Chase Paymentech
Encyclopedia
Paymentech, LLC a subsidiary of JPMorgan Chase Bank, N.A., is a payment
processing and merchant acquiring company headquartered in Dallas, Texas
. Chase Paymentech and its affiliates provide electronic commerce and secure payment solutions, including credit cards, debit cards, gift cards, international currency and electronic check processing. The company specializes in card-not-present (CNP) transactions, and processes an estimated 50 percent of all Internet transactions.
The company, with its affiliates, processes more than 900 transactions per second, and is currently ranked as the #1 payment processor by Internet Retailer (Top 500 Guide). In 2009, the company processed $409.7 billion in bankcard volume and 18 billion total transactions.
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. 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.
s for merchants accepting credit, debit or gift cards from their customers. Chase Paymentech also has product offerings to help merchants reduce fraud and chargebacks, as well as settling transactions in multiple currencies.
The company offers industry-specific solutions for e-commerce, retail, mail/phone orders, insurance, travel and lodging, restaurant, digital content, contract/service provider, and government.
Chase Paymentech and its affiliates also provide fraud management tools, reporting products, gift cards, international processing, recurring payments, debit card processing, and POS equipment.
Payment
A payment is the transfer of wealth from one party to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation....
processing and merchant acquiring company headquartered in Dallas, Texas
Dallas, Texas
Dallas is the third-largest city in Texas and the ninth-largest in the United States. The Dallas-Fort Worth Metroplex is the largest metropolitan area in the South and fourth-largest metropolitan area in the United States...
. Chase Paymentech and its affiliates provide electronic commerce and secure payment solutions, including credit cards, debit cards, gift cards, international currency and electronic check processing. The company specializes in card-not-present (CNP) transactions, and processes an estimated 50 percent of all Internet transactions.
The company, with its affiliates, processes more than 900 transactions per second, and is currently ranked as the #1 payment processor by Internet Retailer (Top 500 Guide). In 2009, the company processed $409.7 billion in bankcard volume and 18 billion total transactions.
History
Chase Paymentech began in 1985, when MNET, MBank’s retail unit and merchant acquirer division was founded. In 1987, the company was acquired by Lomas Bank Corp. Chase Paymentech became First USA Merchant Services in 1989.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. 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 solutionSolution
In chemistry, a solution is a homogeneous mixture composed of only one phase. In such a mixture, a solute is dissolved in another substance, known as a solvent. The solvent does the dissolving.- Types of solutions :...
s for merchants accepting credit, debit or gift cards from their customers. Chase Paymentech also has product offerings to help merchants reduce fraud and chargebacks, as well as settling transactions in multiple currencies.
The company offers industry-specific solutions for e-commerce, retail, mail/phone orders, insurance, travel and lodging, restaurant, digital content, contract/service provider, and government.
Chase Paymentech and its affiliates also provide fraud management tools, reporting products, gift cards, international processing, recurring payments, debit card processing, and POS equipment.
Online Payments
Chase Paymentech’s Orbital suite of eCommerce products includes:- Orbital Virtual Terminal - A web-based application for the authorization, capture, and settlement of payments directly from a merchant’s computer.
- Orbital Payment Gateway - A proprietary system to which the merchant connects in order to securely and electronically deliver their customers' payment information. The Orbital Gateway also provides tokenization services, replacing customer account data with a token, removing account numbers from the transaction flow to help a merchant reduce their Payment Card Industry Data Security Standards (PCI DSS) scope.
- Orbital Managed Billing - A service that provides a way to collect recurring, deferred and installment billings automatically.
- Orbital Customer Profile Management - A service that stores customer and cardholder data off-site, and allows access to customer information for completing transactions faster.