Chase Paymentech Reviews

Chase Paymentech has become a global leader in the payment processing industry because they provide the dual services of establishing merchant relationships and handling payments. By cutting out the need to work with an acquiring bank, the company has eliminated the middleman, which has resulted in streamlined service and higher revenues. Founded in 1985 as Chase Merchant Services, the company adopted its current name after merging with Paymentech, Inc. In addition to their American branch headquartered in Dallas, Chase Paymentech also has a successful Canadian branch. Chase Paymentech reviews from customers across the world are overwhelmingly positive.

Working With Chase Paymentech

In 2013, Chase Paymentech processed more than 35 billion transactions for 280,000 merchants totaling $750 billion USD. For such a sizable company, you’d expect to find a range of positive and negative Chase Paymentech reviews online, but consumer complaints are actually trending downward as the business expands. Chase Paymentech receives far fewer complaints than corporations half its size, and its success is owed to a team of highly professional sales reps and independent agents.

The biggest benefits of working with Chase Paymentech from a merchant perspective is that they reduce the burdens of running a business. Filling both the roles of an acquirer and a payment processor allows them to offer superior service at lower rates. If you’re considering establishing a relationship with Chase Paymentech, avoid sub-ISOs that resell their services. Instead, approach the company directly so that you can receive all of the terms you’re entitled to.

While Chase Paymentech has a stellar reputation, they may not be able to provide the same degree of personal attention to customers that smaller processors offer. Nonetheless, merchants rave about their technical support and their interchange-plus pricing model.

Chase Paymentech Products and Services

Chase Paymentech currently offers the following products and services:

  • Merchant accounts
  • Virtual terminals
  • Equipment rentals and sales
  • Support for NFC-based transactions such as Apple Pay
  • Online reporting
  • Mobile processing
  • Touch-tone processing
  • PayPal processing
  • Level II & Level III business processing
  • Gift card functionality
  • Recurring payments and account updating
  • International payments

In 2015, the company won the Judges’ Choice Award for Best E-Commerce Platform/Gateway at the Card Not Present Awards. Their Future Proof terminals are equipped to process all of the newest payment methods including chip-enabled cards, PayPal and mobile wallets that allow customers to pay by simply tapping their smartphone. The Chase Mobile Checkout POS app and card reader allow merchants to process payments and track reporting via their own phones. When internet technology fails, clients can even use Chase Paymentech’s touch-tone processing service to accept payments via a regular telephone. Chase Paymentech also offers traditional credit card machine rentals, which many merchants find to be much more appealing than the non-cancellable equipment leases that other companies offer. Furthermore, Chase Paymentech lets merchants accept payments in over 120 currencies, which is vital for businesses with customers from all over the globe

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Chase Paymentech Rates and Fees

Chase Paymentech is very transparent with their rates and fees, which are listed on the company’s website. As of mid-2016, all qualified credit, debit and rewards card transactions are subject to a fee of 1.65 percent plus $.25 when using existing equipment.

Non-qualified transactions may carry higher rates, but Chase Paymentech strives to make it easy for merchants to understand their processing fees and keep track of monthly spending. For example, they provide a how-to guide for reading customer statements, so merchants know exactly what they are being charged. The company also offers interchange-plus plans and seasonal downtime, yet their website doesn’t include detailed information about these services, so prospective clients should inquire directly about these services.

Some processors that are less forthcoming with their payment structure advertise flat rates, yet they tack on hidden fees. Chase Paymentech clients do not have this problem, nor do they have to pay the additional PCI compliance fees that other companies charge.

Chase Paymentech Contracts and Cancellation Fees

Like most payment processors, Chase Paymentech offers standard three-year contracts that come with an early cancellation fee. However, Chase now provides month-to-month plans for merchants who can’t make the longer commitment. Clients who choose this option still sign a three-year deal, but there are no early termination fees so long as the proper cancellation procedure is followed.

High-volume merchants may be required to have an early termination fee written into their contracts in exchange for negotiating the best rates. Since resellers and independent agents can add their own fees, make sure to only deal directly with the Chase Paymentech corporate sales team.

Chase Paymentech Sales and Advertising

The Chase Paymentech website is easy on the eyes and simple to navigate. The wealth of educational resources it contains is always accessible and extremely helpful to clients. The only criticism the company has received for its advertising practices involves the “free” Future Proof Terminal, which comes with a fair amount of fine print: The offer is only available to new customers, and merchants may be required to pay for their terminal retroactively if they terminate their merchant agreement early.

The “free statement review” Chase offers is a common service in the processing industry, yet some entrepreneurs discourage taking advantage of such services because they allow the company to know how much prospective clients are already spending on payment processing.

Chase Paymentech Customer Service and Technical Support

Their large infrastructure allows Chase to charge low rates, but clients cannot expect the same level of personalized customer service that smaller processors can supply. However, the company does have a 24/7 help desk. You may not always be able to speak with your account representative right away, but the company does provide every client with a personal point of contact for when questions arise. The Chase website also hosts tons of training and troubleshooting videos, so clients can often get the answers they need instantly online.

