Many Canadian small businesses end up at a bank for processing — either because their banker suggested it or because one relationship for banking and payments sounds simpler. The two bank-owned names you'll meet are Chase Payment Solutions (a partnership between Chase and Scotiabank: Chase payment terminals, settlement through your Scotiabank account) and TD Merchant Solutions. They differ in exactly one way that matters to your wallet: Chase publishes Canadian rates; TD doesn't. Everything else in this comparison follows from that.
The Chase Canada partnership, in one paragraph
Chase entered Canada through a partnership with Scotiabank: you get Chase's payment hardware and platform, and settlement lands in your existing Scotiabank business account. The pitch is a single banking relationship with 110,000+ Chase Canada locations served, next-day funding, and one support line. TD Merchant Solutions is the incumbent bank channel: processing through your existing TD relationship, with rates set per merchant by quote.
Chase's published Canadian rates (from the official Scotiabank/Chase pages)
| Item | Published rate |
|---|---|
| In-person credit (tap, swipe, insert) | 2.45% |
| Keyed-in credit | 2.75% |
| Interac debit | $0.080–$0.115 per transaction (tap vs insert) |
| Terminal | $34.95/month |
That 2.45% in-person rate undercuts Square's 2.5% and Moneris's 2.65% flat-rate floors — published numbers you can check a quote against. Rates checked October 2026.
TD: quote-based, no published card
TD Merchant Solutions publishes no rate card — third-party comparisons show no published pricing, and terms are set in the merchant agreement. That makes TD un-benchmarkable from the outside: the only TD number that exists is the one in your quote. It also means the comparison method matters more than the brand: get TD's quote in writing, compute the effective rate from a real month of your statements, and put it next to Chase's published floor.
A $50,000/month worked example on Chase's published card
The setup: $50,000/month, $45 average ticket (~1,111 transactions). Mix: 80% in-person credit, 15% Interac debit, 5% keyed-in.
In-person credit: $40,000 × 2.45% = $980
Interac debit: ~167 taps × ~$0.08 ≈ $13
Keyed-in: $2,500 × 2.75% = $68.75
Terminal: $34.95
Total: roughly $1,097/month — an effective rate near 2.19%. The debit line does the heavy lifting again: $13 for the whole month's debit volume. Any quote you compare against Chase needs to beat this all-in number, not just the headline credit rate.
How to compare a bank quote fairly: the checklist
- Demand the effective rate, not the headline. Total all fees for a typical month ÷ your volume. A 2.45% headline with monthly minimums can lose to a 2.65% flat rate with none.
- Get the zero-volume month in writing. Ask both: "What do I owe if I process nothing?" Monthly minimums and account fees answer this, not the rate card.
- Read the termination clause before the rate table. Bank agreements have real terms and real exit fees — know the number before you sign.
- Price the equipment separately. Terminal buy vs lease vs rental is its own line; a cheap rate with a 48-month terminal lease is rarely cheap.
- Run your own mix through Chase's published card. The worked example above is the template — your mix, your ticket size, your number.
A note on steps: this is a comparison guide, not a setup procedure — the checklist above is the actionable part.
FAQ
Is Chase payment processing the same as Scotiabank's?
It's a partnership: Chase provides the terminals and payment platform, and settlement flows through your Scotiabank account. You deal with one relationship covering both sides.
Does TD publish processing rates?
No. TD Merchant Solutions sets pricing per merchant through quotes — there's no public rate card. Get the quote in writing and compute the effective rate from real statements.
Is bank processing cheaper than Square or Stripe?
Sometimes — Chase's published 2.45% in-person rate beats Square's 2.5% and Stripe Terminal's 2.7% + 5¢ on credit, and bank debit rates are pennies. But monthly fees, minimums, and contract terms decide the real total. Run the full month, not the headline.