Credit Card Processing Solutions
Top Companies in 2024
Chase Payment Solutions vs Elavon
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- Same-day funding
- International processing
- API developer tools
- 24/7/365 technical support
- Easy-to-navigate software compatibilities
- Incur extra costs for hardware
- Chase bank account is required
- Lack of price and plan transparency
- Funds may be held indefinitely
Operating under the prestigious J.P. Morgan Chase & Co., Chase Payment Solutions has a long heritage. Established in 1955 and headquartered in New York, this financial powerhouse provides companies with an extensive range of payment options. Being a major participant in the market, Chase makes it easier for companies to process credit cards. They emphasize same-day funding, worldwide reach via a partnership with Authorize.net, and state-of-the-art tools for API developers to create customized solutions. The PCI-DSS compliance, supported by the sophisticated features of the Orbital virtual terminal, demonstrates the company's dedication to security. Chase offers services to a wide range of sectors, including healthcare and retail, and offers useful information via tools like Chase Customer Information that businesses can use to enhance their sales and marketing funnel. While the BBB recognizes Chase's financial power with an A+ rating under their parent company, Trustpilot users applaud their ease of use and quick deposits. With its own G2 profile, the Orbital service garners praise for integrated solutions but faces scrutiny for occasional downtime. Chase's commitment to streamlining payment acceptance is seen in the variety of POS systems, payment gateways, and their customer-focused support channels.
Elavon is a financial services company based in Atlanta, Georgia, and a subsidiary of U.S. Bank. Their focus is on providing merchant services to businesses of all sizes, with industry-specific payment processing options and advanced management features. They offer high industry security standards and serve over 2 million customers in 32 countries, processing a combined $6.5 billion in credit card transactions annually across various industries. Elavon is designed to scale with your business, adjusting their services as your company grows. The company has won awards like the 2023 TSG Real Transaction Metrics Awards and 2022 Best Mobile Payment Solution at the CNP Expo, reinforcing its position. They receive mixed reviews and complaints but respond promptly and satisfactorily.
- Transaction Speed : Same day
- Customer Experience : Good
- Gift Cards : Undisclosed
- Real-Time Reports : Available
- Transparent Pricing : Available
- Pricing Model : Flat processing rate
- Trustpilot Score : 4.4 out of 5
- BBB Rating : A+
- Transaction Speed : 1 business day (unless the charge requires additional verification)
- Customer Experience : Fair
- Money-Back Guarantee : True
- Gift Cards : Available
- Real-Time Reports : Available
- Transparent Pricing : Unavailable
- Pricing Model : Undisclosed
- Trustpilot Score : 1.3 out of 5
- BBB Rating : A+
- Chase Customer Insights
- Chase QuickAccept
- Tap to Pay on iPhone
- POS system and hardware
- Authorize.net payment gateway
- Orbital virtual terminal
- High security and fraud protection measures
- A variety of payment methods provided
- Billing & Invoicing
- Electronic Receipts
- Free Hardware
- Mobile Card Reader
- Multiple Payment Gateways
- Recurring Payments & Billing
- Reporting & Analytics
- Virtual Terminal
- Billing & Invoicing
- Electronic Receipts
- Free Hardware—Undisclosed
- Mobile Card Reader
- Multiple Payment Gateways
- Recurring Payments & Billing
- Reporting & Analytics
- Virtual Terminal
- EMV Compliant
- Payment Fraud Protection
- PCI Compliance
- EMV Compliant
- Payment Fraud Protection
- PCI Compliance
- Annual Subscription
- Free Trial
- Freemium
- Monthly Subscription
- One-Time License
- Annual Subscription—Undisclosed
- Free Trial—Undisclosed
- Freemium—Undisclosed
- Monthly Subscription—Undisclosed
- One-Time License—Undisclosed
- Processing Services
- Accounting Software
- POS
- Productivity Software
- Processing Services
- Accounting Software
- POS
- Productivity Software
- ACH Processing
- Cash Transactions
- Credit Card Terminals
- Electronic Signature—Undisclosed
- In-Person Payments
- Mobile Payments
- NFC Payments
- Online Payment Procesing
- ACH Processing
- Cash Transactions
- Credit Card Terminals
- Electronic Signature
- In-Person Payments
- Mobile Payments
- NFC Payments
- Online Payment Procesing
- Demos
- FAQs
- Help Guides
- Live Chat
- Mobile Application
- Phone
- Tickets—Undisclosed
- Demos—Undisclosed
- FAQs
- Help Guides
- Live Chat
- Mobile Application
- Phone
- Tickets
Chase vs. Elavon
Businesses often find it challenging to choose the right payment processing provider that meets their specific needs and objectives. In this regard, two prominent contenders are Chase Payment Solutions and Elavon. Both providers offer value-added benefits, usability features, robust data security measures, and distinct pricing structures. By considering these factors, businesses can gain valuable insights to make informed decisions tailored to their unique requirements.
