TD Merchant Solutions and Global Payments represent the two poles of traditional acquiring in Canada: the bank-owned channel versus the independent giant. TD Merchant Solutions is TD Bank's merchant arm — interchange-plus pricing, published wholesale rate tables, and coverage under Canada's Code of Conduct for the Credit and Debit Card Industry. Global Payments is one of the world's largest independent acquirers — quote-only pricing, ISO-driven sales, and, as of August 2026, fresh rate hikes on existing merchants. This comparison is about transparency versus scale, and what each one costs you.
What TD publishes (and what that tells you)
TD does something rare in this industry: it publishes its interchange rate tables — for example, Mastercard card-present EMV rates from 0.72% to 2.54% depending on card tier. That is the wholesale floor. On interchange-plus pricing, everything above that floor is TD's markup, which means you can audit any TD quote against a public document. Last-seen published plan figures show a Basic plan at 2.90% + $0.30 and a Pro plan at 1.89% + $0.30 with $19.95/month — verify current rates before signing, as these figures are dated.
| TD Merchant Solutions | Global Payments | |
|---|---|---|
| Ownership | TD Bank (Canada) | Independent (US, top-5 global acquirer) |
| Pricing model | Interchange-plus | Interchange-plus or tiered (quote) |
| Published rates | Wholesale tables published; last-seen plans 2.90% / 1.89%+$19.95 | None — quote only |
| Contract | 3-year standard; 48-mo locked equipment leases | 12–36 months typical |
| Exit costs reported | $300 deactivation fee (2024 review) | Varies; junk-fee history |
| 2026 rate action | None reported | Raised 100–225 bps (Aug 2026) |
| Merchant protections | Canada's Code of Conduct; formal complaint process | Standard merchant agreement |
The Code of Conduct advantage
TD Merchant Solutions operates under Canada's Code of Conduct for the Credit and Debit Card Industry, which gives merchants a formal complaint path: acknowledgement within 5 business days and a written decision within 90 days, via TDMSCODE@td.com or 1-800-363-1163. That is a meaningful structural difference. With most independent acquirers, your dispute path is the contract you signed and whatever leverage your volume gives you. With TD, there is a regulated process with deadlines.
What Global's statements reveal
Global Payments is quote-only, and its statements tell the pricing story its salespeople won't. Statement audits documented hidden fees of 0.09% of volume plus $0.10 per transaction — refunded when challenged, which marks them as discretionary. Then came August 2026: rate increases of 100 to 225 basis points, discovered on statements, worth up to $6,750 a year on $25,000/month in volume. Global's review aggregate sits at 2.5/5 with unexpected-fee and cancellation-difficulty themes.
TD is not without its own exit stories: a September 2024 reviewer — a 30-year TD Bank customer and 10-year TDMS customer — praised fast deposits and good onsite support but reported higher-than-market transaction fees and a $300 deactivation fee despite 60 days' notice. TD has no BBB complaints on record, which is genuinely unusual in this industry.
The negotiation questions
- For TD: start from the published interchange tables — ask for the markup over wholesale in basis points, in writing. The wholesale floor is public, so the negotiation is honest.
- For Global Payments: ask for the same markup figure, plus a written list of every recurring fee, plus the rate-increase notice mechanism. After August 2026, assume the rate will move.
- Price the exit. TD's 3-year term and reported $300 deactivation fee versus Global's variable exit costs — get both numbers before you compare rates.
- Separate equipment from processing. TD's 48-month locked leases via First Data are the classic trap: price the terminal outright, separately.
- Use the Code. If you are with TD and something goes wrong, the Code of Conduct complaint process exists — use it instead of arguing with a rep.
A note from the audit desk: contract length and termination fees are the silent killers — double-check them before signing, and check for monthly minimums that can inflate slow months.
A note on steps: this is a buying-decision guide, not a repair procedure — the numbered question list above is the actionable part, and there is no settings path to click through.
FAQ
Is TD Merchant Solutions cheaper than Global Payments?
TD's interchange-plus pricing is auditable against public wholesale tables, which makes its quotes honest to compare. Global Payments is quote-only and just raised rates 100–225 bps — get competing written quotes and compare markups, not headlines.
What is the TD Merchant Solutions deactivation fee?
A 2024 merchant review reports a $300 deactivation fee charged despite 60 days' notice. Confirm the current figure in writing before signing — exit terms are the part most likely to surprise you.
Why did Global Payments raise rates in 2026?
Global raised discount rates 100–225 basis points effective August 2026. The increase appears on statements without being named — divide total fees by volume for two consecutive months to see your own number.