Chase Merchant Services, formerly known as Chase Paymentech, is the credit card processing branch of Chase Bank. It's been providing payment processing services since 1985 and is one of the largest credit card processors in the world, processing more than $1 trillion annually. It works with businesses of all sizes, from international corporations to mom-and-pop shops, across many industries, including retail, restaurant and professional services. It also resells its processing services through ISO/MSPs and merchant aggregators.
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Pricing and Terms
This processor used to post pricing for its flat-rate plan online, but you now must call the company for all pricing information. If you currently process with another company, Chase will review your recent statements to see where it can save you money. After you process credit cards with Chase for a year, you can request a pricing review, which may be helpful if your business has grown or if you find that you're accepting a higher volume of credit card payments than you anticipated when you signed up for the service.
For small retail customers, Chase Merchant Services offers flat-rate pricing of 2.89 percent per transaction. Although this is higher than some of the flat-rate plans from its competitors, this rate applies to transactions made using all card types and brands, and even the occasional keyed-in transaction, which other processors charge a higher rate for.
There are no fees with this plan. There's no monthly fee or monthly minimum processing requirement. There's no long-term contract either, as Chase provides its services on a month-to-month basis. If you need to purchase a credit card terminal, you receive a discounted price of $125 with this plan for an EMV- and NFC-compliant unit that accepts magnetic stripe, chip and contactless cards
This pricing model is available upon request. The rate we were quoted when we called, posing as a small retail business, is 0.25 percent plus 10 cents above interchange, which is a competitive rate. The rate you receive may differ, depending on your average monthly sales volume and average ticket size, among other factors.
With this plan, you pay a $9.95 monthly fee, and there's a $25 monthly minimum based on processing fees. This means that if the percentage and per-transaction fee you pay on your processed sales don't equal $25 or more each month, Chase charges you the difference between the $25 minimum and the amount of processing fees you generated. Like the flat-rate plan, the contract is month-to-month, so you can close your account at any time without penalty. If you need to purchase a credit card terminal, you'll pay more with this plan, as you don't receive the discount. The same EMV/NFC unit costs $200 with this plan.
This full-service credit card processor sets you up with your own merchant account, and with it you can accept payments online and in person, either at a physical location or on the go. Here are some of the processing solutions Chase Merchant Services offers.
Retail Credit Card Processing
You can accept credit cards at a physical location using a credit card terminal or POS system. Chase Merchant Services offers multiple EMV-compliant hardware options, such as Verifone and Ingenico terminals, including a wireless option and an NFC-enabled option, so you can accept contactless cards and mobile wallets like Google Pay and Apple Pay. It also offers an EMV-compliant mobile credit card reader that connects to your Apple or Android phone or tablet via Bluetooth. You can purchase or rent processing equipment from Chase, but it doesn't post the prices online.
Mobile Credit Card Processing
Using the Chase Mobile Checkout app, you can accept credit card payments on the go. It works on iPhones, iPads, and Android phones and tablets. Here are some of the things you can do with it:
- Create a product catalog
- Accept credit and debit card payments
- Prompt customers for tips with suggested amounts
- Email and text receipts
- Print the geolocation of transactions on receipts
- Issue refunds and void transactions
- Search transactions
- Add employees to your account and manage user access permissions
Online Credit Card Processing
Chase Merchant Services offers you a choice of payment gateways. You can use its Orbital Gateway or a partner gateway such as Authorize.Net.
Professional offices that prefer to accept credit cards using a computer, such as those in the healthcare, legal and financial industries, can use the Chase Online POS Terminal. In addition to accepting payments, you can use it to search your transaction history and access reporting tools.
Using Chase's Resource Online reporting tools, you can see your statements, review your transactions, manage chargebacks and run reports. You can also find this information in the Chase Mobile Checkout app.
If you already use Chase's business banking services, you receive some perks when you use Chase Merchant Services as your credit card processor, such as next-day business funding and lifetime reporting.
Chase provides good customer support, with reps who are prompt to respond and share their knowledge about credit card processing. You work with a dedicated account rep, and 24/7/365 customer service is available. In case you prefer to find answers to your questions online, Chase's online resources include how-to guides, FAQs and a blog with articles for small business owners.
Chase Merchant Services' website is lacking. It doesn't post any of its rates, fees or terms online, and the company hasn't completely migrated from older websites or updated all of its content. As you browse, it redirects you to JPMorganChase.com and ChasePaymentech.com URLs, which is confusing.
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