Chase Paymentech Review
Posted by admin | Under Chase Paymentech Tuesday Nov 15, 2011Chase Paymentech called me a new service they had for businesses that took credit cards over the phone. I had been using Paypal, and paying them $20 per month, for the ability to take credit cards online without the customer needing a Paypal account. Chase Paymentech only charges $5 and change. Saving $15 a month is not going to make a huge difference, but every bit helps.
Paypal would also take about $15 out of a $350 payment, where Chase Paymentech only charges a small percentage, around 1.5% or so. Between the smaller per transaction fee and smaller monthly fee, I could save a significant amount of money each month, so I decided to sign up.
Anyone familiar with Paypal knows they make a small deposit in your bank account when you try to link your Paypal account to your bank account. You then have to verify the amount of the funds so Paypay knows 1) It’s your bank account; and 2) The transactions will be processed properly. Chase Paymentech does not have the same thorough procedure.
When my account was set up with Chase Paymentech, they did not run a test transaction to see if the funds would make it to my checking account. Somehow the bank account information was not correctly set up so the first two transactions were rejected by my bank. Chase Paymentech charged me $25 for each rejection, or $50. This was on the first two transactions on a new account and the rejection was not from lack of funds, but from an account not being set up property.
Of course, Chase Paymentech blames everything on me and won’t refund the $50. They refuse to acknowledge the problem was caused when a new account was set up. It also took nearly a month to get the funds into my bank account and I had to discover the problem and contact Chase Paymentech repeatedly to get the problem resolved. Since the transition to Chase Paymentech has been such a hassle, I don’t want to move my monthly auto-billing customers from Paypal, so I now have customers on both Paypal and Chase Paymentech.
I had reservations about doing any business with a mega bank like Chase, but it seemed like they had a service that suited my business. Unfortunately, they treated me exactly the way you’d expect to be treated by a monster mega-bank and I regret ever doing business with Chase. I would not recommend Chase Paymentech to any business owner.
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