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Chase Merchant Services Review : Fees, Complaints & Lawsuits

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Rating

4.3/5
Chase Merchant Services Logo
Website
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(800) 708-3740

Most Recent Comment

  • Bryan:
    "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 ..." Read More
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Rating:
4.3/5

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Chase Merchant Services Logo
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(800) 708-3740

Most Recent Comment

  • Bryan:
    "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 ..." Read More
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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…

Is the BBB Rating for Chase Merchant Services Accurate?

Better Business Bureau Profile

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BBB Summary

Product & Service Complaints 28
Billing & Collection Complaints 13
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.

Nearly 40 Complaints

As of this update, the Chase Merchant Services BBB profile has been merged into the larger JPMorgan Chase & Co. profile, so we will not use that to evaluate it as a processor. At our previous update, the Better Business Bureau had a profile for Chase Merchant Services as “Chase Paymentech” and did not show accreditation for the company. The company had a “B” with the BBB at that time. Despite this, its profile showed 39 complaints filed in the last 36 months. Of the 41 total complaints, 28 were regarding problems with products and services, and 13 regarding billing and collection. 13 complaints were successfully resolved by Chase Merchant Services, and 28 complaints either were resolved to the dissatisfaction of the merchant or did not receive a final response from the merchant.

What Merchants Say

Chase Merchant Services had also received 17 informal reviews to its old BBB profile, 2 of which are positive in tone and 15 of which are negative in tone. The most recent review describes poor customer support:

Regretfully I read the reviews too late. We too have been a long standing customer for over 30 years. We implemented an e-commerce system and had fraudulent transactions. I do agree with the other reviews. No customer support at all. We lost the money and chase never helped us with any of these fraud reports. They don’t care about their customers at all. We were told they closed our merchant account due to the high volume of fraudulent reports and we have to find another provider. After working with this company for so long, just disgusted how they treated a long standing customer. We are now looking for other companies as we will not ever go back.

This merchant’s complaints about Chase Merchant Services chargeback policy and account holds convey the importance of finding a merchant account provider who is best suited for your type of business. Merchants in similar situations should research how to fight chargebacks and resolve funds holds.

A “B” Performance

In light of the company’s previous complaint rate and resolution ratio, we agree with the BBB’s rating of a “B.”

How Expensive is Chase Merchant Services?

Rates, Fees, and Contract Terms

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Cost Summary

Debit Swiped Rate 1.99% + $0.15
Credit Swiped Rate 2.99% + $0.15
Flat Keyed-In Rate 2.90% + $0.25
Gateway Fee Undisclosed
Virtual Terminal Rate Undisclosed
Early Termination Fee None
PCI Compliance Fee None
Equipment Lease Terms 24 Month (locked)

Variable Contract Terms

Chase Merchant Services merchant accounts provide 3 different rates. Debit transactions are charged a swipe rate of 1.99% plus $0.15. Credit transactions are assessed a swipe rate of 2.99% plus $0.15. A flat rate for both credit and debit transactions that are keyed-in is charged at 2.90% plus $0.25. In most cases where Chase Merchant Services sets up the account directly, the company offers month-to-month contracts, no cancellation fees and no PCI compliance fees.

Merchants who accept a “free terminal” may be subject to a 24-month service agreement, which is a common practice when a provider gives away equipment. The cancellation fees under the 24-month agreement may vary based on the type of equipment, so merchants are strongly encouraged to read their contracts before signing any documents.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, Chase Merchant Services also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services, though it appears that the company’s 2.90% plus $0.25 flat keyed-in rate applies to online transactions. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.

Few Contract Complaints

There are very few complaints about Chase’s pricing and terms considering its size. In fact, the company’s fee structure has the potential to compete with even the cheapest merchant accounts. To learn everything about rates and fees, and how to get the lowest pricing the credit card processing industry offers, check out Fee Sweep.

Does Chase Merchant Services Use Deceptive Marketing?

Advertising & Sales Strategy

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Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

In-House Agents and Resellers

We have found no uses of deceptive advertising or rate quoting by Chase Merchant Services. The company appears to primarily market its services through partnered sub-ISOs and telemarketing. Interestingly, Chase Merchant Services does not appear to recruit independent outside agents directly but, instead, forwards applicants to the sub-ISOs who hire independent agents.

Few Sales Complaints

The use of independent agents often results in numerous merchant complaints due to a lack of direct control over their marketing and sales tactics. Since Chase Merchant Services does not hire its agents directly, it is not suffering the usual complaints that are associated with the practice. It is entirely possible that the sub-ISOs that hire these agents have the typical complaints, but there is no indication of Chase Merchant Services itself being the source of any misleading marketing or tactics. In addition, the complaints that do exist are low in number and inconsistent in their content. If you suspect that a Chase Merchant Services representative has added undisclosed fees to your contract, we recommend seeking a third-party statement audit to find and eliminate hidden charges.

Does Chase Merchant Services Deserve Your Business?

Review Summary & Our Thoughts

A Solid Option for Large Businesses

Overall, Chase Merchant Services scores much better than most processors of its size. Merchants are encouraged to make sure they understand all of the terms of their merchant account contract because most of the company’s complaints can be traced to this problem. Chase Merchant Services can improve its rating in this review by eliminating cancellation fees with all of its account types. For now, the company is a better option for large, established merchants than for brand-new merchants.

5-Star Rated Chase Merchant Services Competitors

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About The Author

Phillip Parker is a Payments Industry Analyst and creator of this blog, CardPaymentOptions.com. Phillip is passionate about researching merchant service providers and payment industry trends. He is often quoted as an expert source in national publications such as INC Magazine, The Los Angeles Times, Entrepreneur, and many others.

“I started this blog because I was disgusted by the business practices of the merchant services industry. I wanted to empower business owners by providing insight on how to avoid shady merchant account providers and costly credit card processing mistakes.” 

Phillip’s Processor Comparisons

Picking a credit card processor can be a headache, but we’ve made it easy. Phillip recommends comparing the best merchant services providers we’ve researched.

Audit Your Merchant Account

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What Others Are Saying About Chase Merchant Services

Customer & Employee Reviews

3 Responses

  1. WPS

    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

    Reply

  2. 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.

    Reply

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