Being a business owner is no easy task and Chase makes it easier with Chase Merchant Services. The service offers simple and reliable solutions for all forms of pay. Whether you need to accept payments in store, online, or on-the-go, you will find the right solution for you.
Taking advantage of Chase Merchant Services opens up many new opportunities for you as a business owner and being one of the best credit card processors. Being able to have business management tools right at the tips of your fingers makes the experience all worthwhile.
With payment solutions, partnerships, and many other resources, you are bound to find the right product for you.
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Table of Contents
What is a Merchant Services Account?
A merchant services account is a specialized account that allows your business to accept card payments and various types of electronic payment. Establishing an account means agreeing to merchant processing in credit card transactions.
It is important to know which account to open that best fits your business habits and needs. A merchant services account is established with a payment processor or merchant acquirer that have relationships with many other organizations that allowing the processing of electronic payments.
To sum it up, a Chase Merchant Services account manages how you want to accept payments for your business with the addition of a few features such as partnerships. The type of payment solution you opt for allows your full control of how you process credit cards, debit cards, and online forms of payment.
• Get the payment processing solutions and pricing your business needs when you open a Chase Merchant Services account
• 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 also has you covered with no monthly or hidden fees and no long-term contracts1
• Plus, you'll get round-the-clock servicing and next-business-day funding (with a Chase business checking account)2
• 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.
|Features & Fees||Details|
|Processing Solutions||Retail, online & mobile|
|Pricing Types||Tiered, Interchange Plus (by request)|
|Retail Fees||2.6% discount rate and $0.10 per tap, dip or swiped transaction, and 3.5% discount rate and $0.10 per keyed transaction|
|Early Termination Fee||None (month-to-month contract)|
Chase Business Checking Account
Chase Merchant Service offers many different types of payment solutions from in-store, online, or on-the-go depending on your type of business. Whether you prefer in-person terminal or online terminals, you have a wide range of options to choose from. Customers can also easily make payments with Chase Pay Service. A general break down of the available forms of payment solutions include In-Person Payments and Online or Phone Payments. For a more in-depth synopsis, check out our Chase Business Payment Solutions Review.
- In-Person Payments: There are various terminals that you can choose from and are appropriate for business who primarily want to take in-store payments and transactions.
- Counter top terminals are the probably the most universal and common form of payment terminals. Counter top terminals are ideal for brick and mortar businesses that need a POS system with wired points of sale.
- Pay at table terminals are ideal for restaurants that have customers pay at their table or business that require a device to move throughout the store.
- On-the-Go solutions are for those that want to accept in person payments right on their mobile device and are perfect for accepting payments outside of a physical location.
- Online Point-of-Sale solutions are common for healthcare providers, professional services, and office businesses that want to accept payments through a computer and pin pad. You might want to take advantage of Chase Online Bill Pay as well.
- Online or Phone Payments:
- Virtual terminal solutions allow businesses the accept card payments by phone or by mail.
- E-Commerce solutions are for businesses that want to accept payments through their website.
Establishing partnerships is a key asset in being a business owner. With Chase Merchant Service, building your business can be something easily accessible all while adding value to your customers and members. You will find yourself increasing your revenue and saving money for your customers. You might even find Chase Private Client Service useful in all of your financial planning and aspirations.
Chase offers Integrated Software Providers such as WePay to enable software providers with proven technology, reliability, and distribution. Integrating payments into your platform seamlessly means that you have full control of your business. You will be able to accepts payments right away without the need of a third party gateway. You control the payment experience and Chase simply delivers end-to-end risk management and compliance to minimize your costs.
Chase also offers great referral programs to provide innovative solutions and attractive group pricing on card payment processing to other companies. Referral programs help grow your revenue while providing your members with the trusted tools and solutions via Chase Merchant Services. To get started, simply open a Chase Merchant Services Account.
Chase Bank Business Credit Cards
The Ink Business Unlimited Credit Card offers $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.
You'll earn an unlimited 1.5% cash back on every purchase made for your business and you'll receive employee cards at no additional cost.
This card carries no annual fee.
The Chase Ink Business Cash Card offers $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.
You'll earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year, 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year, & 1% cash back on all other card purchases with no limit to the amount you can earn.
This card comes with no annual fee. You'll be able to take advantage of employee cards at no additional cost.
The Chase Ink Business Preferred Card offers 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,250 toward travel when redeemed through Chase Ultimate Rewards®.
You'll earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year; 1 point per $1 on all other purchases - with no limit to the amount you can earn. Furthermore, points are worth 25% more when you redeem for travel through Chase Ultimate Rewards.
This card does come with a $95 annual fee but does not have any foreign transaction fees.
