The five real options
- Interac e-Transfer — free, instant, but capped at $3K–$25K per transfer depending on bank.
- Credit / debit card via Stripe or Square — universal. Stripe (online): 2.9% + $0.30. Square (in-person tap/insert): 2.5%, plus an extra 1.5% on cards issued outside Canada.
- EFT — cheap, slow, best for recurring or large amounts.
- Wire transfer — for large one-off amounts or international clients.
- Invoice + e-Transfer instructions — common for service businesses; pairs well with the income tracker.
By business type
Service business (consulting, freelance, trades)
- Default: invoice + Interac e-Transfer payment instructions.
- Why: zero processing fees, customers already have the rail set up.
- Watch for: per-transfer limit. For invoices over $3K, ask the client if they want to split or wire.
- Tools: our free invoice generator and income tracker.
Retail or in-person services (cafes, salons, repair shops)
- Default: Square or another tap-to-pay reader.
- Why: customers expect tap. Cash and e-Transfer are nice-to-have, not the default.
- Watch for: processing fees compress small-ticket margins. Set a $5 minimum if needed.
Online (digital products, e-commerce)
- Default: Stripe.
- Why: credit cards convert better than any other method online; Stripe handles fraud, refunds, taxes, subscriptions.
- Watch for: high-fee categories and chargeback risk. For B2B SaaS over $1K MRR, consider also offering invoice + EFT.
Recurring services (rent, gyms, subscription)
- Default: pre-authorized debit (PAD) on EFT, via Plooto, Rotessa, or your accounting software.
- Why: low cost per charge, nearly invisible to the customer once set up.
- Watch for: NSFs. Have a clear NSF fee and retry policy.
Wholesale / B2B
- Default: EFT or wire on Net 30 invoices.
- Why: larger amounts, recurring relationships, processor fees would eat margin.
Cost comparison (typical, on $1,000)
| Method | Cost per $1,000 | Settlement |
|---|---|---|
| Interac e-Transfer | $0 (free chequing accounts) | Minutes |
| EFT (via Plooto/Rotessa) | ~$1–$3 | 1–3 business days |
| Wire transfer (domestic) | ~$30–$80 | Same day |
| Square (in-person tap) | ~$25 (2.5%) | 1–2 business days |
| Stripe (online) | ~$29.30 (2.9% + $0.30) | 1–2 business days |
| Cash | $0 + handling | Instant |
GST/HST and the $30,000 threshold
Once your business hits $30,000 in revenue over four consecutive calendar quarters, you are required to register for GST/HST. Tracking incoming payments — across whatever methods you accept — is what keeps that threshold visible. Read our GST/HST guide for Canadian small businesses.