This bonus has expired, view more bonuses here.
Check your emails for an offer from Chase for business Merchant Services:
- Get $300 when you open and activate a new merchant services account and settle $500 of transactions into your Chase business checking.
Others got a similar offer with a lower $25 transaction requirement.
The Fine Print
- Offer expires June 30, 2018.
- Your bonus will appear in your account within 10 business days after completing qualifying activities.
- Coupon good one time and may not be transferred to others.
- Merchant Services Offer: If a client is opening a new Chase business checking account, card transactions processed through Merchant Services must settle to this account for the bonuses to be fulfilled for the offer. If a client has an existing Chase business checking account, confirm which checking account they will settle to and select it in E- Coupon Application in FSD.
- The cash bonus will deposit to your Chase Business Checking account within 10 business days after the requirements are met.
- Clients that are currently processing with Merchant Services, or have participated in a similar offer within the past 12 months, do not qualify.
- Merchant services account-related bonus is limited to one per calendar year.
- Chase reserves the right to withdraw this offer at any time without notice. Chase may deny any attempts to earn multiple bonuses. The offer is not available on account conversions or in combination with any other offer and cannot be transferred. Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible.
- The bonus is considered interest, which may have to be reported on an IRS Form 1099-INT (or a Form 1042-S, if applicable).
- $9.95 monthly fee
- Minimum $25 in monthly payment processing fee
- $100 setup fee, but that’s waived when signing up for online checkout or mobile checkout
Offer seems to have been sent out to anyone who ever had a Chase business checking or perhaps to anyone who has a Chase business credit card.
If you don’t currently have a Chase business checking, you’ll have to signup for one first to do this deal. You can get a $300 bonus for doing so currently, and some Chase Private Clients can get $750 for doing so. It’s a nice stack, just realize that you need a real business, especially for merchant services where you’ll probably have to explain what types of transactions you’ll be processing.
It might be possible to get the $300 merchant services bonus with $34.95 in total fees ($9.95 + $25) if you finish off the required payment processing within the first month, but there could be more fees/hurdles involved that we aren’t noticing.
I’m not sure if they’ll actually send out a 1099-INT for the bonus or not, just beware that if they do, the 1099 will be for the full $300. If you only process $500, they probably won’t send out any 1099-K, but I don’t know that for certain.
This deal makes much more sense for someone who is anyway going to a Chase branch to open a Chase business checking for one of the other bonuses mentioned, add this merchant services offer for an added incentive. If you try this out, let us know how it goes.
Received a $500 offer for signing up for Chase Merchant Services. I opened a Business account 60 days ago.
Got this as well, though I have a long standing biz acct with Chase. Came to this thread to see if I could find any info. Wouldn’t mind trying it out.
Trying this now. I have the $500 requirement. Funny thing is the lady at the bank told me theres no monthly fees for the account other then the fees for the credit card transactions. Maybe its different for me.
I just charged it to my chase checking account by accident instead of my business checking account. Going to switch the deposit accounts tomorrow and try again. Will write back once deposit shows up.
Did you end up getting the bonus? And was there any fees or credit check involved?
I didn’t get one from Chase but did get one from Bank of America. Unfortunately, a month ago, Ban of America denied me for a business checking account and business credit card account, so I don’t know why they’re sending me an offer by email now. It’s like a bait and switch.
Anyway, the offer is
Earn your bonus in just a few steps
1.Open a Business Advantage Checking account OR Business Fundamentals® Checking account by July 31, 2018 and make qualifying deposits of at least $5,000 in the first 60 days after account opening. Qualifying deposits are deposits of funds into your new small business checking account that are not transfers from other Bank of America and/or Merrill Lynch accounts.
2.Customize your relationship with us by adding one or both of our select business accounts below and meeting the product qualifications:
•Apply, be approved for and open a new small business credit card account and spend at least $500 on the card within 60 days of opening a new business checking account.
•Apply, be approved for and activate a Bank of America Merchant Services account and settle funds totaling a minimum of $1,000 into your new business checking account within 60 days of opening a new business checking account.
Earn$300 with business checking and one select business account
Earn$200 when you open a second select business account
For a total of $500
I just got that also. Valid thru July 31, 2018
“Ban of America” is a great name for them- whether it was a typo or intended!
I think it’s appropriate for my situation. I don’t think they’ll approve me for any account besides the cc I have with them.
I am curious about this, after seeing the CPC $750 bonus may open a CPC (it seems they only check 1x annual for qualifying (CPC % are lower than most high% vehicles, and investment fees are not really competitive unless they changed recently). Then the a Total biz checking.
I currently use Square and I like the tracking and and that they settle quickly (deposits following biz day).
From what I’ve read I think you commit to a 24 month (that might just be the check reader).
The 3 tiers of fees , seem vague and I wonder if are volume driven.
Square seems to have better fees, (no monthly) truly free reader (mag stripe only), but you can also set up recurring monthly billing (and charging) which is the most reasonable I’ve found.
Square is great at what they do, even allowing you to easily track cash and checks. Throwing in a few fee free VGC from Staples/OD from time to time.
But with most of these you can’t do a “business” you normally need a dba/abn/ein as well as Business checking account (but many CU offer them free).
If no long term commitment, I may test drive the mobile reader if I get targeted.
Have a chase business account opened a few months ago.
was NOT targeted for this (as far as I can tell… no email)
I was targeted for this and have never had a Chase business checking account, but have and have had several Chase business cards, so that’s how they targeted me,
Updated the post, thanks
I did this promotion last month and the pricing for me is a flat 2.75% fee without a monthly fee. I might have gotten special pricing since I was previously using Square and Chase saw them hitting my account.
The difference on funding is that Square deposits the net amount (less fees) whereas Chase deducts the fees separately at the end of the month.
While there was no charge for the card reader, I was advised that if I closed the merchant service account I would be responsible for returning the reader or paying a fee for it.
I will update if I do end up getting hit with the $25 monthly fee.
There’s a hard pull required, let alone underwriting to go through. Hardly seems worth it