Chase Paymentech Merchant Application and Agreement

Chase Paymentech is a global leader in payment processing, offering a wide range of solutions to merchants around the world. If you`re interested in becoming a Chase Paymentech merchant, the first step is to apply for an account. Here`s what you need to know about the Chase Paymentech merchant application and agreement.

The Merchant Application Process

To become a Chase Paymentech merchant, you`ll need to complete an application form that can be found on their website. The form is fairly straightforward and will require you to provide basic information about your business, such as your company name, address, and type of industry.

You`ll also need to provide information about your banking relationship, such as your account number, bank routing number, and the name of your banker. This information is required so that Chase Paymentech can transfer funds to your account.

In addition to these details, you`ll also be asked about your processing needs, such as the types of payment you`ll be accepting (credit cards, debit cards, etc.), your average transaction size, and your monthly transaction volume.

Once you`ve completed the application form, you`ll need to provide additional documentation to verify your information. This might include proof of business ownership, such as a business license or a tax ID number, and financial documentation, such as bank statements or tax returns.

The Merchant Agreement

Once your application is approved, you`ll be asked to sign a merchant agreement with Chase Paymentech. This agreement outlines the terms and conditions of your account, including fees, processing limits, and requirements for compliance with payment card industry (PCI) standards.

The merchant agreement will also specify the length of your contract with Chase Paymentech, as well as any early termination fees that may apply. It`s important to read the agreement carefully before signing, as it will govern your relationship with Chase Paymentech going forward.

Some of the key terms to look for in the merchant agreement include:

– Fees: This section will specify the fees that you`ll be charged for processing payments through Chase Paymentech. These fees may include a per-transaction fee, a monthly minimum fee, and other fees related to PCI compliance or chargebacks.

– Processing Limits: The agreement may also specify limits on the amount of money you can process through your account each month. Exceeding these limits may result in additional fees or account termination.

– PCI Compliance: As a merchant, you`ll be required to comply with PCI standards to ensure the security of your customers` payment data. The merchant agreement will specify your obligations in this regard and may include penalties for non-compliance.

– Termination: The agreement will specify the length of your contract with Chase Paymentech and any early termination fees that may apply if you cancel your account before the end of the term.

Conclusion

Becoming a Chase Paymentech merchant can be a great way to streamline your payment processing and provide a better experience for your customers. However, it`s important to understand the application process and the terms of the merchant agreement before signing up. By doing your due diligence and reading the agreement carefully, you can ensure that you`re getting a fair deal and that you`re prepared to meet all of your obligations as a merchant.