Chase Paymentech is one of the larger and more well known processors in the industry. Originally called Chase Merchant Services, they merged with Paymentech in 2005, becoming one of the largest processors we have come across during our reviews.
As with many of the merchant service providers we have reviewed there are typically common issues that plague both very large and very small processors. As noted with some of the smaller processors, you risk limited customer service and typically large contracts (as the costs of acquiring a customer is a large overhead for small processors). Interestingly enough we often see similar issues from very large processors, though for different reasons. Typically these issues can be classified as:
- Inability to Manage Expansive Sales Organization
- Contracts
- Customer Service
Inability to Manage Expansive Sales Organization
As a sales force grows the ability for the management team to make sure all of their employees are properly trained and able to provide superior support through the sales process is diminished. What this often results in, is that small business owners calling into these larger organizations are increasingly at risk of working with a rep that fails to fully disclose all the rates and fees associated with the account, or whether there are cancellation fees/contracts associated with the agreement. Based off many of the complaints we have found online, this is an issue that many merchants seem to be dealing with when working with Chase Paymentech.
Contracts
There is a standard contract length of 3 years and a cancellation fee of $350 on all Chase Paymentech accounts. If you are told differently: first, be very concerned about the sales rep you are talking to; second, be sure to examine section 10 of the contract you are sent (and remember anything crossed out or told won’t apply to your account is still a part of the contract, and will be held against you when you attempt to cancel).
Customer Service
While working with a large organization almost always means they will have in-house customer service, often due to their size they can be less than responsive to a small merchant’s needs. As all of their contracts are 3 years in length, there is little real need to keep all of their accounts happy and sometimes you can feel as though they are not as committed to the success of your business as you might hope. Again they are a very large organization, and considering the size have relatively few complaints, but it is something to keep in mind when reviewing processors.
In addition one other item that we feel bears mentioning is their terminal leasing/rental program. We have spoken about this topic before but it really upsets us when we see Merchant Service providers employing such programs. We often see small business owners unwittingly signing up for 3 year rental agreements at $30 a month. What that means is that over the course of the agreement these merchants can be paying over $1,000 for a credit card terminal. $1,000 for a credit card terminal, let that sink in for a moment. The same terminal that you could purchase and own for $150, you end up paying $1,000 to borrow. It really is a terrible practice and we advise all small businesses whether they choose to work with Chase Paymentech or not to avoid credit card terminal rental/leasing programs at all costs.
Stay or Switch from Chase Paymentech To Another Merchant Service?
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Note: Before you get started here is a final piece of advice from our co-founder Robert Evans on the importance of calling a merchant service provider and avoiding the temptation to ask for rates and quotes through email alone. Why You Should Always Call
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