PROS / If you bank at Chase, you qualify to have your transactions clear the account next day.
CONS / This processor charges an account setup and a gateway setup fee.
VERDICT / Chase Paymentech is a large processor that provides quality payment processing services for companies of all sizes, although it's more expensive than its competitors.
Chase Paymentech is the credit card processing arm of Chase Bank and is one of the country's largest credit card processors. It's a direct processor, and in addition to giving you the ability to accept credit cards online, it can provide you with a full range of business banking and financial services.
In our review, we place a high value on transparency and consistency. Chase posts some information about its pricing and fees on its website, but it isn't complete and it doesn't include information about its service terms. Our testers received different quotes when they called for pricing information.
Chase Paymentech's flat rate is good and its tiered rates are on the higher end, but depending on your average monthly sales volume and average ticket size, among other factors, you may receive better pricing than the rates listed on the site when you call to speak with a sales rep. After you process credit cards online with Chase for a year, you can request a pricing review, which may be helpful if your business has grown or if you find that you're accepting a higher volume of credit card payments online than you anticipated when you signed up for the service.
You can expect an assortment of fees from Chase Paymentech. The monthly fee, $9.95, is lower than average, and the monthly gateway fee, also $9.95, is average for online credit card processing companies that don't lump this fee in with the monthly fee. It's the only processor that charges a setup fee and one of the few that charges a gateway setup fee, which makes it more expensive upfront than many of its competitors. However, it doesn't charge an annual PCI-compliance fee or a monthly PCI non-compliance fee.
It's fairly easy to apply for an account that enables you to accept credit cards online with Chase Paymentech, but it takes three to four days for it to approve your application and set up your account, which is longer than the two-day average of most of the online credit card processing companies we reviewed. It doesn't require a lengthy contract and can provide you with service on a month-to-month basis, and as such, there's no early termination fee.
Chase Paymentech provides good customer support, with reps that are prompt to respond and share their knowledge about online credit card processing with you. It gives you a dedicated account rep to work with, 24/7 customer service and a wealth of online information, which includes video tutorials, articles, white papers and FAQs. It doesn't offer live chat on its website.
Chase Paymentech is a solid service that can help you process credit cards online. It's more expensive than many of its competitors, charges setup fees and takes longer than average to set up your account. It doesn't charge any PCI-related fees and offers good customer service, with 24/7 access and a dedicated account rep.