Oddly, the Chase Paymentech website lacks a search feature. The company has surprisingly little social media presence; aside from a defunct Twitter account, they have an active LinkedIn profile where you can find helpful content and a link to the J. P. Morgan YouTube channel.

Negative Chase Paymentech Reviews and Consumer Complaints

No large business has a spotless record, and Chase Paymentech isn’t an exception; however, their critics are surprisingly few in number considering the high volume of merchants they work with. Their parent company, JP Morgan Chase & Co., received nearly 1,700 total complaints via the Better Business Bureau over the past three years, yet Chase Paymentech accounted for only 34 of those complaints. This number is down from number of complaints received during the previous three-year period, and the company had just 11 complaints against them in the 12 months period between July 2015 and July 2016. This downward trend in complaints seems to indicate that Chase Paymentech has gotten better at resolving problems. The 19 complaints against them documented by Ripoff Report seem to mostly stem from issues customers faced when dealing with sub-ISOs rather than the company itself.

Some former clients claim they had trouble with returning rental equipment. Although such rentals do not require long-term contracts, there are still some terms merchants must agree to, and the company reserves the right to keep charging clients if equipment isn’t returned promptly after account cancellation. While Chase Paymentech’s rental services are more flexible than the standard non-cancellable leases offered by other companies, merchants should always check their bank accounts for unexpected charges after terminating services. Fortunately, merchants who complained to the BBB about Chase charging their accounts erroneously noted that the company was willing to issue refunds once equipment was confirmed to be returned.

Before they started offering month-to-month service plans, Chase was criticized for its high early termination fees. Current customers are bound by the contracts they signed, but new customers do not have to worry about this issue. Chase is fairly upfront about their terms, so as long as you take time to read them, there shouldn’t be any surprises down the road.

As with most large payment processors, Chase Paymentech’s post-approval process can be a little chaotic. While their customer service is overall very good, it appears to be one of the business’s weak points. This is an issue you should expect to encounter when dealing with any larger company. Smaller companies may provide more direct support, but they can’t promise rates as low as Chase Paymentech’s.

The only major complaint that may deter some merchants is the company’s policy of withholding funds under certain circumstances. For example, funds may be withheld when there is an unusually large transaction or after a string of suspicious transactions. This is a common practice among large processors, but the problem is that Chase does so without warning. By the time a merchant realizes they have a problem, it may still take a while to fix.

Since this policy originates from Chase’s Risk Management department, it is not open for negotiation in customer contracts. To avoid this problem, merchants should provide accurate average ticket/high ticket estimates and let the processor know when they authorize an exceptionally large transaction. Your designated sales rep should be able to help you navigate these issues.

On a similar topic, Chase Paymentech is the provider of the network for Square Register. Square has become a widely-used mobile processor, but they have earned a negative reputation for withholding funds and freezing client accounts without warning. These factors suggest that their risk management department leans on the conservative side, so Chase may not be the best option for high-risk businesses with revenues that fluctuate. Business owners in high-risk industries may be better off working with payment processors like Payline Data or Durango Merchant Services, which specialize in high-risk accounts.

Compared to other payment processing companies, Chase Paymentech does an admirable job of disclosing their contract terms and in-house arbitration. In general, consumers are more likely to write negative reviews than positive reviews, so the few negative Chase Paymentech reviews you can find are to be expected. You can find payment processors with fewer complaints against them, but none come close to processing the same volume as Chase Paymentech.

Positive Chase Paymentech Reviews and Testimonials

If you visit Chase Paymentech online, you can watch some testimonial videos on their Customer Stories page, but the overall website is surprisingly lacking in consumer endorsements. The content of the videos focuses primarily on Chase’s mobile processing app, so you’ll need to investigate alternative sources to get honest opinions about their other services. A simple Google search will return primarily positive reviews.

Soliciting feedback from current customers and presenting success stories to prospective clients is an area that Chase could definitely improve on. Given their impressive clientele and extensive resources, the company should do a better job of promoting itself. Nonetheless, this is a minor complaint that doesn’t affect Chase’s customer service.

Chase Paymentech: A High Volume Processor for High Volume Merchants

Based on the company’s appealing rates, transparent terms and impressive history of growth, Chase Paymentech has certainly earned a place atop the list of best big payment processors. Few corporations of Chase’s size are able to maintain such a pristine reputation over a long period of time. The month-to-month contracts are especially appealing to smaller merchants, but high-risk businesses that are prone to fluctuations may be better served by a processor with less conservative risk management practices. Since most of the complaints filed against Chase with the BBB reference contract terms, merchants should make sure they understand all aspects of an agreement before signing it.

The scarcity of negative reviews about Chase is a testament to the company’s effort to mitigate customer complaints in-house. Still, businesses as big as Chase are logistically incapable of delivering the same degree of customer service you can expect for smaller processors. Of course, some smaller companies cannot afford to be as flexible as Chase when addressing issues. No company is perfect, but quicker customer service would move Chase Paymentech a little closer to perfection.