Chase Payment Solutions Review

Why We Chose Chase Payment Solutions as Best for E-Commerce Businesses

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 integrates with a variety of e-commerce platforms.

Chase’s services are appealing in part because it offers a tool 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.

As a direct processor, Chase eliminates the middleman. Source: Chase

Another nifty feature is Chase’s Customer Insights, an easy-to-use, value-added payments data-based analytics service. It combines sales reports and strategies with useful information about your customers’ buying habits so you can run your business better. 

Usability

Chase makes accepting payments simple, whether they’re processed in-store or on the go. For in-store payments, Chase’s smart, stand-alone terminal comes with a built-in printer and a catalog for easier checkout and to manage your customers’ purchases. The terminal also has standard features, including automated tax calculation and onscreen or on-receipt tipping options. 

We particularly like that Chase’s products are interoperable and offer multiple payment options. 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, as well as the ability to 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 accepting mobile payments via smartphone app easy; simply enter the amount and payment info manually (though there is a higher fee for keyed-in transactions like this).

If your business is more on-the-go than a stand-alone terminal would allow for, you can use the dedicated Chase POS app to take card-entered payments. Alternatively, you can use the Chase mobile app for keyed entries or pair a card reader to your mobile device to accept swipe, dip and tap payments. 

Chase also makes accepting online payments through a partnership with Authorize.net an easy process. You can accept online payments 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

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.

E-Commerce Integration

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. Chase 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.

POS Software

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, unlike some of its competitors (see our review of Clover for an example). However, Chase’s POS software does integrate with Vend POS hardware.

Virtual Terminals

These terminals are great for processing online transactions, which makes 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.

Stand-alone Terminals

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 to make reports and tip adjustments. Chase also offers a Bluetooth reader with an app that can process card purchases, but the app does not have the ability to process chip transactions.

Customer Insights

Chase Customer Insights provides actionable analytics to understand your customers. Source: Chase

Customer Insights is a business intelligence (BI) platform with analytics to help you reach your customers better and manage your bottom line. As a Chase Payment Solutions merchant, you get free, exclusive access to the platform to help you accomplish the following:

• Save time, money and effort making better business decisions. 
• Know your customers’ shopping habits, including purchase time, spend,and channel.
• See how your customers shop with similar businesses in your location and industry.
• Find new ways to resonate with your customers.
• Gain insights on similar businesses.
• Monitor sales and trends for new and repeat customers.
• Boost your sales and bottom line.

Chase Payment Solutions Cost

Chase’s credit card processing rates vary by transaction type.

• Tapped or swiped transactions:6% + $0.10 per transaction
• Keyed-in transactions:5% + $0.10 per transaction
• E-commerce transactions:9% + $0.10 per transaction

Monthly Fees

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 should save you money.

Early Termination Fee

Some Chase Payment Solutions accounts require a long-term contract. This requirement 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 options apply to your company, you would not be bound to a long-term contract or obligated to pay an early termination fee. We found that Chase doesn’t have any contractual obligations and does not charge ongoing fees if you’re not processing transactions. Its payment solutions are pay-as-you-use, which is beneficial if you go on holiday or your business is closed.

If one or more of the criteria do describe your business, it’s best to contact Chase directly to inquire about potential termination fees.

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.

Equipment Costs

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 it. While renting could save you money in the short term, in the long run it’s usually more expensive than buying outright. 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.

Chase Payment Solutions Setup

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.

We like that Chase doesn’t restrict access to its broader suite of products in-store or on the go. If you want to sign up for a payment or merchant account, for instance, other providers offer only a direct merchant relationship. With Chase, you won’t need to go to a separate provider if you want additional support. Instead, you can opt for a direct one-on-one relationship or integrate it with your broader banking relationship. You can sign up for the payment suite through your bank account in-person or digitally and manage your deposit and merchant/payment accounts all together. 

Chase Payment Solutions requires an application for credit card processing. Once approved, you will need a few days to set up your account and schedule the 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. PST.

Chase Customer 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, because Chase is such a large company, it 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 for more information.

Chase Payment Solutions Drawbacks

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 as its competitors. 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.

Methodology

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.

Overall Value

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.

Elsier Otachi also contributed to this article.