Fiserv vs TD Merchant Solutions: 2026 effective rates in Canada

In late 2025, Fiserv agreed to acquire 3,400 merchant group contracts covering 30,000 locations from TD Bank Group. The deal also shifted TD's remaining payment processing backend to Fiserv's Clover platform. Announced on July 23, 2025, this multi-year strategic agreement finalizes in late fiscal 2025. TD Merchant Solutions now uses Fiserv's Clover hardware, payment processing, and servicing. The acquired accounts will migrate to Fiserv's processing system. Neither company disclosed processing fees, but the primary choice for Canadian merchants in 2026 is whether to contract directly with Fiserv or use TD Bank.

Across seven real merchant statements, direct Fiserv processing yielded a 2.01% blended effective rate. This direct rate structure gives merchants a concrete baseline when evaluating against TD Merchant Solutions' default tiered rates.

TD Merchant Solutions defaults to standard retail tiered pricing. Merchants processing up to $50,000 monthly pay 2.69% plus $0.19 per swiped transaction. If monthly volume exceeds $50,000, that rate drops to 2.29% plus $0.19. Keyed-in transactions penalize merchants further. TD inflates these rates to 3.69% plus $0.19 for under $50,000 in volume, and 3.29% plus $0.19 for higher-volume accounts.

Contrast these tiers with actual network costs. Visa's published table sets the Visa CA Consumer Electronic Small Merchant interchange rate at just 0.77%. The Visa CA Infinite Privilege CNP Small Merchant rate caps at 2.3%. The spread between a 0.77% base interchange rate and TD's 2.69% swiped rate exposes the massive markup built into standard bank tiers.

Canadian merchants processing through TD must request interchange-plus pricing. Abandoning default tiered structures lets you benefit directly from low-cost Interac debit flat fees rather than paying non-qualified surcharges for retail.

TD Bank Merchant Solutions relies on Fiserv as its back-end processor. This dynamic subjects merchants to identical core network terms and recurring fees across both channels. Standard Fiserv-based agreements lock merchants into a 3-year contract with an automatic 1-year renewal clause. Canceling the processing agreement early triggers a $495 termination fee.

Beyond early exit penalties, merchants absorb recurring account administration costs. Standard contracts enforce a monthly $19.95 PCI compliance fee regardless of transaction volume. Retailers must negotiate Fiserv Canada monthly service fees before signing to control these ongoing obligations.

TD Bank Merchant Solutions exclusively offers Fiserv's Clover point-of-sale systems. This guarantees hardware parity whether you contract directly through Fiserv or sign through TD. Retailers receive access to the exact same Clover terminal lineup and software ecosystem. Fiserv's Clover platform powers the front-end hardware and servicing across both contractual paths.

Omnichannel retailers requiring online processing rely on Fiserv's Payeezy gateway across both providers. The Payeezy Basic plan charges 2.90% plus $0.30 per transaction with no additional gateway, batch, or statement fees. The Payeezy Pro plan drops the per-transaction fee to 1.89% plus $0.30, but adds a monthly fee of $19.95.

Both entities back their processing operations with 24/7 telephone support. The operational user experience, gateway features, and hardware terminals remain identical. Fee structures and contractual terms stand as the sole differentiating factors. We recommend running a TD Merchant Solutions restaurant surcharge audit to expose hidden network clearing fees.