Credit Card Processing Solutions
Top Companies in 2024
Chase Payment Solutions vs Square
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- Same-day funding
- International processing
- API developer tools
- Many hardware options
- Free introductory option
- Transparent pricing
- Free proprietary mobile app
- One-stop shop for payments, payroll, and marketing solutions
- Free 30-day trial for Plus plans
- Extensive third-party software integrations
- Incur extra costs for hardware
- Chase bank account is required
- Doesn't support high-risk businesses
- Reports of frozen funds
- May not suit high transaction volumes
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.
Square is a leading financial services and digital payments company owned by Block Inc, which is a financial services and technologies company that also deals in blockchain. Square was founded in 2009 by Jack Dorsey and Jim McKelvey and has become a common way for businesses to accept credit card payments and use phones or tablets as payment registers for a point-of-sale system. They cater to all business types and sizes and offer their clients a comprehensive list of tool integrations and hardware. Square offers a range of transaction-processing options and supports invoicing, recurring payments, and international credit card payments. They have a great reputation among clients for their responsive customer support and the flexibility they offer to clients with their many tools and software and have a 4.3/5 on Trustpilot. There are many things to consider when it comes to costs with Square, but their website lists pricing and processing fees clearly. They offer three plan tiers, including a free one where they only charge processing fees for accepted payments.
- 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 : 1-2 days (same-day available at an added fee)
- Customer Experience : "True"
- Money-Back Guarantee : True
- Gift Cards : Available
- Real-Time Reports : Available
- Transparent Pricing : Available
- Pricing Model : Fixed monthly fee, Interchange plus
- Trustpilot Score : 4.3 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
- Free features such as payment gateway and PCI compliance
- Competitive flat-rate transaction fees
- Jam-packed mobile app for both Android and Apple devices
- 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
- 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
- Freemium
- Monthly Subscription
- 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
- FAQs
- Help Guides
- Live Chat
- Mobile Application
- Phone
- Tickets
Chase Payment Solutions vs. Square
In today's world, accepting versatile payment methods is crucial. Customers rarely carry cash and opt for credit, debit, ACH transfers, and other means of payment. Chase and Square emerge as prominent contenders, each bringing distinct advantages to the table. In this comparison, we delve into crucial aspects of each provider to help businesses make an informed decision based on their specific requirements.
Value-added benefits
When assessing the value-added benefits of payment processing services, the integration capabilities and reporting features are pivotal in enhancing overall efficiency and decision-making for businesses. Chase distinguishes themselves by seamlessly integrating with multiple leading business software platforms, fostering a connected ecosystem that streamlines operations. This integration extends to accounting software, recurring billing systems, and customer relationship management platforms. On the other hand, Square offers a flexible integration approach, supporting prebuilt integrations, developer APIs, and compatibility with third-party software.
Both providers empower businesses with robust reporting and analytics tools. Chase's "Chase Customer Insights" provides comprehensive analytics, including real-time transaction data, customer behavior analysis, and detailed inventory and workforce management reports. Similarly, Square's reporting suite offers real-time transaction insights and in-depth analytics on inventory, workforce, and location-specific data. Moreover, Square is distinguished by not charging chargeback fees, providing businesses with cost predictability, and providing active support in resolving disputes. Ultimately, companies can choose between Chase and Square based on their specific integration needs, reporting preferences, and approach to chargeback management.
Usability
Both providers offer flexible payment methods for businesses. Chase and Square recognize the importance of providing omnichannel payment processing, catering to the diverse ways businesses conduct transactions. Whether in-person payments at a physical location, online transactions, or even ACH transactions, both providers ensure a seamless experience for businesses and their customers. Square takes a step further by accepting remote payments, allowing businesses to receive payments from customers who are not physically present.
Additionally, Square distinguishes themselves with a "Buy Now, Pay Later" option where customers pay in installments while merchants receive the total amount.
Both providers understand the importance of timely access to funds for businesses. Square offers standard transfers for free, providing access to funds on the next business day. For those seeking even faster access, Square provides an instant transfer option for a fee, ensuring businesses can manage their cash flow effectively.
On the other hand, Chase offers QuickAccept, a feature that facilitates same-day deposits. This rapid access to funds empowers businesses to operate smoothly without delays in receiving payments.
Level of data security
The most crucial aspect when processing credit and debit cards is guaranteeing that data is secure. It ensures that sensitive information is protected and trust is fostered between the merchant and the end customer.
Square prioritizes the security of sensitive information by complying with Level 1 of the Payment Card Industry Data Security Standard (PCI-DSS) and obtaining ISO 27001 certification. This commitment extends to encrypting sensitive data using industry-leading methods, whether stored on disk or transmitted over public networks. The security settings of Square's applications and devices are finely tuned to ensure optimal protection levels.
In alignment with applicable laws, rules, and regulations, including the PCI DSS, Chase has implemented a multifaceted security approach. This involves incorporating administrative, technical, and physical safeguards to counteract anticipated threats or hazards to the security and integrity of information. These measures are designed to thwart unauthorized access to or use of such information, showcasing Chase's dedication to robust security practices in the realm of credit card processing.
Pricing
When it comes to pricing, Chase and Square employ distinct structures tailored to meet various business needs. Chase implements a transparent fee system, where 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.
Additionally, their QuickAccept service offers a contactless mobile card reader for $49.95, with a fee of 2.6% + 10 cents for tap, dip, and swipe transactions and 3.5% + 10 cents for manual transactions through the Chase Mobile app or their website.
Alternatively, Square adopts a more flexible approach with three pricing plans. The free plan has no setup or monthly fees, charging only for processed payments. The Plus plan costs $29+/month with processing fees and offers advanced features tailored to specific business types. The Premium plan, at $79 plus processing fees, provides a bespoke plan for businesses with more complex operations.
Additionally, Square has different rates based on the type of transaction. 2.6% + 10 cents for in-person transactions; 2.9% + 30 cents for online transactions; 3.3% + 30 cents for invoices; and 3.5% + 15 cents for manually entered transactions.
Concluding thoughts
In conclusion, the choice between Chase and Square relies on businesses' specific needs and priorities. Chase's straightforward approach and seamless integration may appeal to businesses seeking a reliable and transparent solution. On the other hand, Square's flexibility, diverse plans, and commitment to not charging chargeback fees make it an attractive option for businesses seeking customization and financial predictability. Careful consideration of individual business requirements will guide the selection between these two industry-leading payment processing providers.
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