Chase Payment Solutions℠ Review

Pros

• Large direct processor
• No monthly fee with a standard account
• Affordable processing hardware
• Month-to-month billing
• Interchange-plus pricing available upon request

Cons

• eCommerce features carry an additional monthly fee
• “Free” credit card terminal may require a long-term contract
• Chase Business bank account required for certain features, like next-day funding

What Is Chase Payment Solutions?

Chase Payment Solutions℠  is the merchant services subsidiary of mammoth JPMorgan Chase Bank. The company, formerly known first as Chase Paymentech and then Chase Merchant Services, is one of the largest processors in the United States, processing over $1 trillion annually.

As you might guess, it functions as an acquiring bank, able to establish merchant relationships and process transactions. This type of business entity is also known as a direct processor, as you won’t have to deal with any middlemen when using your merchant account. This can be advantageous if you’re the type who likes to negotiate your rates.

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Products & Services

Chase doesn’t offer quite the swath of features that payment platforms Square and Stripe do, but it can offer the perks that come along with being an enormous bank and one of the largest payment processors. The company also offers several ancillary services, such as online reporting, gift card programs, and bank-to-bank transfers.

Chase Credit Card Processing Fees & Rates

Chase Payment Solutions offers flat-rate pricing for small business owners, but custom pricing is also available for high-volume businesses.

Pricing Overview

Note that merchants are also able to accept payments without purchasing any equipment, using Tap to Pay on iPhone, which carries no additional charge.

Monthly Plans

Custom Pricing

For larger businesses, the company offers a traditional interchange-plus pricing plan that you’ll have to negotiate on an individual basis. While your agent should explain any account fees when setting up your account, we highly recommend that you read your contract thoroughly before signing up to confirm this information.

Note that if you buy your terminals outright from Chase or use your preexisting equipment, your contract should include month-to-month billing and no early termination fee (ETF). However, accepting a “free” terminal with your account will usually require you to also accept a traditional three-year contract that includes an ETF.

Sales & Advertising Transparency

Chase Payment Solutions might be one of the more transparent direct processors, but that doesn’t mean there isn’t room for improvement. Most of the information you need is available on Chase’s website — it’s just not all in one place, nor is it conveniently laid out. This is a self-inflicted wound because Chase doesn’t have too much to hide when it comes to pricing.

Chase Payment Solutions uses a combination of in-house sales staff and independent sales agents. As you might expect, the use of independent agents has generated a few complaints. Merchants allege that they weren’t adequately informed of the terms of their contract before they agreed to sign up. Because the company uses both month-to-month billing and long-term contracts, it’s imperative that you review your agreement thoroughly before signing anything.

While the number of complaints regarding this issue is quite small in comparison to the overall number of merchants using Chase, you’ll still want to protect yourself from the possibility of working with a dishonest sales agent by reading your contract yourself.

Contract Length & Early Termination Fee

Chase Payment Solutions generally does not impose an early termination fee (ETF) or a long-term contract for new merchants who sign up under the standard flat-rate or interchange-plus pricing plans. Be aware that in some cases, Chase might require an early termination fee in your contract in exchange for a specific benefit — usually a “free” credit card terminal.

Keep in mind, however, that if you negotiate lower-than-normal interchange-plus pricing rates, part of the deal could possibly include a long-term contract, in which case you could indeed be dealing with an early termination fee. Make sure to read your contract carefully if you go this route.

Customer Service & Technical Support

When you deal with a company as large as Chase, you probably won’t get the same level of support you would from a small-time processor, at least not at the entry-level. That said, you will have a variety of contact options, and you should have an easier time resolving account issues since you’re dealing with a direct processor.

Chase Payment Solutions Reviews & Complaints

Negative Reviews & Complaints

Chase Payment Solutions (still listed as Chase Paymentech on the Better Business Bureau website) now redirects to JPMorgan Chase & Co. Unfortunately, that means you’ll have to sift through thousands of user reviews about the bank to try to find ones specific to Chase Payment Solutions. JPMorgan Chase & Co. is unaccredited and has an A+ rating.

Common issues raised by merchant services-related complaints include the following:

Positive Reviews & Testimonials

There used to be four video testimonials on the Customer Stories page of the company’s old Chase Paymentech website, but they haven’t found their way over to the new site. While you can probably track them down on Chase’s YouTube channel, be aware that this channel is for JP Morgan Chase & Co. and contains dozens, if not hundreds, of videos.

We’ve also found a few positive reviews of Chase Payment Solutions scattered around the internet. High points for Chase Payment Solutions include:

• Comparatively low rates
• Fast access to funds
• Great for scaling businesses

Final Verdict On Chase Payment Solutions

Overall, we’re quite pleased with Chase Payment Solutions℠. While it won’t be the ideal service for many businesses, the company does offer an impressive amount of breadth. From its ability to accommodate industries with high-security requirements to very small businesses with its new QuickAccept program, Chase Payment Solutions can offer something to most non-high-risk companies.

It’s rare to see such a large, direct payment processor make overtures to new small businesses. Even though it doesn’t offer as expansive services, Chase manages to undercut the flat-rate processing fees of competitors like Square and Stripe, and offers the expected conveniences that come with being a bank customer for those who wish to bank with Chase.

Overall, we’re comfortable recommending Chase Payment Solutions to most small businesses. Still, it’s never a bad idea to compare your options to our picks for the best credit card processing companies.

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