Chase Payment Solutions Review
- Chase Payment Solutions is our pick as the best credit card processor for e-commerce businesses.
- This provider does not charge monthly fees for most small businesses and even offers the option to negotiate fees.
- Chase Payment Solutions processes payments faster than competitors because its parent company is a bank.
- This review is for small business owners who want to learn about Chase's credit card processing service and why it's our best pick for e-commerce businesses.
Choosing the right credit card processor can be a difficult decision for any small business owner. It's also one of the most important decisions you need to make, because few businesses can survive without accepting credit card payments. We chose Chase Payment Solutions as the best credit card processor for e-commerce businesses because it offers quick payouts, often the same day, with no fees. Chase Payment Solutions is also both a credit card processor and an acquiring bank, so working with Chase allows you to avoid errors that may occur with an intermediary.
Chase Payment Solutions Editor's Score: 86/100
|Early termination tee||90|
Why We Chose Chase Payment Solutions as Best for E-Commerce Businesses
Formerly known as Paymentech, Chase Payment Solutions offers top-of-the-line credit card processing to various businesses, with a special focus on e-commerce. It comes with the virtual terminals needed to process online orders. You can also use Chase's hardware to help with inventory tracking, employee management and recordkeeping. Chase also integrates with a variety of e-commerce platforms.
Chase's services are appealing in part because of a tool it offers to help business owners determine the processing features they'll use most. All you need to provide is your business type and the main method that you use to process transactions, and the company's intuitive technology will guide you the rest of the way.
- The company's fast integration process means you'll be able to accept payments within minutes, and it can seamlessly connect to a broad range of e-commerce platforms.
- Chase Payment Solutions is also a major credit card processor, which means you can communicate directly with the company that processes your payments rather than a third party.
- Chase offers fast processing and quick payouts – often made the same business day – with no fees.
- You can negotiate pricing directly with Chase.
- Chase Payment Solutions is not as transparent about pricing as some competitors. While the company publicizes its willingness to negotiate rates, it doesn't list POS pricing on its website. The only way to confirm rates is to contact the company and speak to a representative.
- Chase requires a long-term contract if you're interested in the free equipment it offers. There is an option to sign up without a contract and with month-to-month billing, but that requires the purchase or rental of equipment.
We don't see any reason why employees would encounter difficulties or challenges when learning how to use the system. Chase makes it simple to accept payments, including those processed in-store and on the go. Chase offers both wired and wireless credit card readers for in-store sales. Both options allow merchants to accept chip and swipe cards, as well as Apple Pay and Google Pay. They also feature receipt printers that are built into the hardware, or you can email receipts to your customers.
When using Chase as a credit card processor, you get the advantage of same-day fund deposits without additional fees. Chase also makes it easy to accept mobile payments via smartphone app; simply enter the amount and payment info manually (though there is a higher fee for keyed-in transactions like this).
Chase also makes it easy to accept online payments through a partnership with Authorize.net. Online payments can be accepted via your computer, website or virtual terminal. In addition, Chase enables merchants to set up recurring billing options and payment buttons for your website.
Chase Payment Solutions Features
|E-commerce integration||Chase gives you the option to integrate with e-commerce platforms, making it easy to accept online payments.|
|Bank and processor||Without a middleman, payments are processed faster than normal.|
|POS software||In addition to credit card processing, the bundled point-of-sale (POS) software can store customer information, manage your inventory, and track your sales.|
|Virtual terminal||Virtual terminals can process online transactions, making them ideal for e-commerce enterprises.|
|Stand-alone terminal||Chase's stand-alone terminals process chip transactions and swipe transactions and accept mobile payments, meaning it covers all your bases for accepting credit card payments.|
Chase has a number of features that make it the ideal credit card processor for e-commerce businesses. Here's a closer look at the solutions it offers small business owners, particularly ones focused on selling online.
Chase gives small business owners the option to integrate with e-commerce platforms, making accepting online payments a seamless process. The integration function works with Shopify, WooCommerce, and several other platforms, and the setup process takes just a few minutes. It uses the Authorize.net payment gateway to facilitate these sales. [Related article: Sales Tax for E-Commerce: What Small Businesses Need to Know]
Bank and Processor
Because Chase is an acquiring bank and payment processor, you can expect your payment processing to move at a faster pace than is standard. This also means fewer people need to get paid for the payments to be processed. This is why Chase has the leverage to negotiate pricing and give you a better deal than what you might get from other credit card processors.
Did you know?: All payment processing has to go through an acquiring bank for each transaction completed. When you work with Chase, your processor and acquiring bank are one and the same.
Chase's iPad-based POS software comes with advanced capabilities, including the ability to store customer information, manage inventory and track sales. Chase doesn't offer any POS hardware, which is not the case with some competitors (see our review of Clover for an example). However, Chase's POS software does integrate with Vend POS hardware.
These terminals are great for processing online transactions, making them ideal for e-commerce enterprises. Virtual terminals can also be used for phone payments and payments by mail, and built-in tools offer help with managing shipments.
