Is DC Bank or Payper better for managing your business payments in Canada? A closer look

From transaction fees to juggling different platforms, managing business payments in Canada can be challenging, with many companies spending more time on admin than on growth.

Providers like DC Bank and Payper aim to reduce that burden with digital-first tools designed to simplify payments for Canadian businesses. In this article, we'll compare their services and explore how Wise Business can help with international payments.

An overview of DC Bank for business payments

DC Bank positions itself as a tech-first financial institution, combining traditional corporate accounts with modern APIs that allow businesses to integrate payment services directly into their platforms. It's marketed toward fintechs, entrepreneurs, and companies that want more control over how they move money and serve clients.

Business account services

The core business product is the Corporate Bank Account, which comes with no minimum balance requirement and includes free access to online and mobile banking. The account costs 49.95 CAD per month, which is higher than many mainstream business accounts, but it's positioned as an all-inclusive solution. Businesses can safely deposit funds, access online statements, and connect accounts to DC Bank's wider payment ecosystem.

Payment processing options

DC Bank goes beyond standard banking by offering embedded payment solutions that make it more like a banking-as-a-service provider than a traditional bank:

• Electronic transfers via EFT, Interac e-Transfer, and bill payments.
• Card services, such as branded prepaid Visa, Mastercard, or Interac cards that can be issued and funded instantly.
• Digital wallets let businesses create custom programs with real-time balances and direct deposit tracking.
• APIs for developers let fintechs and larger businesses set up recurring payments, bulk transfers, or same-day payments, and connect with popular networks such as Interac, Visa Direct, and Mastercard.

Fees and maintenance considerations

The biggest disadvantage of DC Bank is cost. The monthly fee for a corporate account is 49.95 CAD¹, which could be pricey for smaller businesses who are just getting started. There are also transaction charges to consider, including:

• Incoming or outgoing domestic wire transfers: 60 CAD² each
• Interac e-Transfers: 1.50 CAD each² (capped at 50 transactions per month)
• Transfers to another DC Bank account holder: 9.99 CAD per transaction²

While online and mobile banking are free and advanced reporting is included, businesses with high transaction volumes may see costs reduce their monthly budgets.

An overview of Payper for business payments

Payper gives Canadian businesses a simpler way to manage payments without the typical complexities of banking. Instead of offering deposit accounts or full-service banking, Payper focuses solely on payment rails and technology that make it easier to move money in and out of your business. The platform is aimed at companies that want speed and flexibility, with a single system that handles different types of transactions.

Business account tools

By providing integration options and real-time dashboards to help track and manage payments, Payper equips businesses with tools designed to cut down on manual processes and provide better oversight of cash flow.

Payment network coverage

Payper connects with major networks such as Interac, EFT, ACH, Visa Direct, and Mastercard, giving businesses flexibility to move money in nearly any way they need. The platform is also built to deal with large volumes, so it's useful if your business has a high payment flow.

Pricing and fees

Payper doesn't disclose its fees publicly, and there's no published breakdown of setup costs, transaction charges, or ongoing fees. Instead, businesses need to contact Payper directly for a custom quote. While that can be helpful if you want pricing tailored to your industry, it also makes it harder to compare options or plan your budget in advance.

DC Bank vs Payper: A direct comparison for Canadian businesses

DC Bank and Payper both help Canadian companies manage payments, but their areas of focus differ. DC Bank offers business accounts alongside a wide range of payment features, making it feel more like a hybrid between a bank and a payment platform. Instead, Payper focuses solely on payment processing, with flexible tools and network coverage, but no deposit accounts.

DC Bank vs Payper business payment features

Which is more cost-effective? DC Bank vs Payper

Transaction and service fees

DC Bank charges per transaction on top of its monthly account cost. Wires are 60 CAD each² (incoming or outgoing), Interac e-Transfers are 1.50 CAD², and transfers to another DC Bank account holder cost 9.99 CAD². The fee schedule is transparent, but frequent transactions can add up quickly.

Payper, by contrast, doesn't share a public fee schedule. Instead, businesses have to reach out directly for a custom quote. That flexibility may appeal to some, but it also makes it harder to benchmark costs or know what you'll pay before signing up.

Setup and maintenance costs

DC Bank applies a flat 49.95 CAD monthly fee¹ per corporate account, which includes free access to online and mobile banking. However, the base charge is relatively high compared to standard business accounts.

Payper doesn't mention setup or maintenance costs online either. Pricing details only come during the sales process, so businesses won't know the ongoing cost of the service until they've spoken to a representative.

Cost considerations for DC Bank vs Payper

International payments: Where DC Bank and Payper fall short

Both providers are built to handle payments within Canada, but international transfers are not their strong point.

DC Bank relies heavily on wire transfers for international payments, which are slow and costly. Each wire costs 60 CAD², and foreign currency transfers are converted at TD's retail exchange rate, which includes a markup over the mid-market rate.

Payper focuses on domestic and North American payment networks such as Interac, EFT, ACH, and Visa Direct. Although those tools work well locally, the platform doesn't offer a clear international payments service, which may be a dealbreaker for businesses with global suppliers or customers.

For Canadian businesses, the main issues are speed, cost, and transparency. Wires can take several business days to arrive, exchange rates are marked up, and hidden fees make it hard to predict the total cost. Companies relying on Payper may find they need to add another provider to handle global payments, creating extra complexity and admin.

Wise Business: An international alternative

If your business has an international reach, Wise Business gives you a straightforward way to move money across borders without the usual delays or extra costs. Instead of relying on expensive wires or limited domestic networks, Wise lets you send and receive money in over 70 countries at the mid-market exchange rate.

Features include:

• Transparent pricing: Fees start from 0.48%³, shown upfront with no hidden charges.
• Multi-currency accounts: Hold and manage balances in over 40 currencies, including CAD and USD.
• Local account details: Get bank details like a US routing number, IBAN, or sort code to receive payments from customers or partners as if you were based locally.
• High transfer limits: Send up to 1.5 million CAD by wire or bill payment.
• Fast delivery: More than half of Wise transfers arrive in seconds, with nearly all delivered within one working day.
• Integrations: Connect with tools like Xero and QuickBooks for smoother reconciliation, and add team members with controlled access.

Wise can complement DC Bank or Payper by managing international payments, while you continue using them for local transactions. It can also replace them entirely if your business wants a single solution for both domestic and international transfers, with lower costs and greater transparency.

Conclusion

DC Bank combines a traditional corporate account with payment services, while Payper focuses on payment processing through modern networks. In this case, the differences are clear: DC Bank is transparent but could be expensive for smaller companies or those who are just getting started, while Payper is flexible but not upfront about its fees.

For any business, costs are one of the most crucial deciding factors. High monthly charges or unclear pricing can eat into margins quickly, so it's important to look beyond features and think about the long-term costs of each provider.

When it comes to international payments, neither DC Bank nor Payper offers a complete solution. Wise Business fills that gap by providing a multi-currency account with transparent pricing and faster transfers. The result is more freedom to handle international payments without paying extra or waiting days for funds to arrive.