Chase Payment Solutions and Stripe consistently rank in the top five when it comes to popular card processors.
Chase Payment Solutions, a subsidiary of bank behemoth JP Morgan Chase, offers simple and reliable card processing services for businesses of all shapes and sizes. From retail to restaurant and professional services, from mom-and-pop shops to international corporations. Chase Payment Solutions has you covered.
Stripe is a card processor with a keen focus on empowering online businesses by providing powerful tools for developers. The company processes payments for big-name online merchants like Lyft, Blue Apron, Pinterest and TaskRabbit.
*See how Chase Payment Solutions compares to Square, another popular card processor, here.
| CARD PROCESSOR | CHASE PAYMENT SOLUTIONS | STRIPE |
| Type of Provider | Direct processor | Third-party processor |
| Type of Processing Fees | Tiered or interchange-plus | Interchange-plus |
| Contract & ETF | Month-to-month, no ETF | Month-to-month, no ETF |
Products & Services
What exactly does your business require from a card processor? Have a look at what each provider offers to find out if either Chase Payment Solutions or Stripe can fulfill your processing needs.
CHASE PAYMENT SOLUTIONS
- Merchant accounts
- Credit card terminals
- Payment gateway
- Virtual terminal
- Mobile processing
- International payments
- Line of credit
- Business credit cards
STRIPE
- Payment processing
- High-tech developer tools
- Card readers
- International payments
- Billing (invoices & subscriptions)
- eCommerce fraud prevention
- Assistance starting an internet business
Other Factors To Consider
Chase Payment Solutions is a direct processor while Stripe is a third-party processor.
Direct processors offer the whole package: managing your merchant account and processing your transactions. If any problem comes up – like account freezes or chargebacks – you’ll only need to deal with one company, instead of two.
Third-party processors, on the other hand, don’t require you to have your own merchant account. Instead, the processor opens a sub-account for you, along with other merchants, under its existing merchant account.
Although quick and easy to set up, third-party processing comes with a higher risk for fraud, so there is an increased level of caution when it comes to suspicious transaction activity. Unfortunately, that means more account holds and even account termination.
For established or growing merchants with high transaction volumes, you’ll want the stability a direct processor – like Chase Payment Solutions – can provide. For those that process lower volumes, are seasonal merchants or just starting up, the simplicity of a third-party processor – like Stripe – may be more ideal.
Let’s have a look at how published transaction rates compare for Chase Payment Solutions and Stripe:
| CARD PROCESSOR | CHASE PAYMENT SOLUTIONS | STRIPE |
| Swiped Transactions (per transaction) | 2.6% rate +10¢ per tap, dip and swiped transaction. 3.5% rate +10¢ per keyed transaction | 2.7% + 5¢ |
| Online Transactions (per transaction) | 2.9% + 25¢ | 2.9% + 30¢ |
Both providers allow for some wiggle room in their processing rates. If you’re a large-volume merchant, you’ll be able to get pricing discounts that are much more attractive – for both Chase Payment Solutions and Stripe. But volume discounts aren’t automatic, so make sure to ask for it.
More and more providers are doing away with long-term contracts carrying early termination fees (ETFs) and offering month-to-month ones with no ETF instead. That’s the case with both Chase Payment Solutions and Stripe.
If you found a provider that can meet your business’s changing needs, or you want to test a new processor, you won’t get penalized for jumping ship.
Bottom Line
Chase Payment Solutions is an excellent choice for medium to large businesses that need a card processor which can handle large transaction volumes. Because you won’t have to worry too much about service disruptions. They’re a solution for all business sizes.
Stripe, on the other hand, makes sense for merchants who need online payment processing with cutting-edge developer features. You may experience account holds once in a while, but some eCommerce merchants are willing to overlook this drawback for Stripe’s powerful tools.
*Compare all top credit card processors here.
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