Chase for Business Review

Sarah BadaniBySarah BadaniAug. 04, 2019

In a Nutshell

Chase credit card payments processing is provided by a branch of JP Morgan Chase Bank. This gives it a great deal of reliability and stability and enables it to offer competitive payment processing rates and options such as next-day funds clearance. Chase offers a wide range of business services, including commercial banking, business bank accounts, business loans and lines of credit, and cash advances, alongside payment processing capabilities.

pros

  • 24/7 customer support
  • No long-term contracts
  • Large range of terminals

cons

  • No linked marketing apps or loyalty scheme management
  • No pricing information for software or hardware

Chase for Business Chase for Business Visit Site

Ideal For

  • Small business owners who need to manage a range of tasks through a single system
  • Existing Chase customers who want a credit card payment processing solution that connects with their bank account

What’s on Offer

  • In-store, online, and on-the-go point of sale systems
  • A variety of terminals including mobile terminals, countertop terminals, pay at the table terminals, and virtual terminals
  • Capability to accept payment by chip, swipe, or tap
  • Fast online transactions
  • Option to access a range of business banking services
  • Funds can be cleared and deposited in your account as soon as the next business day
  • Round the clock customer support

Application Process

To apply for merchant payment processing services through Chase, you can either call a representative or complete the online form. It's not clear if there are any businesses that Chase won't serve, such as high-risk businesses, but you will have to complete an application form and wait for Chase to assess your eligibility. It will usually take a few days to process applications from US-based businesses. Business in Canada and Europe might need to wait up to a couple of weeks.

Chase can handle foreign currency transactions and high-value sales, but businesses that need multiple currency processing capabilities, or process over $5 million in credit or debit sales each year, may not qualify for the no long-term contract offer.

What’s Unique About Chase?

Chase aims to differentiate its merchant payment processing services primarily through a high level of customer service. There is live customer support available 24/7, all year round. What’s more, because Chase is a reputable and long-established bank, Chase CCP customers can also access additional business banking services, like payroll services, business lines of credit, business debit and credit cards, and merchant cash advances.

When you use Chase for credit card processing, you’ll get these benefits:

  • Manage your Merchant Services Account virtually anywhere with Chase Business Online. View transactions and fees, review disputed charges and subscribe to alerts in one convenient place.
  • Integrated apps that include Ecommerce support, payroll support, accounting help, and invoicing support
  • No long-term contract that ties you in for several years or months. Some businesses can access a month-by-month contract agreement
  • The ability to accept payment by EMV, swipe, and contactless payment cards, gift cards, debit cards, mobile wallet, and echeck verification
  • Process payment through MasterCard, Visa, American Express, Discover, Diners Club, and JCB cards
  • 2.6% discount rate and $0.10 per tap, dip or swiped transaction, and 3.5% discount rate and $0.10 per keyed transaction

Chase partners with a number of services that provide integrated apps to help you run your business more smoothly. You can connect your Chase POS system with BigCommerce for online sales; FreshBooks for linked accounting services, time tracking capability, and tax support; Agree.com for electronic contract services; Joist, an app for contractors to produce estimates and invoices more easily to help win more jobs; and TeamSnap, which makes it easier to manage teams and sports organizations. All of these apps have a free trial period.

Because Chase is a well-known bank, it offers many extra business banking services to its credit card processing clients. You can take advantage of merchant cash advance, business line of credit, and business credit cards to help manage your cash flow, or add business checking accounts and payroll solutions.

Chase makes it fast and easy to get to your sales income. When you accept payment through Visa, MasterCard, American Express, or Discover credit or debit cards, you can access cleared funds in your Chase business checking account as soon as the next business day.

Chase provides a full range of point of sale hardware to support its credit card processing services. You can purchase:

  • Pay at the table terminals that support Wireless, Bluetooth, and 3G technology
  • Countertop terminals
  • On-the-go card readers
  • Virtual terminals for online credit card, debit card, and mobile wallet sales
  • Ecommerce proprietary payment gateways for online stores

Customer Support

Chase is proud of the level of customer support that it provides. You can access live customer support over the phone 24/7, 365 days a year. There's also an extensive and well-organized support section, with FAQs and troubleshooting advice. Both general customer support and technical support are available over the phone.

Pricing (Software and Hardware)

Although Chase provides a range of POS terminals, there’s no information about pricing or purchase options. It’s not clear whether you can lease or purchase POS hardware, and there are no prices provided online.

The Chase merchant services website does provide information about credit card processing fees. Fees begin at 1.99% + $0.15 per in-store transaction, and 2.9% + $0.25 per online transaction. Chase advertises no long-term contract and month-to-month options, but you’ll have to process your application to find out whether you’re eligible for these terms.


In-store
Online
Chip, tap, or swipe debit card
1.99% + $0.15
2.9% + $0.25
Chip, tap, or swipe credit card
2.99% + $0.15
2.9% + $0.25

If you want to sign up for Chase CCP services through the website or find out more about hardware pricing, you'll need to start by completing a form that asks for your name, email address, phone number, company, and your state, or call a representative. There's no way to find out more about pricing without sharing your personal information. 

Chase for Business Chase for Business Visit Site

Bottom Line

Chase is a long-established bank that offers a full range of business banking services, including credit card payment processing. You can get all you need to manage your point of sale system through Chase, including POS hardware, POS software, and integrated business management apps. Chase also offers merchant cash advances, business banking accounts, and fast funds processing with sales income deposited in your linked Chase account as soon as the next working day.

The competitive per-transaction fees for payment processing and versatile options for managing in-store, on-the-go, and online payments make Chase a good choice for small businesses and larger ones that have both an online and offline sales presence. Round the clock customer and technical support make it practical for small businesses that can't support their own IT team. You can handle other business needs, such as accounting, Ecommerce, contracts, and invoicing through the linked apps, and test drive them for free. The only item missing from Chase's payment processing offering is a marketing services suite, such as the option to generate branded loyalty cards.

About Chase

Chase credit card payment solutions is one of the many business offerings from Chase for Business. Chase for Business is the business banking arm of JP Morgan Chase Bank, N.A. which trades as Chase Bank. Chase Bank has its headquarters in New York City, NY. The original Chase Bank began in 1799 as the Bank of the Manhattan Company, until it merged with Chase National Bank in 1955, and merged again with JP Morgan & Co in the year 2000.

Chase is one of the Big Four banks of the US and has over 5,100 branches and 16,000 ATMs across the country. Its parent company, JPMorgan Chase & Co, has a presence in over 100 countries, assets of over $2.5 trillion, and more than a quarter of a million employees. Chase Bank offers personal banking, business banking, overseas banking, and merchant banking services.

Physical Address

270 Park Avenue, 

Manhattan, 

New York City, New York

USA

Sarah BadaniBySarah BadaniOct. 07, 2019
Sarah Badani has extensive research and review experience in the finance industry. With a degree in psychology and education, she brings a level of depth and understanding to her writing along with her own flavor to spice up each topic in a unique and inviting way.
Chase for Business