Chase Merchant Services Review

If your business is on the lookout for a new merchant services provider, Chase Merchant Services might be the one for you. The service is also known as Chase Commerce Solutions, and you can get an in-store payment terminal as well as a method for mobile processing. Chase Merchant Services allows you to accept non-cash purchases by taking the money from your customer and putting it in your business’s account while tacking on added protections and benefits for everyone involved. Keep reading to find out if Chase Merchant Services are right for your company.

Chase Merchant Services overview

JP Morgan Chase is the largest bank in the U.S., and it processes over $1 trillion in merchant transactions each year, making it the leading provider of merchant services. It has been offering these services for 25 years. If you’re looking for a bank to facilitate your card-based transactions, Chase Merchant Services might be the right fit for your business.

Chase Merchant Services accepts all major debit and credit cards using a Bluetooth-connected card reader and your smartphone or a standard card terminal where clientele can swipe or insert a card’s chip. It also allows for online payments through its virtual terminal — via phone, mail or online.

Furthermore, Chase Merchant Services can also connect to an e-commerce store like Shopify or WooCommerce. Its security services keep customers’ private information safe and help keep you compliant with Payment Card Industry (PCI) security standards. Additionally, Chase Merchant Services connects to accounting software like Freshbooks.

Down to business with Chase Merchant Services

  • Rates and feesChase Merchant Services aren’t free. You’ll pay what’s called a discount rate, which is a small percentage of each transaction. This rate varies depending on the type of business you run and other factors. Also, you’ll get charged various fees depending on what kind of card your customer swipes. According to Chase’s breakdown of merchant services fees, it might assign a fee for assessment, network access and brand usage, merchant location, address verification and more.
  • Mobile processing: With Chase Merchant Services, you can receive everything you need to take payments when you’re out and about. You’ll get a card reader that connects to an app on your smartphone using Bluetooth and accepts all of the biggest credit cards. Therefore, you’re not confined to one spot to take customer payments.
  • Access to an array of business software: As a Chase Merchant Services customer, you’ll get:
    • Three months free of Agree.com, an online contract signing service.
    • Free trial of Joist, which allows contractors to create easy estimates.
    • A trial of mHelpDesk, which assists with invoicing, scheduling and estimates.
    • Three months free of Fusebill, which helps with automated and recurring billing.
  • 24/7 support: Customer service is available at any time, which is one benefit of using a more traditional bank for your merchant services provider. Typically, banks offer better and more straightforward customer service than online merchant services providers.
  • Security and fraud protection: Chase Merchant Services secures each transaction. That way, you don’t have to worry about fraudulent charges or security breaches that may leak your customers’ data.

Pros of Chase Merchant Services

The most significant benefit of Chase Merchant Services is that your merchant account provider and your processor are the same entity. It’s a bank, so it does all the legwork for you rather than relying on intermediaries. Additionally, if you have other Chase business accounts, you can connect them all, which could make your business banking much simpler. Furthermore, since it’s up to your business to remain PCI compliant, Chase can help you do that by securing your customers’ information.

Cons of Chase Merchant Services

Although the fees are considered fair by many customers, Chase charges either flat-rate pricing or interchange-plus pricing per transaction. Paying a flat rate means you pay the same percentage no matter what kind of card your customer uses, but it can vary based on how the person pays — in-person or online. Interchange-plus pricing means you pay a percentage of the purchase plus a small fixed amount that goes toward Chase. Chase Merchant Services doesn’t detail the rates on its website, so you will have to do some digging to see what rates you can get.

Is Chase Merchant Services right for my business?

If you have or are planning to open other Chase business accounts, Chase Merchant Services could be the perfect fit for you. You can manage all your accounts from one place, which could make your business banking a snap. Also, if you’re looking for a more traditional merchant services provider, as opposed to one that is solely online, Chase Merchant Services could be right for you.

On the other hand, if you want a simpler and more straightforward setup than traditional merchant services typically offer, you might want to try an online merchant services provider. Examples of these are PayPal and Stripe. These services could work better than Chase Merchant Services if your business is fully online or you don’t need an in-person terminal.

The bottom line

A current Chase customer who’s opening a business or running a company while searching for a new merchant services provider might do well with Chase Merchant Services. Being able to combine all your business bank accounts into one platform could save you time. However, the services have a B- rating from the Better Business Bureau, which might be worth considering as you shop around. Take note of the exact rates and all the fees you will pay to use Chase Merchant Services before signing up so you can avoid running into unexpected costs.

Tiffany Verbeck

Tiffany Verbeck is a personal finance freelance writer. She uses her master’s degree in writing to help businesses tell their stories better. Her full portfolio is available at www.tiffanyverbeck.com.