July 28, 2022

Chase Payment Solutions Review

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Chase Payment Solutions offers flexible payment options and quick payouts. But is it ideal for your business? Read this in-depth review of their services.

Small business owners often struggle to accept credit card payments. It's even harder because of slow payouts, hidden fees, and poor security features.

That's where Chase Payment Solutions comes in. They offer many processing solutions to make card payments faster and easier.

In this review, find out Chase Payment options, their pros and cons, and more. Let's get started.

What is Chase Payment Solutions?

Chase Payment Solutions is the merchant services arm of Chase Bank. It was previously known as Chase Paymentech.

Over 4 million businesses use Chase merchant services, with over $1.4 trillion processed annually.

Most credit card transactions are done separately by a payment processor company and an acquiring bank. But Chase acts as both the processor and acquiring bank. This typically means faster service for the customer.

The solutions include POS systems, mobile payment options, eCommerce integrations, and more. Read more about it below.

Who Chase Payment Solutions is Best for

Chase is great for small to mid-sized businesses that want fast deposits for fair prices.

  • Chase business banking customers: Existing Chase Business Complete Banking users can get speedy, secure deposits within the same day.

  • Growing companies: Chase's multichannel processing systems make it ideal for businesses that are looking to scale their operations for an affordable price.

  • Mobile businesses: Individuals and small businesses on the go can take advantage of Chase's mobile card reader.

Chase Payment Solutions Features

The Chase Payment Solutions suite offers broad multi-channel payment processing. Here are some of their major services:

  • Mobile processing
  • Chase QuickAccept
  • POS terminals
  • Online processing
  • Virtual terminal
  • HIPAA-compliant payment options

Mobile Processing

The bank's mobile checkout options are best for outdoor sellers and professionals on the move.

Using a card reader and the Chase Mobile app, business owners can accept payment on the go from credit cards and e-wallets. Users can access the app via their mobile phone or tablet. And it's available on Apple or Android devices.

Chase QuickAccept

Chase QuickAccept is an exclusive feature that comes with the Chase Business Complete Banking account. You get same-day deposits free of charge when you take payments with the Chase QuickAccept reader.

This is a huge benefit for small business owners. With same-day funding, you don't need to wait around for funds to clear and can keep the stream of money flowing.

Using a mobile card reader and the Chase app, you can take card payments on the go. You can even take card details over the phone and key them in on your computer.

Chase Business Complete Banking gives you business checking and credit card processing all in one account. This is super-convenient for small businesses owners who don't want to open a separate merchant account.

POS Terminals

Chase also has hardware and software payment options for point-of-sale (POS) transactions.

They offer equipment like the Chase Smart Terminal. The hardware is a portable, standalone terminal that can take in-person payments. It's a great option for restaurant owners or retailers. And it even caters to ApplePay and GooglePay.

Online Processing

For online sellers, Chase uses authorize.net as the payment gateway. Chase integrates with popular platforms like Shopify, BigCommerce, Spreedly, FreshBooks, WooCommerce, and more.

Virtual Terminal

Chase also has a virtual terminal that lets you manually enter card payments via your computer or mobile phone. It's necessary if you take payments over the phone or don't have physical equipment.

A key advantage is that it only requires a device and internet connection to process the payment.

HIPAA-compliant payment options

Chase is also one of the few banks that provide HIPAA-compliant payment processing specifically for businesses in healthcare. It has online patient billings, automated payment collection, and secured online and mailed-in card payments with InstaMed.

Note: If you're not sure what service is right for you, Chase has a tool to help owners decide which payment solution is best for the business.

Chase Payment Solutions Pricing

Chase does not charge monthly fees. They also pledge no hidden fees and extra costs for their services.

Here are the base processing fees Chase listed on their website.

  • Tap, dip, and swipe: 2.6% + $0.10 per transaction[1]
  • Keyed in: 3.5% + $0.10 per transaction
  • Online: 2.9% + $0.25 per transaction[2]

It's unclear what other fees there are. So, it's recommended to get on the line with a Chase sales representative to negotiate and know the exact prices.

Larger businesses can also talk to Chase to negotiate lower processing rates.

Their hardware equipment has the following prices.

  • Chase Smart Terminal: $399[3]
  • Chase QuickAccept Mobile Card Reader: $49.95[4]

The Chase Smart Terminal and Chase QuickAccept are only available to Chase Business Complete Banking account holders. For individuals who want to use these services without an account, it's best to connect with a Chase rep.

Contract & Termination Fees

Chase offers month-to-month billing with no early termination fees. However, this is only if you buy terminals outright or use your pre-existing equipment. Sometimes Chase offers free terminals in exchange for a three-year contract.