Chase Merchant Services Fees & Rates
- 2.6% discount rate and $0.10 per tap, dip or swiped transaction
- 3.5% discount rate and $0.10 per keyed transaction
With Chase Merchant Services, you get the option of both tiered and interchange-plus pricing. Interchange-plus pricing is the more transparent option because it allows users to view processing charges on every bill. Alternatively, tiered pricing is can be a lot easier to understand, but is much less transparent and on the pricier end.
The tiered rates above apply to businesses who qualify for their month-to-month plan, which has no monthly fees or long-term contracts. Typically for businesses that are high volume, you’ll want to negotiate interchange-plus pricing with Chase.
If you are currently using another processor, Chase will go over your recent statements to determine where it can save you money. After using Chase Merchant Services for a year, you can request a pricing review. This feature is helpful in the case that your business has grown or if you’re processing a larger amount of credit card transactions than you initially estimated.
Credit Card Processor Alternatives
Before you commit to Chase Merchant Services, you should compare the processor against other alternatives. Let’s see how Chase performs against a few leading processors below.
Ideal for startups and mid-sized businesses, Stripe is considered to be one of the best online credit card processors. Once your company begins to grow and process larger volumes, then you may want to consider switching over to Chase Merchant Services for the added security and infrastructure the bank offers.
Stripe doesn’t charge any monthly or annual fees thanks to their low overhead costs. In addition, this processor has no monthly minimum. The service comes with a free and powerful API that lets you build a custom checkout experience into your website, without charging any additional fees.
In a nutshell – Online only, no monthly fees, 2.9% + $0.30 per transaction.
Even though Square is designed for small businesses, the processor has the capacity to serve mid- to large-sized enterprises. The credit card processor has a fully transparent pricing plan:
|Retail||2.75% each swiped transaction
3.5% + $0.15 each keyed in transaction
|Online/eCommerce||2.9% + $0.30 each transaction|
Since you are aware of exactly what Square charges, you’ll be able to more accurately estimate your costs month-to-month. In addition, Square does not charge any monthly fees nor does it have any minimums. This allows for small start-ups to process transactions at a lower cost. However, Larger businesses may find Chase Merchant Services’ volume discounts to be more suitable for them.
In a nutshell – Great for small businesses, no monthly fees, no minimums, 2.75% per swiped transaction. Check out our full Chase Merchant Services Vs. Square article.
Chase Merchant Services Disclosures
Mastercard, Visa, American Express, Discover, and Chase Transactions involving physical Credit and Signature Debit cards will be assessed 2.6% discount rate and $0.10 per tap, dip or swiped transaction, and 3.5% discount rate and $0.10 per keyed transaction. PIN Debit, EBT Transactions and E-commerce transactions are excluded. Not all businesses may qualify, talk to a payment specialist for more details.
1 Certain restrictions may apply. Not all businesses may qualify for Month-to-month or No Long-Term Contract, such as businesses who: require processing capabilities in multiple currencies, process over $5 million in annual credit/debit card sales or have certain software or connectivity requirements. Qualifying business may terminate their contract at any time by providing 30 days’ written notice. Businesses who do not qualify for the No Long-Term Contract may be subject to additional terms and conditions, including a defined initial term and early termination fees.
2 Next business day funding is available to eligible Chase merchant services clients who deposit into a single Chase business checking account. Visa®, MasterCard®, Discover®, and American Express® OptBlue® credit and debit transactions are eligible. All businesses are subject to business credit approval and all funds are subject to fraud monitoring. In addition, funding is subject to the terms and conditions of the merchant processing agreement. Chase must receive settled transactions by 10:00 pm EST (some businesses may qualify for a 11:59 pm ET settlement; talk to a Chase representative for more details). Funds are deposited on the next business day, excluding weekends and bank holidays. Some exclusions may apply. The listed payment brand(s) are not sponsors of this program. All marks are marks of their respective companies.
Businesses are required to complete an application and agree to terms and conditions at the time of enrollment. All businesses are subject to credit approval. Pricing is valid for new U.S. customers only and expires 12/31/2021. Other conditions and fees may apply; see Merchant Services Application for more details.
Merchant services are provided by Paymentech, LLC (“Chase”), a subsidiary of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. Member FDIC
Owning a business is a stressing feat so why not lessen the burden with Chase Merchant Service? They offer competitive pricing for all types of transactions in addition to great products and services.
The various types of payment solutions and even partnerships caters to many different types of businesses. They also have many other promotions that’ll help you save more money, so if you’re interested, check out our list of Chase Coupon!
So why not expand on your opportunities and open a Chase Merchant Services Account! For more Chase products, check out our list of the latest bank promotions from Chase Bank!