Value-added benefits
Regarding value-added benefits, both providers enhance the customer experience with their offerings. Elavon stands out with its seamless integrations into Microsoft 365, Oracle Netsuite, and other third-party software, providing tailored and simplified integrative solutions. Notable features like recurring payments and surcharging add to its flexibility, while consolidated internal reporting streamlines operations. On the other hand, Chase differentiates itself by seamlessly integrating with various business software platforms, fostering a connected ecosystem. The "Chase Customer Insights" analytics tool provides comprehensive real-time transaction data and detailed workforce and inventory management reports, offering businesses valuable insights.
A notable distinction between the two providers is that Elavon caters to global businesses, processing payments in 91 currencies from over 100 countries. In contrast, Chase primarily focuses on processing payments within the United States.
Usability
Elavon and Chase cater to the evolving needs of businesses in various transaction scenarios. Elavon provides a range of payment options, including phone payments, in-person transactions, and contactless payments. The inclusion of Electronic Check Service (ECS) processing for secure electronic check acceptance adds to its versatility. Their unique feature of three different gateways allows businesses to tailor their payment processing to align with their specific operational requirements. Additionally, Elavon has a fast-track funding feature that deposits batch payments within one business day.
Chase, recognizing the importance of omnichannel payment processing, ensures a seamless experience for businesses and customers alike and accepts mobile, online, in-store, and keyed payments. Their QuickAccept feature stands out, facilitating same-day deposits for companies seeking rapid access to funds. This immediate access enhances cash flow, allowing businesses to operate smoothly without delays in receiving payments.
Level of data security
Ensuring security in payment processing is paramount, and both Elavon and Chase have demonstrated a solid commitment to safeguarding sensitive information. They are fully compliant with the PCI-DSS requirements, with Chase providing data security experts who can advise customers and Elavon offering a PCI program that helps customers throughout the compliance process.
For an extra layer of security, Elavon introduced "Safe-T" tokenization, focusing on PCI compliance, tokenization, and encryption.
Pricing
Turning to the realm of pricing, Elavon and Chase adopt distinct approaches. Following a policy of not publicly advertising fees, Elavon emphasizes the need for businesses to directly engage with them to obtain customized quotes based on their specific transaction patterns and requirements.
On the other hand, Chase employs a transparent fee system, providing clear rates for various transaction types. Their standard rates include 2.6% + 10 cents for tap, dip, or swipe transactions, 3.5% + 10 cents for keyed-in transactions, and 2.9% + 25 cents for online transactions.
QuickAccept has a fee structure for different types of transactions. For tap, dip, and swipe transactions, the fee is 2.6% + 10 cents. For manual transactions made through the Chase Mobile app or website, the fee is 3.5% + 10 cents. Additionally, users have the option to purchase a contactless mobile card reader for $49.95.
Concluding Thoughts
In conclusion, choosing between Chase and Elavon should be based on each business's specific needs and preferences. Elavon's seamless integrations, global reach, and unique features like "Safe-T" tokenization make it an attractive option for companies with diverse needs. On the other hand, Chase excels in fostering a connected ecosystem, ensuring a seamless omnichannel payment experience, and providing transparent pricing with its QuickAccept feature.
As businesses navigate the complex terrain of payment processing, carefully evaluating these providers against individual needs will pave the way for a strategic and well-informed choice.
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