Mi Property Portal now offers two payment processors—VoPay and Worldline (Bambora)—to cater to the diverse business needs of online rent collection in Canada. Each provider has some distinct features. Here’s a complete comparison based on the latest fee schedules and feature details, incorporating EFT and credit card payment processing.
EFT & Interac Payment Processing
| Feature | VoPay | Worldline (Bambora) |
|---|---|---|
| Monthly Platform Fee | $50 | $10 (global account) + $15 (each additional, if required) |
| Contract Terms | 12 months | No contract |
| Application Processing Fee | $50 (one-time, per bank account) | $50 (one-time, per bank account) |
| EFT Processing Fee | $0.50 (per transaction) | $0.50 (per transaction) |
| EFT Processing Time (Receiving) | 3 Business Days | 3 Business Days |
| EFT Processing Time (Paying Out) | 1 Business Day | 3 Business Days |
| EFT Submission Cut-off | 3 times a day | One time |
| Interac Email Transfer | Yes ($1.50/transaction) | No |
| Payment Status Update | Immediate | Every 4 hours |
| Backend System | Wallet-based | Transaction-based |
| Bank Statement Detail | Consolidated wallet transactions | Every transaction listed |
| Wallet vs Transactions | Few entries per period | All entries per transaction |
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Each application processing fee is once per bank account used for rent collection.
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The EFT fee is charged per transaction, for both incoming and outgoing transfers.
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VoPay pays out (sending rent proceeds to the owner’s account or vendor bill payments) in 1 business day, while Bambora requires three business days for payouts.
Note on Bambora Global vs Additional Accounts:
- Global Account: All rent collections for all properties are deposited into a single bank account, with a monthly fee of $10.
- Additional Account: Needed if you want to collect rent for one or more properties in separate bank accounts. Each additional account incurs a $15 monthly fee.
Credit Card Payment (Worldline/Bambora Only)
Worldline (Bambora) offers an optional credit card payment service for rent collection only (no payouts). VoPay does not provide credit card payment processing; a separate setup is required, and no contract is needed.
| Feature | Bambora (Credit Card Collection) |
|---|---|
| Setup Fee | $49 (one-time, separate application) |
| Monthly Fee | $0 |
| Transaction Fee | 2.75% + $0.20 per transaction |
| Contract Terms | No contract |
| Availability | Rent collection only (no payouts) |
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Credit card service is for collecting rent payments from tenants; funds flow only into your account and cannot be paid out via credit card.
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Requires a separate merchant account application, with fees charged as listed above.
Processor Feature Summary Table
| Feature | VoPay | Bambora: EFT | Bambora: Credit Card |
|---|---|---|---|
| Platform Fee | $50/month | $10 (global account) + $15 (each additional, if required) | $0/month |
| Contract | 12 months | No contract | No contract |
| Application Fee(one-time) | $50/receiving account | $50/receiving account | $49 (receiving account)* |
| Per Transaction Fee | $0.50 (EFT, each direction) | $0.50 (EFT, each direction) | 2.75% + $0.20 (collection only) |
| Processing Time (In) | 3 business days | 3 business days | 2-3 business days |
| Processing Time (Out) | 1 business day | 3 business days | No payout |
| Interac Email Transfer | Yes ($1.50/transaction) | No | N/A |
| Status Update | Immediate | Every 4 hours | Immediate |
| Statement Detail | Wallet-based (fewer entries) | Transaction-based | Transaction-based |
| Credit Card Feature | Not offered | Not offered | Yes (collection only) |
*Credit card setup and processing fees are separate from EFT/Interac services.
Choosing the Right Processor
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VoPay: Use for fast outgoing EFTs, fewer bank statement entries, or if Interac e-Transfer is needed.
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Bambora (EFT): Lower monthly fee, direct transaction statement, but slower payouts.
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Bambora (Credit Card): Use if you want tenants to pay rent by credit card; only supports incoming funds, with easy setup and no monthly/contract commitment.
This ensures property managers and landlords using Mi Property Portal have clear, transparent choices for collecting rent online in Canada, based on transaction frequency, payout speed, accounting preferences, and payment method flexibility.