As Foolish investors know, dividend-paying stocks outperform non-dividend-paying stocks over the long term, and some investors prefer to receive their dividends on a monthly basis. With both of these factors in mind, let’s take a look at three stocks with yields up to 7.2% to determine which would fit best in your portfolio.

1. Veresen Inc.: 7.2% yield

Veresen Inc. (TSX:VSN) is one of North America’s largest diversified energy infrastructure companies. It pays a monthly dividend of $0.0833 per share, or $1.00 per share annually, giving its stock a 7.2% yield at today’s levels. It is also worth noting that the company has maintained this annual rate since fiscal 2007, and its consistent generation of distributable cash could allow it to continue doing so for the next several years.

2. Extendicare Inc.: 5.8% yield

Extendicare Inc. (TSX:EXE) is one of the largest owners and operators of senior care centres in Canada. It pays a monthly dividend of $0.04 per share, or $0.48 per share annually, which gives its stock a 5.8% yield at current levels. Investors should also note that the company has maintained this monthly rate since May 2013, but its increased amount of adjusted funds from continuing operations could allow for an increase in the very near future.

3. Pembina Pipeline Corp.: 4.9% yield

Pembina Pipeline Corp. (TSX:PPL)(NYSE:PBA) is one of the leading transportation and service providers to North America’s energy industry. It pays a monthly dividend of $0.1525 per share, or $1.83 per share annually, giving its stock a 4.9% yield at today’s levels. The company has also increased its annual dividend payment for three consecutive years, and it is currently on pace for 2015 to mark the fourth consecutive year with an increase, and its consistent free cash flow generation could allow this streak to continue for another four years at least.

Could your portfolio use monthly income?

Veresen, Extendicare, and Pembina Pipeline are three of the most attractive monthly dividend-paying stocks in the market today. Foolish investors should take a closer look and strongly consider initiating positions in one of them.

Want three more of our top dividend stock picks?

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Fool contributor Joseph Solitro has no position in any stocks mentioned. Extendicare Inc. is a recommendation of Stock Advisor Canada.