The Payment Processing Division of JPMorgan Chase
Based out of Dallas, Texas, Chase Merchant Services is one of the largest merchant account providers in the United States. Although it has operated under different business names due to various acquisitions and joint ventures, Chase Merchant Services has been in existence since 1985.
Chase Merchant Services History
Previously known as “Chase Paymentech” since its acquisition of Paymentech in 2000, the company rebranded its global ISO operations as “Chase Commerce Solutions” in late 2015. In January 2016, First American Payment Systems acquired all of Chase Commerce Solutions’s operations. Today, Chase’s merchant services products are marketed as the Chase Merchant Services branch of JPMorgan Chase & Co., but the Chase Paymentech brand is still found on some of the company’s products.
Chase acquired WePay in October 2017, which could signal that the company plans to focus on building e-commerce platforms going forward. The company has also achieved some recognition as the back-end processing network for the popular mobile credit card processing app Square.
Chase Merchant Services Location and Leadership
Chase Merchant Service’s headquarters can be found at 14221 Dallas Pkwy, Dallas, Texas 75254. James Dimon is the CEO of JPMorgan Chase & Co.
Video Summary
Chase Merchant Services Review Table of Contents
- Costs & Contract: Offers variable contract terms that depend on the merchant’s size, business type, and…
- Complaints & Service: Has received more than 60 public complaints regarding…
- BBB Rating: No longer has a Better Business Bureau profile. The former link now leads to the…
- Sales & Marketing: Does not hire independent sales agents and has received a low number of complaints about its…
3 Responses
USER BEWARE
If you use the Chase Quick Accept card reader or manually enter a cc number to accept a payment for services you’ve provided and/or materials you’ve already paid for, be ready for Chase to hold your money for a full 5 business days and give you little to no information while you wait. If you’re a family owned small business like us and just starting out, you need the income from your sales to help cover your daily operating costs and this service makes it really hard to do that because of the holds. Not to mention how frustrating their customer service is when they won’t give you a straight answer as to where the money is and why it isn’t in the account when the transaction is showing “Completed” on your banking app. I will definitely be going back to Square
Warning!
If you accept payments in excess of 1k Merchant services will flag it, you will NOT be informed, and they will review it for 5-7 business days before they release it. I use a different merchant service for my other business and have no problems with this, but Chase in a whole other animal. Customer service will not help you. It will take a year for them to “review” your deposits and maybe raise your average deposit, in the meantime collecting mad interest on YOUR operating capitol. Which means for that entire year anything over 1k will be held until they are done fingering your money. Bad business. After this deposit is done I am cancelling this account.
Robert,
You may find this article helpful: How to Make a Payment Processor Release Your Money.
-Phillip