What Is Chase Pay & How Does It Work?
The Chase Pay app is a digital wallet developed by Chase Bank. Instead of having to take out your wallet, find your credit card, swipe, and wait, a digital wallet like Chase Pay works by scanning a QR code on a smartphone or with a tap using near-field communication (NFC) technology at a credit card terminal.
Through this post, we are going to explore why accepting digital wallet payments can be a good move for business owners and why the digital wallet offered by Chase Pay is a great option for customers and merchants alike.
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The Evolving World Of Digital Wallets
It is no secret that the world of payment processing is evolving quickly. Non-cash payments are becoming commonplace, but that doesn’t mean that we’re diving into a cashless system quite yet. The reality is that half of payments made are still paper-based or manual, according to JPMorgan Chase. Despite their continued use, these manual types of processing transactions represent a more expensive way to do business, cost more working capital from businesses, and take more time to settle the payment between the seller and buyer.
In other words, digital wallets can be a cost-saving option. However, with any new technology, it takes time for users to adapt. Businesses must figure out what will work best for them and consumers are often set in their ways, so all of this momentum to digital wallets will take a few years to build. Currently, most people are exploring their options, but the digital wallet trend is on the rise.
Chase Pay provides new opportunities to settle things faster electronically (and less expensively) and it can also make life easier for the people who use it, offering faster ordering and pick-up times, a quicker check-out process, and built-in reward and discount programs.
Read on to find out more about Chase Pay and how it can help you improve engagement and offer a better incentive for customers.
Chase Pay For Customers
Chase Pay offers digital wallet and online payment options. Through the Chase Pay app, customers can pay with only their phone by tapping (if linked to Samsung Pay) or scanning a QR code.
You can combine all your Chase-eligible cards, wallets, loyalty programs, and rewards so you can apply what you need quickly at checkout. No more fumbling for the loyalty card on your keychain while also digging your card out of your wallet. Not only that, Chase often runs promotional deals to encourage first-time users to shop in more places.
To sweeten the deal even more in this competitive digital wallet space, Chase Pay also recently introduced Chase Offers. Once you are in your app, you will see any offers available to you and can click on an offer to activate it. The offer appears as a statement credit after 7-14 business days. You don’t need to register, use any vouchers, or apply any codes. Once you activate an offer you like, it is applied whenever you make a purchase with Chase Pay.
These offers are not the same as (and don’t replace) your rewards. You continue to earn any rewards on your purchases through Ultimate Rewards points, your miles, or any other reward program you’re enrolled in.
Where To Shop With Chase Pay
The selection of shops, big-box stores, and restaurants that accept Chase Pay is somewhat limited at this point. However, there is still a decent list of merchants that accept Chase Pay, including big names like Starbucks, Shell gas stations, and Walmart. Within the app, you can also search for places near you that accept Chase Pay, so you will likely never have a shortage of shopping options.
Samsung Pay + Chase Pay:
Since your Samsung Pay account can be linked with your Chase Pay account, this option opens up literally millions of shopping options for you (Samsung Pay has a much larger footprint). Linking these accounts also makes life easier because you can check-out with a tap rather than a QR scan.
Chase Pay For Business Owners
It’s important to note that Chase Pay doesn’t work when it comes to purchasing with your business accounts or under your business profile. But it may be worth your while to consider setting up Chase Pay to process in-store or online orders for your customers! Now, more than ever, customers are making more inquiries into the types of payments accepted.
According to a recent Forrester estimate, mobile payment transactions continue to skyrocket and will triple to $282.9 billion in only a few short years. That means that the expectations from customers are only going to get stronger when it comes to check-out options. It is also important to make sure you are giving your customers a choice when it comes to cashless payments.
Most of your customers don’t have just one line of credit, so why limit the way they can pay you? Offering several types of payments options, including Chase Pay, for both in-store and online shopping can make things easier and more accessible for your customers.
Engage More Customers
Retailers are spending increasingly more time vying for customer loyalty and seeking engagement ROI through mobile, cashless payment. Here at Merchant Maverick, we like Chase Pay because it can provide some extra exposure for your business while giving customers more incentive to buy.
Depending on your industry, you may be able to take advantage of partnerships Chase has formed. For the food industry, for example, Chase has partnerships with LevelUp® and TouchBistro® for order-ahead, loyalty programs, and additional special offers to apply for your customers.
Grocery and retail stores can let their customers take advantage of contactless or QR payment options. Setting Chase Pay up at your store shouldn’t be a hassle, because it likely works with your existing terminal. If your current credit card terminal accepts chip cards (EMV) the odds are good it’s also configured to accept NFC/contactless payments.
All of these options let you give your customers more convenience through pre-ordering or faster checkout. People are driven by convenience and saving time, and customer expectations are only going to increase these next few years.
Getting Started With Chase Pay
Ready to check out the Chase Pay app for yourself? Head to the Apple or Google Play app store and download the app. You’ll need to log in with your Chase account username and password. If you have more than one card through Chase, you’ll also be able to select your default payment card. You will also be able to select the card you want to use when it is time to pay.
If you want to explore more payment processing options for your business, check out our post, Payment Processing Companies and Services for Small Business.