Chase Payment Solutions and Fattmerchant are top notch card processors. To find out what makes either of them stand out, continue reading this review below.
Chase Payment Solutionss is a part of JP Morgan Chase, and they have different cards for all kinds of businesses. No matter what kind of business you have, no matter how big or small, CMS can assist you successfully!
Fattmerchant is a newer credit card processor that is ideal for eCommerce or mobile payments.
Table of Contents
Chase Payment Solutions vs. Fattmerchant Quick Facts
|Card Processor:||Chase Payment Solutions||Fattmerchant|
|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 and Services
Below is a list of services that each of these credit card processor offer. Consider all of the features before deciding if either Chase Payment Solutions or Fattmerchant would work best for you.
|Chase Payment Solutions||Fattmerchant|
|Merchant accounts||Payment processing|
|Credit card terminals||Subscription pricing|
|Payment getaway||Card readers|
|Virtual terminal||Virtual terminal|
|Mobile processing||Mobile processing|
|International payments||EMV Terminal|
|Line of credit||Advanced customization|
|Business credit cards||eCommerce fraud prevention|
Other Factors to Consider
What are the differences between a direct and third party card processor and what should we keep in mind before choosing to do business with any credit card processing company in general?
Below is a chart detailing these pros and cons.
Direct Card Processor
Direct card processors manage a merchant account and processes transactions at the same time since they are processing from only one company.
Third Party Card Processor
With third party card processors, they can open a sub-account for you right under a preceding merchant account. However, since it’s a third party service, the risk of fraud is high.
It is best recommended to use a direct processor like Chase Payment Solutions if your business has high transaction volume so that you won’t run the risk of fraud.
If anything happens to your merchant account, you can just take it up with Chase.
Direct processors offer more security because if anything happens to your merchant account, you can just take it up with Chase.
Third party processors like Fattmerchant tend to have a lower transaction volume, so the risk of fraud may be higher, but with small businesses it shouldn’t be too troublesome.
Always be sure to consider both pros and cons of a direct processor vs third-party processor before you invest in one!
Below is how each card processor calculates their rates per transaction.
|Card Processor||Chase Payment Solutions||Fattmerchant|
|2.6% + $0.10||Interchange + fee|
|2.9% + $0.25||Interchange + fee|
From the chart, you can see that their processing rates are pretty similar for online transactions compared to transactions made directly through a credit card terminal.
Contracts that have a service provider last about three years. These terms often include automatic renewal and early termination fees (ETF).
However, now more providers are offering month-to-month agreement with no ETF instead, so you have to use their service to its full potential.
Chase Payment Solutions and Fattmerchant both happen to be using this method.
Whether you have a big or small business, Chase Payment Solutions and Fattmerchant are definitely some unique ones that offer different but exclusive services.
For businesses with high transaction volume and are worried about their merchant accounts freezing, then a direct card processor such as Chase Payment Solutions would settle these worries.
If you want flexibility and are willing to risk of using a third party card processor, then perhaps Fattmerchant can be of service. They have a wider range of options to offer since they utilize subscription based pricing.
If you are interested in finding out more information about card processors, then check out our Best Credit Card Processing Services to learn more in depth about various kinds of card processors!