You can use Chase's stand-alone terminals, Chase Smart Terminal and Chase QuickAccept, to process chip transactions, swipe transactions and mobile payments, as well as for reporting and tip adjustments. Chase also offers a Bluetooth reader with an app that can process card purchases, but it does not have the ability to process chip transactions.
Chase Payment Solutions Cost
Chase's credit card processing rates vary by transaction type.
- Tapped or swiped transactions: 2.6% + $0.10 per transaction
- Keyed-in transactions: 3.5% + $0.10 per transaction
- E-commerce transactions: 2.9% + $0.10 per transaction
Chase Payment Solutions charges no monthly fees unless your business accepts multiple currencies, earns more than $5 million in debit and credit sales annually, or requires specific software or connectivity. Because most small businesses don't fit one of these categories, this policy saves you money and increases Chase's attractiveness.
Early Termination Fee
Some Chase Payment Solutions accounts may require a long-term contract. This applies to your business if you meet these criteria (but companies that do usually aren't considered small businesses):
- You process transactions in multiple currencies.
- You process more than $5 million in card sales per year.
- You have specific connectivity requirements.
If none of the above applies to your company, you would not be bound to a long-term contract or obligated to pay an early termination fee. If one or more of the criteria do describe your business, it's best to contact Chase directly to inquire about potential termination fees.
Tip: If you run a large company that fits the descriptions above, you may save money with alternative credit card processor options that serve high-volume businesses. See our Payment Depot review for a potential solution.
PCI Compliance Fee
Chase Payment Solutions does not require business owners to pay a PCI compliance fee. This is a great benefit, as some processors charge companies an annual fee.
Chase Payment Solutions lets business owners choose between the Chase Smart Terminal and Chase QuickAccept. The countertop terminal costs $299, while the wireless mobile terminal costs $399. The credit card processor also allows business owners to rent equipment rather than purchase. While that could save you money in the short term, renting equipment is usually more expensive than buying it outright in the long run. Chase does have free equipment options as well, but those require a long-term contract. On the plus side, Chase also offers a number of convenient mobile solutions and virtual terminals.
Did you know?: Chase is one of very few credit card processors that is transparent about its willingness to negotiate prices with business owners.
Chase supplies you with a merchant account and offers both in-store and mobile processing. If you want to accept payments both in person and online, you'll need a payment gateway account with Authorize.net. Many other credit card processing companies also require this.
Chase Payment Solutions requires an application for credit card processing. Once approved, you will need a few days for account setup and scheduling required hardware and software training.
As soon as you begin processing transactions through Chase, you can receive same-day payments for transactions that clear by 5 p.m. Pacific Time.
FYI: According to Chase, half of all U.S. households use its banking service, which speeds up the clearance of funds. Same-day deposits are available for healthcare clients who use Chase's bill pay service.
Chase provides support through a 24/7 help desk. We like that it also offers a Merchant Support Center on its website that answers a number of frequently asked questions and provides extensive resources for new customers.
While 24/7 customer support is offered, it's worth noting that, as such a large company, Chase may not provide the same level of hands-on support as some of the other top credit card processors. The company also does not give many details related to pricing, which means you must speak with a representative about this.
Although Chase does not charge a monthly fee, its hardware falls on the more expensive end of the spectrum compared with the hardware offered by other credit card processors that we reviewed. (The Square mobile terminal is $299, for example, versus $399 for the Chase terminal.) Chase requires a long-term contract if you'd like free equipment.
Chase Payment Solutions is not as transparent about POS pricing compared to alternatives. While the company is willing to negotiate rates, it doesn't spell out those rates on its site. Chase's POS offerings are limited to software; the company currently does not offer POS hardware. You will also need a Chase business checking account if you want same-day funding via QuickAccept.
To conduct our review of Chase's credit card processing service, we arranged a live demo with the Chase team, which gave us a walk-through of the product and conducted a thorough question-and-answer session. In addition, we looked at Chase's website, marketing materials and customer reviews. To make our decision, we zeroed in on criteria such as affordability, ease of use and features relevant to small businesses. In the end, we chose Chase's credit card processing service as the best for e-commerce business owners because of easy access to payments and e-commerce integration.
Which POS systems integrate with Chase?
Chase integrates with Vend POS systems. It also has online POS software that you can use on a desktop or laptop computer with a connected Ingenico iPP Series credit card reader and an Epson TM-20II receipt printer.
How much does Chase Payment Solutions cost?
Chase Payment Solutions charges a small per-transaction fee (between 2.6% and 3.5%, plus 10 cents). Chase has no monthly fees for most small businesses.
Does Chase integrate with Shopify?
Yes. Chase integrates with Shopify, WooCommerce, and several other e-commerce platforms.
We recommend Chase Payment Solutions for …
- E-commerce businesses that want their processor to integrate with Shopify, WooCommerce or another e-commerce platform.
- Business owners who want fast processing, quick payouts and no monthly fees.
We don't recommend Chase Payments Solutions for …
- Businesses that accept multiple currencies or have more than $5 million in annual debit and credit card sales.
- Business owners who want a fully functional POS system (both software and hardware) bundled with their credit card processor.