What Chase Payment Solutions requires before you can process payments
Chase Payment Solutions is a business payment processing platform that lets you accept credit cards, debit cards, and ACH transfers from customers. To begin, you need a business bank account with Chase, a federal Employer Identification Number (EIN) or Social Security Number if you're a sole proprietor, and basic business information including your legal business name, address, and phone number.
The setup process itself takes place online through Chase's merchant portal. You'll provide your business structure (sole proprietorship, LLC, corporation, or partnership), ownership details, and expected monthly transaction volume. Chase will then underwrite your account—meaning they'll review your credit history and business risk profile—before approving you to process payments.
The entire approval timeline typically runs 3 to 5 business days, though it can extend to 10 days if Chase requests additional documentation or clarification about your business model.
Key Takeaways
- You must have a business bank account with Chase and either an EIN or Social Security Number to open a merchant account.
- Chase will review your credit history and business details during underwriting, which usually takes 3 to 5 business days.
- You'll need to provide your business structure, ownership information, and expected monthly sales volume during setup.
- Once approved, you can begin accepting card payments through Chase's online portal, payment links, or integrated point-of-sale systems.
- Monthly fees, per-transaction rates, and equipment costs vary depending on your business type and processing volume.
Documents and information Chase will ask for
Chase requires a completed merchant application, which you fill out online. They will ask for your Social Security Number or EIN, your business license or articles of incorporation (depending on your business structure), and a government-issued photo ID for the business owner or authorized representative.
If your business is newer than two years old, Chase may request your personal tax returns or business tax returns to verify income and stability. If you process high monthly volumes or operate in certain industries (like e-commerce or subscription services), they may ask for bank statements from the past three to six months to confirm cash flow.
You'll also need to provide your Chase business bank account number. If you don't have one yet, you can open it during the same application process, though this adds a few extra days to setup.
How to start the application on Chase's platform
Log into your Chase business online banking account and look for "Payment Solutions" or "Merchant Services" in the main menu. Click through to the merchant account application. If you don't yet have a Chase business bank account, you can start the application at chase.com/business and select "Open a Business Checking Account" first.
The online form walks you through your business details step by step. You'll enter your business name, address, industry type, and expected monthly transaction volume. Be as accurate as possible with your sales projections—Chase uses this to set your initial processing limits and fee structure.
After you submit the application, Chase sends a confirmation email with a reference number. You can check the status of your application by logging back into your Chase business account or calling the merchant services support line at the number provided in the confirmation email.
What happens during Chase's underwriting review
Chase pulls a credit report on the business owner and sometimes on the business itself. They're looking for payment history, outstanding debts, and any signs of financial distress. They also verify that your business is legitimate by cross-checking your business name, address, and EIN against public records.
If your application is straightforward—established business, good credit, reasonable transaction volume—you'll be approved within 3 to 5 business days. If Chase flags something (a recent bankruptcy, a mismatch in your business information, or an industry they consider higher-risk), they'll send you an email asking for more details or additional documents.
You can speed this up by proactively providing clear, consistent information. If you've had credit issues in the past, include a brief explanation in the application notes. If your business address is new, have your lease or proof of occupancy ready to send if Chase asks.
Setting up payment acceptance methods after approval
Once approved, you can choose how you want to accept payments. Chase offers several options: a payment link you can email or text to customers, a virtual terminal where you manually enter card details, integration with your website or shopping cart, or a physical point-of-sale terminal if you take in-person payments.
For online businesses, the payment link is the fastest to set up—Chase generates a unique URL you can share immediately. For e-commerce sites, Chase provides plugins for Shopify, WooCommerce, and other platforms, or you can integrate their API directly if you have a developer.
If you need a physical card reader, Chase will ship one to you at no charge (though some models have a small upfront cost). Setup for the reader takes about 10 minutes—you download the Chase mobile app, pair the reader via Bluetooth, and you're ready to process in-person transactions.
Monthly fees and per-transaction costs you'll pay
Chase charges a monthly merchant account fee (typically $10 to $25 depending on your plan), a per-transaction fee (usually 2.6% to 3.5% of the transaction amount plus $0.30 per card transaction), and sometimes an ACH processing fee if you accept bank transfers (typically $0.25 to $1.00 per transaction).
The exact rates depend on your industry, your monthly processing volume, and the type of card being used. Debit cards usually cost less to process than credit cards. Rewards cards and premium cards cost more. If you process a high volume—$50,000 or more per month—you may negotiate lower rates by calling Chase merchant services.
There are no setup fees to open a Chase Payment Solutions account. Equipment (card readers, terminals) is either free or sold at a one-time cost, typically $50 to $300 depending on the device.
Troubleshooting common setup problems
If your application is denied, Chase will send you a letter explaining why. Common reasons include insufficient business history (less than six months), poor personal credit, or a mismatch between your stated business type and your actual operations. You can reapply after 30 days, or you can call merchant services to discuss what changed or what additional information might help.
If your application is stuck in underwriting beyond 10 business days, call Chase merchant services directly. Sometimes a simple clarification—like confirming your business address or explaining a gap in your credit history—can move things forward immediately.
If you're approved but can't log into the payment portal, check that you're using the correct Chase business online banking login. If you've forgotten your password, use the "Forgot Password" link on the Chase login page. If you still can't access it after resetting, call Chase support—they can reset your merchant portal access separately from your banking login.
Frequently Asked Questions
Do I need a Chase business bank account to use Chase Payment Solutions?
Yes. Chase requires you to have an active business checking account with them. If you don't have one, you can open it during the merchant application process, but it adds a few extra days to your overall setup time. The account itself is free to open, though some Chase business checking accounts have monthly maintenance fees depending on your balance and activity.
How long does it take to get approved and start accepting payments?
Approval typically takes 3 to 5 business days if your application is complete and straightforward. Once approved, you can begin accepting payments immediately through a payment link or virtual terminal. If you order a physical card reader, it ships within 1 to 3 business days and takes about 10 minutes to set up.
What if I don't have an EIN yet?
You can use your Social Security Number if you're a sole proprietor. If you're an LLC, corporation, or partnership, you'll need an EIN. You can obtain one free from the IRS at irs.gov/ein—it takes about 15 minutes online, and you receive it immediately. Some sole proprietors choose to get an EIN anyway to keep their personal and business finances separate.
Can I use Chase Payment Solutions if my business is brand new?
Chase generally prefers businesses with at least six months of operating history, though newer businesses can sometimes be approved if you have good personal credit and can show a business plan or initial revenue. If you're denied due to age, you may be approved after you've been operating for six months and can provide bank statements showing activity.
What payment methods does Chase Payment Solutions accept?
Chase accepts Visa, Mastercard, American Express, Discover, and Diners Club credit and debit cards. It also processes ACH transfers (bank-to-bank payments) and can integrate with digital wallets like Apple Pay and Google Pay if you use their online payment link or integrated checkout. It does not process PayPal, Venmo, or other third-party wallet services directly.