FAQ: Establishing & Managing Accounts
How do I establish a retail or online merchant account?
Our trained experts will listen to your needs and recommend solutions to help you surpass your business objectives.
What are the costs for your processing and other services?
Because each of our customers has unique needs, our processing services are customized according to the specifics of their business. Pricing is based on factors such as type of industry, method in which payments are accepted, card types accepted and a number of other variables. To receive a personalized pricing quote from one of our helpful representatives, call us at 800.708.3740.
How long does it take to set up a merchant account?
The time it takes to establish a merchant account depends on several factors including: completeness of the application submitted, accuracy of the information provided and any required additional paperwork. After your application has been approved, it usually takes just a few days to establish the actual account and to arrange for any required training. (Canadian and international processing set-ups are completed in 10 days to two weeks.)
Why does Chase need to review my credit information?
As an acquirer, Chase takes on risk with every merchant transaction. When a transaction takes place, the cardholder is debited and the merchant is credited for the amount of the transaction. The cardholder still has chargeback rights and can dispute the transaction for up to 90 days. When a cardholder initiates a chargeback with a valid reason code, the funds are automatically taken from the merchant's account and credited back to the cardholder. Chase wants to ensure that each potential merchant is financially sound, has a viable business and is operating in good faith and standing, so these disputes can be resolved with the merchant.
What will my statement look like?
To view an interactive sample statement and understand how to read it, please visit our interactive How to Read Your Statement tool.
Is there a contract?
Yes. We have several different contracts depending on the merchant's size and individual processing needs.
I want to start conducting transactions over the Internet. Do I need to set up a new account or can I just use my existing account?
If you're already a Chase merchant, a separate merchant outlet number will be provided for your online store. Please contact your Account Executive to handle this addition to your account. We can provide you with chain reporting so you can have both a separate and consolidated view of your company's credit card processing activity. If you need to build an e-commerce website, Instant Storefront™ can help you get up and running quickly.
Can Chase handle currency exchange?
Yes, we provide international currency processing. We give merchants the flexibility to price a product in a consumer's local currency, remit a transaction denominated in that currency and receive local currency into a bank account - anywhere in the world. Our "single file" processing capability allows multiple currencies to be settled in a single batch file, or you can send multiple batch files by currency type. Go to Products and Services for more information.
Will my merchant account be approved with a processing limit?
Merchant accounts are approved based on actual or projected dollar volume. Chase monitors account activity and reserves the right to review accounts at any time should volume be significantly above or below the level represented on the merchant application.
Am I liable for disputed transactions?
MasterCard® and Visa® Card Association rules and regulations govern liability with respect to disputed transactions. In general, you, the merchant, are not liable for disputed retail transactions if a card was swiped through a terminal, the cardholder's signature was obtained and an authorization was obtained. When the card is not present at the time of the transaction, the merchant assumes liability for any disputed charges. Such disputes may be reversed depending on the timing and nature of the cardholder claim. Chase provides products and services to help our merchants manage this process efficiently.
How do I receive payment for the transactions I submit to Chase?
Using Automated Clearing House (ACH), Chase will remit funds due for your MasterCard, Visa, Diners Card®/Carte Blanche® and JCB transactions to your business bank account. When/if you establish a service agreement with American Express® and/or Discover®, these issuers will obtain your banking information and pay funds directly to your bank account.
How can I view my account information?
Chase offers several online and offline tools to access information about your merchant account. With these tools you can view, download and import account information such as transaction activity, deposits, funding, chargebacks, retrievals and statement information. Learn more about Chase's online reporting tools.
When should I inform my current payment processor that I will be closing my account?
You should wait until your account is set up to process your transactions through Chase. Once you're ready to process with us, you can inform your previous provider.