For businesses with more complex needs or a custom agreement, like processing multiple currencies or over millions in sales, they would most likely have to opt for long-term contracts.

If you're a small business, chances are you won't be required to get a long-term contract.

Pros and Cons of Chase Payments Solutions

Here's a list of some pros and cons of Chase Payment Solutions.

Pros

  1. Solutions cater to multiple channels.
    Chase has payment solutions no matter where or how you conduct your business. It's great for businesses that sell in different ways.

  2. Same-day funding available.
    Most payment processing services take 1 to 2 days to deliver payments to your account. But for Chase Business Complete Banking customers, Chase QuickAccept offers same-day deposits to your checking account for no extra fees.

  3. No long-term contract.
    Small businesses won't typically encounter long-term contracts with Chase. But business owners can easily opt for a contract that has month-to-month billing. Also, no early termination fees.

  4. Services have anti-fraud protection.
    Chase provides small business owners with a safety meter that detects possible fraudulent transactions. Their services are also PCI-compliant. These tips from Chase let you know how to protect against credit card fraud.

Cons

  1. Pricing is not transparent.
    Chase only provides prices per transaction, but no details about possible extra fees that come with the service. There's no way to know unless you call a sales rep.

  2. Poor user reviews.
    Chase caters to 4 million small business owners. But not all of them are satisfied with the service. Chase's processing service has a BBB rating of A-. Many users complain of overcharged fees, poor customer service, and malfunctioning equipment and software.

  3. Some solutions are only available for Chase account holders.
    Some of Chase's best solutions are only available for business account holders. If you're not keen on opening a business checking account or already have an existing one, then this may not be the best option for you.

To recap: Chase has a competitive edge by having broad and flexible solutions. But small business owner reviews don't appear promising. Below, we talk about how Chase compares with other service providers.

Chase Payment Solutions Alternatives

But Chase isn't the only one offering payment processing services out there. See how its services compare with other competitors.

Chase vs Square
Square is a great alternative for indie sellers who want a quick and easy setup. You won't have to go through an approval process. You can start taking payments right away.

Square's pricing makes it an ideal choice for businesses with infrequent transactions. It's a good entry-level alternative. Plus, they offer one of the most robust mobile POS apps.

Chase vs PayPal
PayPal is active in 200 countries and can process 25 currencies, which makes it best for businesses that accept cross-border payments.

It has one of the best range of payment options out there. It accepts most major cards, e-wallets, and PayPal and Venmo payments online or in person.

Compared to other service providers, PayPal offers cheap in-person payments. You can take physical payments using the PayPal Zettle POS app. It's also easy and great for online sellers because it integrates with major e-commerce platforms.

Chase vs Clover
Clover is great for companies with physical locations that want a customizable payment solution. Though their equipment has a higher price point, they all fully integrate with Clover's POS system.

Like Chase, Clover requires its users to be approved for a merchant account. Since owners have to go through an approval process, it's best for established businesses like retailers and restaurants.

Bottom Line

Chase is best for small businesses that want to receive their money quickly and securely. It has a range of payment options, making it suitable for new business owners and established companies.

Its flexible payment processing systems make it ideal for businesses active on multiple platforms. Plus, if you're already a Chase business account holder, you get exclusive features like same-day deposits with Chase QuickAccept.

But if you don't want a merchant account to use credit card processing systems, it's a good idea to explore other options.

References

  1. ^ Chase. Additional Banking Services and Feess for Business Accounts, Retrieved 7/7/2022
  2. ^ Chase.Pricing for online card transactions, Retrieved 7/7/2022
  3. ^ Chase.Chase Smart Terminal, Retrieved 7/7/2022
  4. ^ Chase.Chase QuickAccept, Retrieved 7/7/2022
Chase Payment Solutions

Chase Payment Solutions

  • 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
  • Get 24/7 support, online or from a live U.S.-based Chase Payment Solutions agent.
  • 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
Square Reader: Free Mobile Credit Card Reader

Square Reader: Free Mobile Credit Card Reader

  • Pay 2.6% + 10¢ Per Swipe for Visa, Mastercard, Discover, and American Express
  • Accept Credit Cards Anywhere
  • Fast Setup, No Commitments
Payline

Free 1st Month of Processing

  • Interchange Plus Pricing
  • Next Day Funding
  • No Long Term Agreements
Helcim

Start Accepting Payments Fast

  • Interchange Plus Pricing
  • No Monthly Fees
  • No Contracts
National Processing

Start Processing Payments Today

  • Free Reprogram of Existing Equipment
  • Free Gateway Setup
  • Free Mobile Reader

Write to Sabrina Go at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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