Chase Payment Solutions Review (Credit Card Processing)

Contents

1 In A Nutshell
2 Chase Payment Solutions Features
3 Chase Payment Solutions Fees & Rates
4 Credit Card Processor Alternatives
- 4.1 Stripe
- 4.2 Square
5 Bottom Line

Chase Payment Solutions (formerly Chase Merchant Services) is the credit card processing arm of Chase Bank. Since 1985, the company has grown to become one of the largest credit card processors globally. They handle more than $1 trillion in transactions every year.

Chase works with merchants of all shapes and sizes, from retail to restaurant and professional services, from mom-and-pop shops to international corporations.

Chase Payment Solutions is an economical merchant service solution for many businesses, with processing charges as low as 2.6% + 10 cents per transaction. It is especially suitable for businesses using Chase Business Checking, where funds can be received faster.

Learn more about Chase Payment Solutions…

In A Nutshell

You can choose a month-to-month contract with published pricing and no Early Termination Fee. Or, negotiate for Interchange Plus pricing if you’re high volume.

Features & Fees	Details
Processing Solutions	Retail, online & mobile
Pricing Types	Tiered, Interchange Plus (by request)
Retail Fees	2.6% rate +10¢ per tap, dip and swiped transaction. 2.90% + 25¢ per ecommerce transaction. 3.5% rate +10¢ per keyed transaction
Monthly Fees	None
Early Termination Fee	None (month-to-month contract)

Advertised Features:

Never miss a sale with powerful new ways to accept credit cards, anytime, anywhere. Accept payments multiple ways – in person, online, or over the phone
Fast funding at no additional cost. Get deposits as soon as the same day¹
Enjoy fair and transparent pricing with no hidden or monthly fees. 2.6% rate +10¢ per tap, dip and swiped transaction. 2.90% + 25¢ per ecommerce transaction. 3.5% rate +10¢ per keyed transaction²
Support when you need it – Chase Payment Solutions representatives are available 24/7/365
Trusted security – As technology advances, our industry-leading systems help keep your payments safe
Accept cards in person – Take payments quickly with our easy to use point-of-sale devices and mobile app³
Accept cards online or over the phone – Choose from pre-built payment integrations with leading eCommerce platforms, virtual terminal and a payment gateway
Over 4 million businesses of all types and sizes trust financial solutions from Chase⁴

Learn more about Chase Payment Solutions…

Chase Payment Solutions Features

Chase Payment Solutions is a full-service direct processor. This means the company will manage your merchant account as well as process your transactions. Should any problems come up, like account freezes and chargebacks, you only have to call one company instead of two.

Chase Payment Solutions provides you with:

24/7/365 Chase customer support
Next-business-day funding with a Chase business checking account (click link for promotions)
No monthly or hidden fees and no long-term contracts

In Person Payments

For accepting in person payments, Chase Payment Solutions works with all of the following solutions:

Countertop Terminals:
- Mobile Wallet Ready – Compatible with Apple Pay^®, Google Pay^™, Samsung Pay and other popular mobile wallets.
- Accepts all Major Cards – Accept all major EMV credit, signature and PIN debit transactions.
- Protect your Payments – Built in security to protect your customers and your business from fraud.
Pay at the Table Terminals:
- Wireless Connectivity – Wifi, Bluetooth and 3G connection so you can process payments away from the counter.
- Accept all Major Cards – Accept all major EMV credit, signature and PIN debit transactions and popular mobile wallets.
- Extended Battery Life – Extended battery life with a lightweight and compact design, perfect for inside and outdoor use.
On the Go Solutions:
- Payments on your terms – All you need is our card reader, Chase Mobile Checkout app and your compatible mobile device.
- Accept all Major Cards – Accept all major EMV credit, and signature debit transactions.
- Reporting on the Go – Access your reports on the go too, with customizable dashboards in our Chase Mobile Checkout app.
Online Points of Sale Solutions:
- No Terminal, No Problem – Accept card payments through your desktop or your laptop computer and a compatible pin pad.
- Accept all Major Cards – Accept all major EMV credit, signature and PIN debit transactions and popular mobile wallets.
- Easy and Secure – Get started without complicated set-up and process payments safely and securely.

Online Or Over the Phone Payments

For accepting online or over the phone payments, Chase Payment Solutions integrates with the following solutions:

Virtual Terminal Solutions:
- No Equipment Necessary – All you need is a computer to get started. Manually enter card information through our secure web portal.
- Accept all Major Cards – Securely accept all major credit and debit card transactions with printed or digital receipts for your customers.
- Payment and Report Management – Manage refunds, transactions and generate reports all through your computer.
E-Commerce Solutions:
- Versatile Gateway Options – Whether through our proprietary Orbital Gateway, Authorize.net or one of our many other gateway partners, we have flexible processing options for your business.
- Accept all Major Cards – Securely accept all major credit and debit card transactions.
- Protect your Payments – Built in security to protect your customers and your business from fraud.

Other Features

With the ability to process transactions globally, Chase supports payments in more than 120 currencies internationally. The bank also offers ancillary services, like online reporting, gift card programs, and eCheck (ACH) processing.

