Chase Merchant Services Offer, Get $750 When You Sign Up
Chase is targeting some business customers with a huge bonus for signing up for a new Merchant Services account. This offer is usually for $500, so it’s much better this time around. Most likely you will receive this offer, or similar ones, when opening a Chase Business account. Let’s take a look at the details.
The offer
To get this $75o bonus, you must complete the following requirements:
- Present the offer you received at any Chase branch or enter your information into thge online form provided.
- Open a new Chase Merchant Services account and a new eligible Chase business checking account. For new merchant services customers only.
- Complete qualifying activities: Activate your account and settle $1,500 or more into your Chase business checking account within 90 days of the coupon enrollment date
This offer was sent out by email, but you can also check your Chase business accounts, in the Just for You section. Offer expires 04/01/2021.
Key Terms
- Customers that are currently processing with Chase Merchant Services, or have participated in a similar offer 12 months from enrollment date do not qualify.
- The offer is valid for new U.S customers through 4/1/2021ther restrictions may apply.
- To receive this bonus, the enrolled merchant services account must not be closed or restricted at the time of payout.
- The cash bonus will be deposited into your Chase settlement account within 15 days after the requirements are met.
- Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible.
- Bonuses are considered interest and may be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
- 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, with the exception of any payment solutions paired with partner software solution.
Conclusion
I’m not sure if Chase Merchant Services comes with any upfront or monthly fees. I looked through the Chase website and I don’t see any fees mentioned, but you can check with your banker to make sure. You probably just need to pay processing fees for whatever card payments that you process for your business. You need to have $1,500 or more settled into your Chase business checking account within 90 days to get this bonus, and obviously you need to have a Chase business checking account.
Check your emails or Chase business accounts for this offer. I received this offer after opening a business account last week. Let us know if you have it!
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Can you open a business checking accont using your SSN?
No – you’ll need, at minimum, a sole proprietorship and EIN. You can get an EIN for a sole proprietorship at IRS website in about 60 seconds. You will also need a business certificate from the municipality where your business operates. In most locations, this will require a signature from the local building inspector (to certify that you’re not planning to see customers at your home, or that your home is appropriately zoned for commercial use and has been inspected). The banker will not be able to open a business checking account without those docs as part of Chase’s FinCEN/AML protocol.
Typically, the municipality will also require that you provide them with the IRS letter with your sole proprietorship’s EIN, so I’d recommend starting there.