We are a Canadian-based company, but we charge our customers (who are 90% American) in USD for our products. We currently use Beanstream for Merchant Services in terms of credit card processing but are fees are incredibly high (over 3%!) and they keep increasing and adding on hidden fees per transaction.
Do any Canadian retailers have a suggestion/solution for payment processing other than Beanstream (which is through TD Canada Trust)?
Your help is greatly appreciated as these fees are crazy!
I am glad to say that if you intend to charge in USD and you are based in Canada you can actually set up a USD Shopify Payments account. If you intend to charge in USD your bank account can be located in either Canada, or the United States and it must be a full checking account.
If you are using Shopify Payments in Canada, you can choose to be paid out in USD or Canadian dollars (CAD). You will need a USD bank account to be paid out in USD.
The benefits of this include more favourable credit card rates compared to what you have been previously experiencing, and you will also avail of 0% transaction fees for using the gateway.
Hope this helps!