Chase Merchant Services – Review
Chase Merchant Services (formerly Chase Paymentech) 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 Merchant Services 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 Merchant Services has in store.
Chase Merchant Services: Products and Solutions
Chase Merchant Services 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 cancelled 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 is the most seamless payment processing solution offered by Chase Merchant Services. 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 Merchant Services 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.
QuickAccept is the only Chase Merchant Services 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 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: food trucks, farmers market vendors, and the like. 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.
Chase Merchant Services 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 Merchant Services 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% + $0.25 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 Merchant Services 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 Merchant Services customers at no cost for three months.
Do note that these integrations are subject to change at Chase’s discretion.
Chase Merchant Services 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
Chase Merchant Services’ 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.
- 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.
- Multiple Terminal Configurations Available. Chase Merchant Services 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.
- Impressive Lineup of Third-Party Integrations. Chase Merchant Services 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.
- Extensive Product and Merchant Support. Chase Merchant Services 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.
- 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.
Chase Merchant Services’ 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.
- QuickAccept Requires a Chase Business Complete Banking Account. Chase Merchant Services’ 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 or the prospect of a monthly fee are absolute dealbreakers, but both do require some extra attention.
- Not All Hardware Is Compatible. According to Chase, eligible Chase Merchant Services 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) and/or Orbital Virtual Terminal. Unfortunately, payment solutions paired with a partner software solution may not be eligible for use with Chase Merchant Services, and the list of eligible hardware is subject to change at Chase’s discretion.
- Pricing Isn’t Transparent for All Payment Methods. Aside from QuickAccept — which 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 — Chase Merchant Services’ 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.
Chase Merchant Services 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 position to scale with Chase Merchant Services, 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.
Are you considering opening a Chase Merchant Services account? Or do you prefer another payment processing partner?
Published at Fri, 18 Dec 2020 15:56:50 +0000