PROS / Chase Paymentech doesn't require you to sign a long-term contract.
CONS / You may be required to pay a setup fee in order to open your account.
VERDICT / Chase Paymentech is one of the largest credit card processors and can tailor costs specifically to your business.
Chase Paymentech is the credit card processing branch of Chase Bank and processes all transactions itself. Chase Paymentech is one of the largest processors in the U.S., and having a respected bank behind it can give you a sense of security when choosing your processor. Chase Paymentech has solid setup and service terms and offers multiple rate plans.
We value processors that give their customers multiple pricing options, and Chase Paymentech offers both interchange-plus and tiered rates. We contacted Chase multiple times, and our testers were quoted different rates. The rates we were quoted tended to be better than the rates the processor posts online and vary depending on your business type, sales volume and average ticket size. Chase quoted us interchange-plus markup rates between 0.26% and 0.30%, which is average for the processors we reviewed. Chase's tiered rates varied more than the interchange-plus rates, and the lowest we were quoted for qualified debit cards was 0.99%. After processing for 12 months, you can request a pricing review from your account manager to see if you are eligible for lower rates. If your business has grown, or if you are processing a higher volume each month than you anticipated, this can be beneficial.
Like many processors, Chase Paymentech charges a monthly fee. Its fee is $9.95 per month and covers the cost of monthly statements. Chase is one of the few processors that doesn't charge a PCI-compliance fee. However, you're still required to be PCI compliant and complete your annual PCI questionnaire. The processor expects you to generate a monthly minimum of $25 in processing costs.
If you want to process payments online, Chase can set up an online payment gateway for you through Authorize.net. It charges a gateway setup fee of $99, which is among the highest gateway setup fees in our review. The monthly gateway fee is $9.95.
When reviewing credit card processors, we looked not only for companies that offered good rates and low fees, but also for companies that are transparent and consistent when providing information to prospective customers. Chase provided our testers with different rates each time we contacted it. Although rates can vary depending on things such as your monthly volume and average ticket size, the rates we were quoted were very inconsistent.
Account setup takes Chase longer than many of the other processors in our review. It can take between three to four days to set up an account. The industry average is two days. Chase Paymentech is the only processor we reviewed to charge an account setup fee.
Our experience with Chase Paymentech's customer service varied depending on the rep our testers spoke to. Some reps were helpful and provided useful answers to our questions, and others seemed primarily concerned with making a sale.
Chase Paymentech is one of the largest direct processors in the country. Its rates are variable and can depend on your business and how much you process. It doesn't require a lengthy contract but can take longer to set up than other processors. The customer service experience can vary widely, depending on the rep that you speak with.