Chase Paymentech is a payment processing and merchant acquiring business of

JPMorgan Chase JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the ...

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NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is by far the List of stock exchanges, world's largest s ...

: JPM). Paymentech payment platforms supports businesses to process payments. Paymentech authorises payment transactions in more than 130 currencies. In addition to this, the company provides business analytics, payment

fraud detection In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensa ...

, and

data security Data security means protecting digital data, such as those in a database, from destructive forces and from the unwanted actions of unauthorized users, such as a cyberattack or a data breach. Technologies Disk encryption Disk encryption refe ...

solution Solution may refer to: * Solution (chemistry), a mixture where one substance is dissolved in another * Solution (equation), in mathematics ** Numerical solution, in numerical analysis, approximate solutions within specified error bounds * Soluti ...

s. In 2012, Chase Paymentech processed 29.5 billion transactions with a value of $655.2 billion.

History

1985: MNET, MBank's retail unit and merchant acquirer was founded. 1987: Acquired by Lomas Bank Corp. 1989: Becomes First USA Merchant Services. 1996: Paymentech brand created and IPO executed. 1997: Chase Merchant Services created as a joint venture between

Chase Chase or CHASE may refer to: Businesses * Chase Bank, a national bank based in New York City, New York * Chase Aircraft (1943–1954), a defunct American aircraft manufacturing company * Chase Coaches, a defunct bus operator in England * Chase Co ...

and FDC. 1997: First USA acquired by

Bank One Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2 ...

. 1999: FDC acquires shares of Paymentech; merges with Bank One Payment Services. 2002: Acquires

Scotiabank The Bank of Nova Scotia (french: link=no, Banque de Nouvelle-Écosse), operating as Scotiabank (french: link=no, Banque Scotia), is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada ...

and Citibank CA merchant acquiring portfolio. 2004: European expansion begins; Dublin, Ireland location opens. 2004: Bank One merges with

. 2005: Paymentech integrates with Chase Merchant Services. 2008: FDC and JPMorgan announce Paymentech joint venture to end. 2008: Chase Paymentech becomes the Merchant Services subsidiary of JPMorgan Chase.

Early History

The company expanded by first acquiring JL McKay, a credit card software provider. The expansions continued with further acquisition of Litle and DMGT in 1995. The brand Paymentech was created in the year 1996 and the IPO was executed in the same year. Paymentech acquired Gensar, which later became Paymentech Network Services, Tampa, and Merchant Link in 1996. In 1997, Chase Paymentech was created as a joint venture between Chase Merchant Services and First Data Corporation (FDC). That year, First USA was acquired by Bank One. In 2001, Paymentech completed the largest retail merchant conversion and launched its Orbital Gateway. In 2002, Chase Paymentech acquired the merchant acquiring portfolios of Scotiabank and Citibank CA. Chase Paymentech opened its first European office in Dublin, Ireland in 2004. That year also saw the merger of Bank One and JPMorgan Chase. In 2008, FDC and JPMorgan announced that their Chase Paymentech joint venture was coming to an end, and Chase Paymentech became the merchant services subsidiary of JPMorgan Chase Bank, N.A.

Products and services

Chase Paymentech provides electronic payment processing products for businesses that accept credit, debit or gift cards from their customers. Their product portfolio includes products to help merchants reduce payment fraud and manage

chargeback A chargeback is a return of money to a payer of a transaction, especially a credit card transaction. Most commonly the payer is a consumer. The chargeback reverses a money transfer from the consumer's bank account, line of credit, or credit ca ...

s. The company offers products aimed at multiple industry verticals, including e-commerce, retail, professional services, travel and lodging, restaurant, digital content, and government. In June 2012, the firm announced the launch of their “future proof” payment terminals, which allows small businesses to accept current payment types, as well as the flexibility to accept emerging forms of customer payments, such as mobile wallets and contactless payment technologies.

Mobile payment processing

The firm offers products for merchants and small business owners to take payments in real time on mobile devices. Their Chase Mobile Checkout product, launched in May 2013, allows businesses to accept credit and debit cards via smartphone with their mobile app and card reader.

Point of sale equipment

The firm provides

payment terminal A payment terminal, also known as a point of sale (POS) terminal, credit card terminal, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payment cards to make electro ...

s and PC services for credit card acceptance at

point of sale The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice f ...

. Some of the company’s products include iTerminal, ExaDigm XD2100SP Wireless, Hypercom T7Plus Series, Hypercom Optimum T4205, Hyp Ingenico 7780, VeriFone V 610 Wireless, VeriFone V 570 Dual Comm, VeriFone V 510 Dual Comm, and ECRi (Electronic Cash Register interface).

Cyber Holiday Pulse Index

Every year, Chase Paymentech releases the Cyber Holiday Pulse Index, an annual measurement of online shopping activity during the holiday season, which tracks e-commerce spending across a sample of 50 leading e-retailers. The Index shows both sales volume and transaction count for online purchases across Chase Paymentech's global processing platforms.

References

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