Chase Payment Solutions
| Company type | Subsidiary |
|---|---|
| Industry | Payment processing |
| Predecessor | MNet |
| Founded | 1985 |
| Headquarters | United States |
| Parent | JPMorgan Chase |
Chase Payment Solutions, previously known as Chase Paymentech, is a U.S.-based payment service provider and merchant acquiring company operating under the umbrella of JPMorgan Chase. Its technology platforms facilitate payment processing for businesses and provide additional services such as fraud prevention, data protection, and analytics.
In 2012, Chase Paymentech handled 29.5 billion transactions with a total value of $655.2 billion.
History
The company was established in 1985 as MNet by Mbank and grew through acquisitions including JL McKay, Litle, and DMGT by the mid-1990s. The Paymentech brand was introduced in 1996 alongside an initial public offering, during which it also acquired Gensar and Merchant Link.
In 1997, Chase Paymentech was created as a joint venture between Chase Merchant Services and First Data Corporation (FDC), coinciding with Bank One's purchase of First USA. By 2001, the company completed a significant retail merchant conversion and launched its Orbital Gateway platform. Canadian operations commenced in 2002 following the acquisition of merchant portfolios from Scotiabank and Citibank Canada.
The first European branch opened in Dublin in 2004, the same year JPMorgan Chase merged with Bank One, integrating Paymentech into Chase Merchant Services. The partnership with FDC ended in 2008, resulting in Chase Paymentech becoming a wholly owned subsidiary of JPMorgan Chase.
In May 2013, the firm introduced Chase Mobile Checkout, a solution allowing merchants to accept credit and debit card payments via a smartphone application paired with a card reader.
The company rebranded to Chase Payment Solutions in 2022 to better represent its expanded range of payment services.
Products and services
Chase Paymentech delivers electronic payment processing solutions tailored for businesses accepting credit cards, debit cards, or gift cards. Its offerings assist merchants in minimizing fraud risks and managing chargebacks effectively. The company caters to diverse sectors including e-commerce, retail, professional services, travel and hospitality, dining establishments, digital media, and government entities.
Moreover, Chase Paymentech supplies payment terminals designed for small businesses to accept various card types along with alternative payment options like mobile wallets and contactless payments.
Cyber Holiday Pulse Index
Each year, Chase Paymentech releases the Cyber Holiday Pulse Index which monitors online retail activity during the holiday period. This index tracks e-commerce sales volumes and transaction numbers across a sample of 50 top e-retailers through its global processing infrastructure.