process a full day of transactions before removing Square hardware.
Data Export Tips from Square
In Square Dashboard, go to Reports → Transactions to export your full transaction history. Export your item catalog from Items → Item Library → Export. Customer data is available at Customers → Export. Export your employee list from Team → Export. Keep all transaction records for CRA requirements (minimum 6 years).
Timeline Estimate
Most retail businesses complete the switch in 2–3 weeks. The application and approval process typically takes 3–5 business days. Hardware delivery adds another week. Staff training and go-live is usually a single day once hardware is in hand.