Chase Payment Solutions – Review

Chase Payment Solutions (formerly Chase Paymentech and Chase Merchant Services) is a full-service payment processing vertical for Chase Bank business customers large and small.

With an array of different products and solutions — mobile debit and credit card processing, support for terminal-based transactions, and e-commerce solutions — and no long-term contract required, it’s appropriate for virtually every type of customer-facing business user.

To be sure, Chase Payment Solutions isn’t the only payment processing provider around. Its competitors include Square, Payment Depot, Authorize.net, and PayPal.

But it’s the clear choice for Chase Bank customers, and it offers enough value to entice small-business customers who don’t currently bank with Chase to give the institution’s small-business checking accounts and financing products a closer look.

If you’re in the market for a better payment processing and merchant services solution, you owe it to your business to learn what Chase Payment Solutions has in store.

Chase Payment Solutions: Products and Services

Chase Payment Solutions has an impressive array of products and solutions for Chase Bank business customers.

These products and solutions support e-commerce transactions, mobile payments, and traditional terminal-based purchases. Several external integrations and a robust support platform add even more value for Chase merchant account customers.

Chase enrolls most Merchant Services clients in month-to-month contracts that can be canceled without penalty.

From time to time, Chase may offer sign-up deals that include free payment processing equipment. These deals generally require a 24-month commitment, set forth in an official contract, although contract terms are subject to change with specific deals and over time.

Chase QuickAccept

Chase QuickAccept is the most seamless payment processing solution offered by Chase Payment Solutions.

Housed within the Chase mobile app and linked to the merchant’s Chase Business Complete Banking account, it’s built to enable credit and debit card acceptance from virtually anywhere via manual card number entry or mobile card reader processing.

QuickAccept, like all Chase Payment Solutions solutions, accepts major credit cards: Mastercard, Visa, American Express, and Discover.

QuickAccept costs nothing for Chase Business Complete Banking customers to set up.

Chase Business Complete Checking — the company’s Complete Banking vertical’s checking account — has a $15 monthly maintenance fee, but it’s easy to waive by making qualifying credit card transactions or meeting a required minimum daily balance.

Plus, for a limited time, Chase Business Complete Checking® has an attractive offer for new accountholders: a $300 bonus when you open your account with qualifying activities.

QuickAccept is the only Chase Payment Solutions solution with transparent, non-customized pricing and no monthly contracts:

• 2.6% + $0.10 for tap, dip, and swipe transactions with a QuickAccept contactless mobile card reader
• 3.5% + $0.10 for manual transactions (keyed transactions) through the Chase Mobile app

Chase Mobile Checkout

Chase Mobile Checkout is a standalone mobile payment processing app for businesses that need to process high volumes of mobile gift card, debit, and credit card payments, like food trucks and farmers market vendors.

Notable capabilities include:

• Built-in tip functionality — ideal for food-service businesses
• Subaccounts that allow multiple employees to accept payments from a mobile device
• Next-day funding for rapid payouts — some competitors take several business days to process payouts via ACH

Chase Mobile Checkout requires no external payment processing hardware. Transaction pricing starts at 2.9% + $0.25 but may be lower for higher-volume merchants. Accounts are governed by month-to-month contracts.

Standalone Payment Processing Terminal

This solution is ideal for brick-and-mortar retailers looking to process moderate to high transaction volumes using a handheld or countertop card reader.

Supported payment processing hardware includes but isn’t limited to:

• Portable terminals, such as Ingenico Move5000, Ingenico iWL250, and Verifone Vx680
• Countertop terminals, such as Ingenico Desk 5000, Ingenico ICT250, Verifone Vx520, and Orbital Virtual Terminal

Supported hardware is subject to change as new models roll out. In any case, this solution’s pricing is customized and includes the cost of hardware, which can be discounted but isn’t guaranteed to be.

Other notable features include:

• Extended battery life for processing when a nearby power source isn’t available
• Support for virtually any type of payment transaction, including swipe, dip (EMV), tap, and select mobile wallets
• Tip adjustment and reporting
• Built-in receipt printer
• High-speed Internet connectivity with dial backup

Virtual Payment Processing Terminal

This solution is ideal for remote and e-commerce merchants that process most or all transactions online, by mail, or by phone.

All you need to use the virtual payment processing terminal is a computer, a secure Internet connection, and a supported browser (it supports current versions of most major browsers).

Capabilities include:

• Remote payment card processing
• Manual entry of sales, voids, and refunds
• Order management, including split shipments, back orders, and order reversals

Transaction pricing starts at 2.9% + $0.25 but may be lower for higher-volume merchants. Accounts are governed by month-to-month contracts.

Integrated Solutions

Chase Payment Solutions integrates with hundreds of third-party software solutions. To take advantage of them, simply add Chase payments to your existing online store.

