Chase Commerce Solutions Sells Off ISO Portfolio
Jan. 11, 2016
Chase Commerce Solutions, the global payment processing and merchant acquiring business of JPMorgan Chase & Co. late last week sold its entire portfolio of ISO accounts to Fort Worth, Texas-based ISO First American Payment Systems. According to reports, Chase has been decreasing the number of merchant relationships it supports through traditional ISOs and increasing the number of direct acquiring relationships is has with merchants since it formed Chase Merchant Services, a partnership with Visa that began in 2013 . During that time it has focused more on e-commerce, reports said, though the biggest news for Chase Commerce Solutions recently was its agreement with Starbucks in November to take over processing of all its non-mobile payments.
Financial terms of the deal with First American were not disclosed. The Texas-based ISO, which focuses on brick-and-mortar payments (though it does offer e-commerce solutions), said in a press release the deal “expands one of our core business strategies in delivering payments expertise and support to our sales partners.”