Posted by Chuck on February 14, 2020
Checking Accounts

Published on February 14th, 2020 | by Chuck

12

[Targeted] Chase Business $500 Merchant Services Bonus (Just For You Offer)

The Offer

No direct link, check your Just For You in your Chase Business login

  • Chase is offering some business customers $500 when signing up for Chase Merchant Services and processing $500 in payments.

 

The Fine Print

  • Valid through April 2, 2020
  • Must be opened in-branch or over the phone

Our Verdict

Reader Sammy got this offer, and clarified that there aren’t really any fees to sign up for merchant services, just the 2.5%-2.9% card processing fees, so the overall costs to run $500 in processing are minimal. Not sure if they’ll send a 1099-MISC for this bonus.

I imagine a lot of people have some sort of business or another which processes that amount and take advantage of this offer if targeted. Seems like Chase is targeting people who recently opened a business account with Chase (probably a business checking account).

Hat tip to reader Sammy, Oliver, Celia

RELATED: What Are Merchant Services (Common Requirement For Business Banking Bonuses)?



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mjonis
mjonis

Note that Chase requires:
1) 2 years of tax returns for this (even for Sole Proprietorship)
2) They will do a HARD PULL on your credit file for this

tribesman55
tribesman55

Not worth it then

HarryTheFirstHarry
HarryTheFirstHarry

Is that to open a biz account or to set up merchant services alone?

mjonis
mjonis

That’s for the merchant services account. For a Chase business checking, Sole Proprietor all I had to show was Drivers License and a DBA (certified copy) for New York. No credit pull (if you decline the overdraft and merchant services). Not sure why they do the hard pull for Merchant Services, maybe it’s if someone contests the charge?

Tony
Tony

Let’s say if I swipe a Visa GC and they send me a form at the end of the year, do i have to pay tax on the amount i received ($500 less 3% fee)?

nick
nick

what does DBA stand for?

Celia
Celia

Doing Business As

I am a sole proprietor, but I do business as a company name so I have a DBA certificate stating that registered with my state.

HarryTheFirstHarry
HarryTheFirstHarry

Thanks for confirming that this pertains to the merchant services…yes I do already have a business account from some time back which as you say was very easy to open without many docs and no HP.

Betelgeuse ㊙️

That’s good to know. Here are the terms:
To receive the merchant services bonus: 1) Open a new Chase Merchant Services account. Businesses are required to complete an application and agree to terms and conditions at the time of enrollment. All businesses are subject to credit approval. 2) Settle into a Chase business checking account. 3) An amount of $500.00 or more must be settled into the Chase business checking account within 90 days of the coupon redemption date.

Return to Footnote reference 2
Next-business-day funding is available to eligible Chase Merchant Services customers who deposit into a single Chase business checking account. Visa®, MasterCard®, Discover®, and American Express® OptBlue® credit and debit transactions are eligible. All businesses are subject to business credit approval and all funds are subject to fraud monitoring. In addition, funding is subject to the terms and conditions of the merchant processing agreement. Chase must receive settled transactions by 10 PM ET (some businesses may qualify for an 11:59 PM ET settlement; talk to a Chase representative for more details). Funds are deposited on the next business day, excluding weekends and bank holidays. Some exclusions may apply. The listed payment brand(s) are not sponsors of this program. All marks are marks of their respective companies.

Return to Footnote reference 3
Offer good for new Chase Merchant Services customers only and expires on 04/02/2020. Offer applies only to Chase Mobile Checkout, portable terminals (Ingenico Move5000, Ingenico iWL250, Verifone Vx680), countertop terminals (Ingenico Desk 5000, Ingenico ICT250, Verifone Vx520) or Orbital Virtual Terminal. Full product list subject to change. Other restrictions may apply.

The cash bonus will deposit to your Chase business checking account within 10 business days after the requirements are met. Customers 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).

bax
bax

Always hard pull. Pass.

Mario
Mario

I received a $750 over for $500 in payments exp 4/2/2020. I had a Biz account for a while now.

UKI
UKI

You will get a 1099 MISC for this, and those 500 will show as income. And 500 payments you processed will show as income too. Unless you can show that you got a business loss, i would skip this if you are a regular guy…

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