Chase Payment Solutions and Stripe are some of the top ranking popular card processors. To find out what makes either of them so well desired by businesses, continue reading this review below.
Chase Payment Solutions is a subsidiary of JP Morgan Chase, and they offer various cards that are reliable for all sorts of businesses. No matter what kind of business you have, independent retail shops to larger corporations, they can help you succeed!
On the other hand, Stripe focuses more on enhancing your businesses. They provide developer tools for you to consistently expand your business and improve it each time. They also give you instant access to payment processing.
Chase Payment Solutions vs. Stripe Quick Facts
|Card Processor:||Chase Payment Solutions||Stripe|
|Type Of Provider:||Direct processor||Third-party processor|
|Type Of Processing Fees:||Tiered or interchange-plus||Interchange-plus|
|Contract & ETF:||Month-to-month, no ETF||Month-to-month, no ETF|
|PROMOTIONAL LINK||LOAN DETAILS||REVIEW|
|Intuit Quickbooks Payments|
Best for QuickBooks users.
2.40% & 25 cents per transaction
2.90% + 25 cents per transaction
Best low-fee mobile card processor.
2.75% per transaction
2.9% + 30 cents per transaction
Products and Services
Down below is a list of services that each of these credit card processor provide. Consider all of these features and see if either Chase Payment Solutions or Stripe works best for you.
|Chase Payment Solutions||Stripe|
|Merchant accounts||Payment processing|
|Credit card terminals||High-tech developer tools|
|Payment getaway||Card readers|
|Virtual terminal||Billing (invoices & subscriptions)|
|Mobile processing||eCommerce fraud prevention|
|International payments||International payments|
|Line of credit||Assistance starting an internet business|
|Business credit cards|
Other Factors to Consider
What are the differences between a direct and third party processor and what should we keep in mind before choosing to do business with any credit card processing company in general?
Below is a chart detailing these pros and cons.
Direct Card Processor
Direct card processors manage a merchant account while also processing transactions. They are processing from only one company.
Third Party Card Processor
Third party card processors can open a sub-account for you right under a preceding merchant account. Since it’s a third party service, the risk of fraud is high.
It is best recommended to use a direct processor like Chase Payment Solutions if your business has high transaction volume so that you won’t run the risk of fraud.
If anything happens to your merchant account, you can just take it up with Chase.
Businesses who use third party processors like Stripe tend to have a lower transaction volume.
If you have a high transaction volume and use a third party processor, you could be subjected to suspicious transaction activity.
Consider both pros and cons of a direct processor vs third-party processor before investing fully in one.
Below is how each card processor calculates their rates per transaction.
|Card Processor||Chase Payment Solutions||Stripe|
|2.6% + $0.10||2.7% + $0.05|
|2.9% + $0.25||2.9% + $0.30|
As you can see, their processing rates are pretty similar for online transactions versus transactions made directly through a credit card processing machine.
Normally, the contract that a service provider gives is about three years. These terms often include automatic renewal and early termination fees (ETF).
However, now more providers are offering month-to-month agreement with no ETF.
Chase Payment Solutions and Stripe both happen to be utilizing this method now.
Knowing the differences between a direct card processor and a third party card processor, Chase Payment Solutions and Stripe are indeed some of the greatest ones that most businesses gravitate towards.
For businesses that have a high transaction volume and are worried about their merchant accounts freezing, then a brand name, trustworthy card processor such as Chase Payment Solutions would reduce these issues the best.
As for smaller businesses and entrepreneurships that don’t have as high of a transaction volume, Stripe could work in your favor. However, be careful of the risks it could incur when using a third party processor.
If you are interested in finding out more information about card processors, then check out our Best Credit Card Processing Services to learn about all kinds of different card processors!
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