Notable integrations include:

• BigCommerce. BigCommerce is one of the top e-commerce alternatives to Shopify, so if you’re in the market for a new place to sell your wares or services online, this integration is worth a closer look. Set up your new BigCommerce store through Chase Payment Solutions and begin accepting Chase payments to qualify for three months of BigCommerce at no cost (after a 15-day free trial). Transaction pricing begins at 2.9% + $0.30 per transaction, but lower pricing may be available based on volume.
• FreshBooks. FreshBooks Premium is the most generous paid plan from FreshBooks, a leading cloud accounting software program with integrated online payments and professional-grade invoicing capabilities. Chase Payment Solutions clients automatically get two months’ free access to FreshBooks Premium upon opening a FreshBooks account.
• Joist. Joist is an all-in-one solution for contractors, tradespeople, and construction firms. Its capabilities include custom estimates and invoices, integrated payment processing, and project management.
• mHelpDesk. mHelpDesk automates repetitive processes like invoicing, scheduling, and estimate creation.
• Agree.com. Agree.com is a lifesaver for freelancers and independent professionals who don’t have the time or expertise to create binding contracts. It’s also enabled with online payment processing and contact management capabilities.
• Fusebill. Fusebill is an automated subscription management and billing system designed to help subscription-based businesses reduce churn and improve customer retention. It’s available to Chase Payment Solutions customers at no cost for three months.

Note: These integrations are subject to change at Chase’s discretion.

Product Support

Chase Payment Solutions comes with a robust array of client support and protection tools, including:

• Support for chargebacks and dispute management on e-commerce platforms and in the real world
• Fraud protection and data security
• Detailed guides and troubleshooting for all supported hardware
• Information about business taxes and compliance

Advantages of Chase Payment Solutions

Chase Payment Solutions’ key advantages include a variety of seamless or low-friction payment processing solutions, hundreds of third-party integrations, extensive product and merchant support, and competitive — if not always transparent — pricing.

1. QuickAccept Available at No Additional Cost

The QuickAccept payment gateway is available to Chase business banking customers at no additional cost. This is a convenient and lower-friction alternative to competitors like Square and Authorize.net, which don’t have in-house bank account integrations.

2. Multiple Terminal Configurations Available

Chase Payment Solutions has a bevy of available terminal configurations: mobile, standalone, virtual, and account-integrated (QuickAccept). No matter how you wish to accept card payments, Chase has you covered.

3. Impressive Lineup of Third-Party Integrations

Chase Payment Solutions integrates with dozens — if not hundreds — of third-party apps and software programs.

Some of these integrations come with member-exclusive discounts or promotions, such as BigCommerce’s three-months-free subscription for new users.

4. Extensive Product and Merchant Support

Chase Payment Solutions boasts excellent customer support for its merchants.

This includes extensive support for the hardware that runs Chase’s payment tools, industry-leading security features, support for chargebacks and disputed transactions, and help with business taxes and compliance.

5. Competitive Transaction Pricing for Chase QuickAccept

Chase QuickAccept is a competitively priced payment processing solution: just 2.6% + $0.10 for swipe transactions, in line with competitors’ pricing.

Disadvantages of Chase Payment Solutions

Chase Payment Solutions’ notable disadvantages include the potential to require a linked Chase business bank account, limitations to hardware compatibility, and less-than-transparent pricing for some solutions.

1. QuickAccept Requires a Chase Business Complete Banking Account

Chase Payment Solutions’ QuickAccept feature requires an active Chase Business Complete Banking account to use.

That account, in turn, comes with a $15 monthly maintenance fee, albeit with multiple ways to waive the fee that are well within most businesses’ capabilities.

Neither the account creation process nor the prospect of a monthly fee is an absolute dealbreaker, but both do require some extra attention.

2. Not All Hardware Is Compatible

According to Chase, eligible Chase Payment Solutions transactions include transactions using the following hardware types:

• Chase Mobile Checkout
• Portable terminals (Ingenico Move5000, Ingenico iWL250, Verifone Vx680)
• Countertop terminals (Ingenico Desk 5000, Ingenico ICT250, Verifone Vx520)
• Orbital Virtual Terminal

Unfortunately, payment solutions paired with a partner software solution may not be eligible for use with Chase Payment Solutions, and the list of eligible hardware is subject to change at Chase’s discretion.

3. Pricing Isn’t Transparent for All Payment Methods

QuickAccept is available at no extra cost to Chase Business Complete Banking customers and has transparent, competitive transaction pricing and an advertised starting rate for Chase payments transactions at 2.9% + $0.25 per transaction.

However, Chase Payment Solutions’ complete pricing scheme is difficult to discern from the outside. It’s also likely to vary from client to client.

This isn’t necessarily a dealbreaker, as customized pricing can certainly be competitive and often results in lower-than-advertised rates for high-volume customers.

However, it’s a bit of a drawback to have to enter the account opening workflow to get an accurate quote. Some competitors are much more transparent when it comes to pricing.

Final Word

Chase Payment Solutions is a valuable payment processing tool for independent professionals, small-business owners, and larger enterprises alike.

It’s far from the only business service you’ll need to ensure your success moving forward, though. And it’s important not to put the cart before the horse.

To put yourself in a position to scale with Chase Payment Solutions, you need to draw customers to your business. That means investing in advertising and lead generation using tools like Groupon Merchant and Yelp, not to mention developing a comprehensive content marketing plan.

Your reward — higher sales — will come soon enough. But don’t neglect to lay the groundwork.