If you’re a Chase business banking customer, you can also take advantage of loyalty perks, including next-day business funding and lifetime reporting.

Chase Payment Solutions Fees & Rates

2.6% discount rate and 10¢ per tap, dip or swiped transaction
3.5% discount rate and 10¢ per keyed transaction
2.90% + 25¢ per ecommerce transaction

Chase offers both tiered and interchange-plus pricing. The latter is the more transparent option because it lets you view processing charges on every bill. On the other hand, tiered pricing is a lot easier to understand, but far less transparent and more expensive.

The tiered rates above apply to businesses who qualify for their month-to-month plan, which has no monthly fees or long-term contracts. Generally, if your business is high volume, you’ll want to negotiate interchange-plus pricing with Chase.

If you are currently using another processor, Chase will go over your recent statements to determine where it can save you some dough. After using Chase Payment Solutions for a year, you can request a pricing review. This is helpful if your business has grown, or if you’re processing a larger amount of credit card transactions than you initially estimated.

Credit Card Processor Alternatives

Before signing on the dotted line, you should compare Chase Payment Solutions against other available options. Let’s see how Chase performs against a few leading processors below.

Stripe

One of the best online credit card processors, Stripe is ideal for startups and mid-sized businesses. When your company grows and begins to process large volumes, then you might want to explore switching over to Chase Payment Solutions for the added security and infrastructure the bank offers.

Stripe has low overhead costs, so it doesn’t charge any monthly or annual fees. Plus, it has no monthly minimum. The service comes with a free and powerful API that lets you build a custom checkout experience into your website, without charging any additional fees.

In a nutshell – Online only, no monthly fees, 2.9% + $0.30 per transaction.

Square

Although it’s designed for small businesses, Square also has the capacity to serve mid- to large-sized enterprises. The credit card processor has a fully transparent pricing plan, as follows:

Transaction	Fees
Retail	2.75% each swiped transaction 3.5% + 15¢ each keyed in transaction
Online/eCommerce	2.9% + 30¢ each transaction

Because you know exactly what Square charges, you’ll be able to more accurately estimate your costs month-to-month. Also, Square does not charge any monthly fees nor does it have any minimums, letting small start-ups process transactions at a lower cost. Larger businesses, however, might find Chase Payment Solutions’ volume discounts more attractive.

In a nutshell – Great for small businesses, no monthly fees, no minimums, 2.75% per swiped transaction. See our full Chase Payment Solutions Vs. Square article here.

Bottom Line

Chase Payment Solutions is an excellent choice for medium to large businesses that need a processor which can handle large transaction volumes.

For lower volume small- to mid-sized business, Chase Payment Solutions charges quite similarly to popular processors like Stripe or Square. Businesses typically consider these two alternatives for the simplicity when starting a business.

You’ll have to consider whether your customer base tends to be mostly credit card users, or if it’s more of a debit & credit card mix. I agree with the simplicity factor processors like Square and Stripe offer for new businesses. But, I tend to lean towards Chase Payment Solutions for their ability to be competitive for new businesses, as well as being able to scale for growth.

Customers seem decently satisfied with the bank’s service, and its overall reputation is well above par.

Learn more about Chase Payment Solutions…

*Be sure to take a look at the banking promotions from Chase as well.

Disclosures:

¹Payments processed, approved, and completed by 5:00 PM Pacific Time (PT) / 8 PM Eastern Time (ET) are eligible for same-day deposits, 6 days a week, excluding Saturdays. In addition, all QuickAccept deposits are subject to the QuickAccept Terms of Service. Payments held for risk, fraud, or other review may not be eligible for same-day deposits. Payments processed, approved and completed by 5:00 PM PT / 8:00 PM ET, Sunday through Friday (including holidays), will be deposited into the business owner’s Chase business checking account that night. All payments processed, approved and completed by 5:00 PM PT / 8:00 PM ET on Saturdays will be deposited into the business owner’s Chase business checking account Sunday morning by 7:30 AM ET. There is no additional cost for same-day deposits, but standard rates and fees will apply for business checking and payment processing. Customers qualify for same-day deposits upon sign-up and depositing into a Chase business checking account. Same-day deposits are available in the U.S. only. Additional exclusions may apply.

²Rate Information: Mastercard, Visa, American Express, Discover, and Chase Transactions involving physical Credit and Signature Debit cards will be assessed 2.6% discount rate and $0.10 per tap, dip or swiped transaction, and 3.5% discount rate and $0.10 per keyed transaction. PIN Debit, EBT Transactions and E-commerce transactions are excluded. Not all businesses may qualify, talk to a payment specialist for more details.

³Chase Mobile® app is available for select mobile devices. Enroll in Chase OnlineSM or on the Chase Mobile app. Message and data rates may apply.

⁴https://reports.jpmorganchase.com/investor-relations/2020/ar-ceo-letter-gordon-smith.htm

“Chase,” “JPMorgan,” “JPMorgan Chase,” the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.

JPMorgan Chase Bank, N.A. Member FDIC

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