Company Profile
Chase Payment Solutions™ is one of the most popular payment processors on the market right now both because of the quality it offers as well as because of the name it carries. At the moment, the company has a volume of annual processing that goes well over $1 trillion, and more than 4 million businesses use it. One of the most important things to know about it is the fact that while most payment processor companies work with a different acquiring bank, Chase does both of these things. This makes it one of the top choices for your business if you wish to be able to process transactions easily, benefit from a huge number of features, and be part of a network that will offer you professional support whenever you need it.
Why Choose Chase
A person should choose to work with Chase Payment Solutions™ as their payment processor company if they are already a client of this bank. There are a lot of advantages to this but probably the most prominent one is the possibility of safe, same-day deposits. Developing businesses should also consider picking Chase thanks to its multichannel processing systems. This will make scaling your business operations a lot easier and for a cheaper price. Last but not least, if you own a small business that is always on the run and needs to move around a lot, Chase is also a great solution. Its mobile card reader is one of the best on the market and is definitely useful for these kinds of operations.
What Chase Offers - Features and Functionality
Chase Payment Solutions™ comes with a wide range of features and functionalities that multiple types of businesses can take advantage of when it comes to payment processing and a lot of other things. Here is a look at some of the most important of them.
Features and uses
- Credit card terminals: Chase can offer you a credit card terminal in case your business needs it or you can have your terminal reprogrammed to work with the Chase network. There is also the option of a free terminal but take into account that this could require you to sign a long-term contract. The company has a lot of EMV-compliant terminals to offer, including wireless ones with NFC capabilities included;
- Merchant accounts: As previously mentioned, because Chase Payment Solutions™ is a branch of Chase Bank, it will both process your business transactions as well as take care of your merchant account. This means that you will contact one single entity for all types of problems that you may encounter which is a very good thing that saves time and effort;
- Virtual terminal: Chase also offers a virtual terminal that helps your computer turn into a credit card terminal. This terminal is completely free and web-based. It will allow you to enter your transactions either manually or using a card reader that can be connected via USB but you will have to pay for the latter;
- Payment gateway: If you are an eCommerce business, Chase offers the Orbital Payment gateway which is its own product that has even won awards for how professional and efficient it is. Still, there are a lot of other gateways that the Chase POS system is compatible with;
- Mobile processing: If you are a business on the move or an outdoor one, you can use the Chase Mobile Checkout App which is compatible with both Android and iOS systems. You only need a tablet or a smartphone to use it along with the eDynamo card reader which connects through Bluetooth and is EMV-compliant;
- QuickAccept: This is a way for Business Complete Banking users to use the Chase Mobile App to accept card payments even without the Contactless Mobile Reader from QuickAccept. However, if you use it, the transaction fees will be lower than they would be if you entered them manually. Same-day deposits are possible through QuickAccept if they are made before 8 PM ET. You will not have to pay a dime for this but you may want to acquire the compatible card reader which costs $49.95;
- International transactions: Because it’s such a big entity, Chase supports international transactions and payments in over 120 countries of the world;
- Next-day funding: When it comes to next-day funding, it’s important to note that while this is possible, it will require you to have a Chase business bank account. If you don’t, then transactions usually require two to three working days to be completed.
Plans & Pricing
When it comes to its pricing, Chase is not very transparent and it’s very difficult to find details about how much you will pay on the website. However, after some digging, it must be said that the company works on a flat-fee system and doesn’t require long-term contracts, apart from the aforementioned case with the “free” terminal. As for transactions, you will pay 2.6% plus $0.10 per transaction with a card that is present. You will pay 2.9% plus $0.15 per eCommerce transaction when the card is not present. Finally, you will pay 3.5% plus $0.10 per each keyed-in transaction. There are also no early termination fees to be paid.
Then there is the interchange-plus pricing plan which is meant for larger businesses. This works on a fee that starts at $10 per month plus some other fees that you should check out. This plan can only be accessed after contacting the company directly and a representative will guide you every step towards customizing it according to your wishes and needs.
Ease of Use
The overall Chase POS system is easy to use and highly intuitive. Accepting payments is easy with both wireless and wired card readers, whether your store is permanent or moves its location a lot. The mobile terminal from Chase costs $399 and the countertop one costs $299. Both come with receipt printers and the possibility to pay using Google and Apple Pay.
Its mobile app is also extremely versatile and intuitive. Plus, it’s compatible with both iOS and Android operating systems so you don’t have to worry about it. Last but not least, accepting online payments is also a straightforward process thanks to the company’s own portal and its associated ones.
Customer Support
Chase Payment Solutions™ offers 24/7 phone support all year round but there might be instances when it may be difficult to obtain your answers. That is because the company is so large and busy with so many different things. By comparison, you might benefit from better support at a smaller payment processing company. So, taking this into account, the best source for valuable and correct information in case of problems is its Merchant Support Center which you can find on the Chase website. It is full of guides, articles, and resources, and it even has an amazing FAQ section that might answer each one of your questions.
Contract Terms
Chase works on a monthly billing system that won’t require you to pay any early termination fees. You will simply have to pay for the transactions that you process. However, if you choose to receive a “free” terminal from the company, you will most likely be required to sign a long-term contract for it and agree to an early termination fee and a few other fees too. The same thing might apply if you are a larger company that needs more complex features than those presented as standard. One of the issues with Chase is that its official website lacks almost any info on its pricing which can be a bit underwhelming for such a big company so make sure that you do your research before getting on board.
Conclusion
To sum it all up, Chase Payment Solutions™ is certainly a very good choice for multiple types of businesses because it’s a company that can offer flexibility in this regard. The software and hardware are easy to use, the POS system comes with a plethora of features and integrations, and it offers 24/7 client support. While certain things might make some businesses turn away from Chase, the advantages you get by working with this company are huge. Everything could work even better if you are already one of their clients.