Chase Payment Solutions (previously Chase Merchant Services) is a simple and secure payment processor that offers 24/7 customer service access and fraud protection. Processing over $1 trillion annually, it is one of the largest payment processors in the US. Chase offers processing payments as low as 2.6% plus 10 cents per transaction. This makes it a great option for businesses looking for an affordable credit card processing solution.
Monthly fee : Chase Payment Solutions’ standard account does not come with monthly fees or the need to commit to a long-term contract. Additionally, there is no early termination fee. The standard account is perfect for most small business owners.
However, you may need to pay a monthly fee if your business needs Level II or Level III processing. This type of processing may be necessary if your business makes a lot of B2B transactions—both Levels II and III help large corporations keep better track of spending by collecting more data. The data can then be used to get better interchange rates for transactions.
However, keep in mind that not all companies are eligible for Level II and III processing.
Per swipe fee :
Per-swipe fees vary depending on the type of transaction.
Chase Payment Solutions doesn’t charge a set-up fee.
Chase Payment Solutions doesn’t charge cancellation or early termination fees.
PCI compliance fee:
Chase Payment Solutions doesn’t charge any PCI compliance fees.
Best for: Small businesses looking for a direct payment processor with fast deposits and a range of point-of-sale (POS) systems.
Chase offers smart terminals, countertop/mobile terminals, and mobile card readers.
Chase also offers a range of POS solutions
You can also opt to integrate another business’s point-of-sale software with your Chase Payment Solution system, so you can choose a POS system that suits your company’s specific needs. You can also integrate Chase Payment Solutions into your e-commerce platform as it works with many major e-commerce platforms including Shopify, BigCommerce, WooCommerce, and Spreedly.
Chase offers multi-channel payment processing as it works with virtual terminals, in-person POS systems, and e-commerce sites. Those with Chase business accounts can take advantage of next-day or same-day fund access and Quick Accept, Chase’s new mobile payment app.
As a global banking institution, Chase accepts international payments, allowing your business to work with foreign currencies and companies. As mentioned, it also offers Level II and III processing for large corporations involved with major B2B transactions.
For the standard account, you won’t need to pay any set-up fees, monthly fees, or PCI compliance fees. The only instance where you’ll need to pay a monthly fee is if you opt for Level II or III processing. Swipe fees are billed monthly and vary according to transaction type:
You may also need to pay for your terminal/POS system. Mobile terminals are available for $399, countertop terminals for $299, and mobile card readers for $49.95.
Unfortunately, you can’t apply for Chase Payment Solutions directly through the company’s website. You can send a general inquiry through the site, and then a sales representative will contact you to get started. While this can be a bit of a hassle, speaking with a sales rep will ensure you choose the right payment processing system. Additionally, rates can sometimes be negotiated when speaking with a rep.
Chase doesn’t charge monthly fees or long-term contract fees. However, fees may be applied to:
These businesses can’t opt out of long-term contracts. Rather, additional terms and conditions apply, and in some cases, early termination fees are required.
Founded in 2004, Chase Payment Solutions is the subsidiary merchant service of JPMorgan Chase Bank. In 2008, Chase acquired Paymentech Inc. The acquisition made Chase Payment Solutions both the acquiring bank and processor in transactions. Often referred to as a direct processor, Chase Payment Solutions doesn’t need to connect with an acquiring bank during a transaction. This is because the acquiring bank and payment processing system are the same.
Chase Payment Solutions offers 24/7 customer support via phone. For technical troubles, contact the Advanced Product Support group at 1-800-254-9556. Those who need general support or have questions about fees should contact Chase Merchant Services at 1-888-886-8869.
Additionally, Chase has an online Merchant Support center complete with frequently asked questions and educational materials. We recommend using this as your first stop if you encounter a technical issue—as you may be able to resolve the problem yourself without having to contact support.
Chase Payment Solutions is an excellent option for businesses looking for a simple way to make fast transactions. It offers multi-payment processing, which allows your business to choose from virtual terminals, in-person POS systems, and e-commerce payment systems.
Chase Payment Solutions holds a unique advantage over other payment processors in that it’s a two-in-one payment processor and acquiring bank. This allows for faster and more secure transactions—as Chase does not need to work with another bank to process transactions.