Chase Paymentech Overview
Chase Paymentech is the payment processing division of U.S. banking giant JPMorgan Chase. The company is a very large direct processor that processes over 30 billion transactions per year in over 130 countries worldwide. It has been operating under the Chase Paymentech name since 2008, following the termination of a joint venture between Chase and First Data. Chase Paymentech serves merchants both through its direct sales channels and as the backend processor for numerous ISOs across the country.
Chase Paymentech offers all of the products and services that might be expected of a large direct processor, including credit card terminals, point-of-sale solutions, an online payment gateway and virtual terminal, mobile phone payment processing, recurring billing, ACH processing, and online sales reporting. The company offers 24/7 customer support by phone and a knowledge base for its users. Mike Passilla is the CEO of Chase Merchant Services, a larger division within Chase that contains Chase Paymentech.
At a glance
Founded: 1985
Location: Dallas, Texas
Acquiring bank: JPMorgan Chase
Website: chasepaymentech.com
Phone number: 800-934-7717
E-mail: N/A
Chase Paymentech Promotional Video
Online reputation and reviews
Unlike most other direct processors, Chase Paymentech has received fewer than 100 negative reviews from merchants online. The available complaints about the company cite Paymentech’s three-year contract, early termination fee, unexpected monthly and annual fees, and poor chargeback support. Chase’s relatively low complaint total is an impressive achievement for a company that not only boards a huge number of merchants through its direct sales channels every year, but also trusts smaller ISOs and sub-ISOs to resell its products.
Legal actions and lawsuits
There are no outstanding or recently resolved legal actions related to Chase Paymentech at this time.
Have you used Chase Paymentech for your business? Rate the company at the top of this post and tell us about your experience in the comment section below:
AVOID THIS COMPANY AT ALL COSTS!!! Chase Paymentech sales reps will do everything possible to get you to sign their contract by not being upfront in disclosing things like hidden fees and a mandatory hard credit check as if you are applying for a mortgage on all business owners even when applying with an established corporation!
As soon as that document is signed, their attitude changes to a full 180 with hands down the worst incompetent customer service of any company I’ve ever dealt with! Their claim being fully transparent is an outright LIE with all of their hidden fees and credit checks. I also read somewhere that they actually withhold certain cleared transactions if they believe there is an issue with the credit card used by the customer. This means that you risk not receiving funds for products or services which were already rendered after an approved credit card transaction.
Bottom line, Chase Paymentech is a HORRIBLE COMPANY in my opinion and should be avoided AT ALL COSTS! I ended up going with another company even after going through the initial application process and the impact of a hard hit on my credit file.