Chase Merchant Services Review Chase Paymentech Reviews

Chase Merchant Services
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Chase Merchant Services – formerly known as Chase Paymentech – was established in 1997 as a joint venture between FDC and Chase. The company functions as Chase Bank’s credit card processing branch.

Chase Merchant Services, one of the largest credit card processors on the planet, provides payment processing services (more than $1 trillion every year) to a range of businesses. This includes multinational corporations and mom-and-pop storefronts.

Chase also offers ISO/MSPs and merchant aggregators the ability to resell its processing services.
 

Products & Services

 
Chase Merchant Services offer the following business banking products:

  • Chip-based Cards
  • Line of Credit
  • Business Credit Cards
  • Merchant Services
  • Business Debit Cards
  • Commercial Banking
  • Business Services
  • Business Checking
  • Payroll Solutions
  • Business Savings Account

Chase also provides customers with additional resources such as:

  • Proprietary Reporting Tools
  • Chase Mobile Checkout
  • 24/7/365 Help Desk Availability
  • Terminal Solutions
  • Integrated Software Solutions

 

Pricing

 
In the past, Chase made pricing for its flat-rate plan available to review online. Unfortunately, now in order to get pricing information you have to call the company.

If you are using a competing processing company, Chase will evaluate your recent statements and identify areas where they can help you save money. Once you’ve processed credit cards with Chase for one year, you can ask for a pricing review. This can be a boon if your business has grown during the year or you discover you are processing a higher volume of credit card transactions than you expected to when you selected your pricing plan.
 

Fees & Rates

 
Research found Chase offers small retail customers flat-rate pricing of 2.89 percent per transaction. On the one hand, this is a higher price point that similar plans offered by competing institutions. On the other hand, the flat-rate applies to all transactions, even keyed-in transactions for which most companies charge a higher fee.

Under this plan there are no additional fees. There is no monthly minimum processing requirement or long-term contract since services are provided on a month-to-month basis.
 

Interchange-Plus Rates

 
This pricing model is only available upon request.

Rates fluctuate but tend to be competitive. The rate you’re quoted will depend on multiple factors including average monthly sales volume, average ticket size, transaction type, and more.

Under this plan, you’ll pay a $9.95 monthly fee as well as a $25 monthly minimum fee (based on processing fees).

Similar to the flat-rate plan this contract is month-to-month and you can terminate your account without penalty at any time.
 

Features

 
Because Chase Merchant Services is a full-service credit card processor, you’ll receive your own merchant account to accept payments online and in person. Here are some of the processing solutions on offer.
 

Retail Credit Card Processing

 
Chase Merchant Services allows customers to use a credit card terminal or POS system to accept credit cards at a physical location. Or course Chase also offers EMV-compliant hardware like Verifone and Ingenico terminals, some with wireless and NFC-enabled options so you can accept payments while you’re on the go from customers using contactless cards. The same technology accepts payments from Apple Pay, Google Pay, and other mobile wallets
 

Mobile Credit Card Processing

 
You can accept credit card payments anywhere your business takes you using the Chase Mobile Checkout app on your iPhone, iPad, and Android phone or tablet. Here are some of the situations you will be prepared for:

  • Create your own product catalog
  • Process credit and debit card payments
  • Cue customers to tip and suggest an amount
  • Email and text receipts to your customers
  • Add the geolocation of each transaction to the receipt
  • Issue refunds and void transactions
  • Review and search past transactions
  • Add employees to your account and manage user access permissions

 

Online Credit Card Processing

 
Chase offers customers a selection of payment gateways like the in-house Orbital Gateway and partner gateways like Authorize.Net.
 

Virtual Terminal

 
Some businesses — healthcare, insurance, and the legal and financial industries come to mind — may choose to accept credit cards via computer. The Chase Online POS Terminal permits this and also lets users search their transaction history and access robust reporting tools.
 

Online Reporting

 
Chase Merchant Services’ Resource Online reporting tools put customers’ statements, transactions, and reports right at their fingertips. The Chase Mobile Checkout app offers similar functionality.
 

Additional Considerations

 
Customers with existing Chase business banking accounts may get perks like next-day business funding and lifetime reporting when switching to Chase Merchant Services for credit card processing.

Most of the online reviews from Chase customers give the company high marks for customer service but there are also a large amount of mixed reviews which stem from issues with rates as well as risk hold-backs of merchant funds. The former could be attributed to the 24/7/365 customer service availability or knowledgeable reps who can suggest the right solution for each business customer’s needs, while the latter could stem from a complicated contract structure that leaves merchants confused about what they are actually paying.

Chase customers can self-service by seeking answers online or they can work with a dedicated account representative.

There are also plenty of resources on the Chase website including how-to guides, FAQs and a blog for small business owners.
 

Key Takeaway

 
Now that you are armed with independent and objective information on Chase Merchant Services, you can better decide the best payment processing service for your particular needs. Given the lack of transparency in pricing as noted above, and the competitive nature of the industry, we would recommend getting quotes from the top rated payment processing companies on our site.

One review on “Chase Merchant Services”

  1. i cannot log into my Chase account. the instructions say that i can verify my id by email but i do not receive any opportunity to do that. the verification instructions on line include only text or telephone. why can’t i get an email verification?

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Recommended Processors

If you are a low risk merchant looking for a credit card processor, we recommend checking out ProMerchant. If you operate a high risk business or have been told by processors that your business is hard to place, we recommend checking out Flow Payments.

what to look for?

  • Waived Setup Fees

  • Month-to-Month Agreements

  • No Early Termination Fees

  • Transparent Pricing Structures

  • No Hidden Fees

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