Update 9/11/23: Deal is back and valid until 10/27.
Update 6/9/23: Deal is back at this link; seems to be a public offer. Valid through 7/28/23. (ht nycdpj)
The Offer
Chase is offering some business customers $1,000 when signing up for Chase Merchant Services and processing $2,000 in payments.
The Fine Print
Customers can only receive a total of two Chase Payment Solutions® bonuses every 12 months from the last offer enrollment date. To receive the bonus, all terms and conditions must be met.
The offer is valid for new U.S. customers through 04/28/2023 that (1) complete an application; (2) are approved by Chase; (3) activate a new Chase Payment Solutions account; and (4) process $2,000 of credit and/or debit card payments (not including fees) over at least five transactions by 06/27/2023.
Qualifying transactions are Chase Payment Solutions transactions processed using Chase Mobile® app, Chase Business Online, Chase Point of Sale (POS) app, Chase Mobile® Checkout app, mobile card reader, Smart Terminal, Move 5000, Desk 5000, or Orbital Virtual Terminal, and authorize.net. Accounts involving a partner solution are eligible only when opened directly through Chase Payment Solutions. Full product list subject to change. Other restrictions may apply.
To receive this bonus, the enrolled Chase Payment Solutions account must not be closed or restricted at the time of payout.
The cash bonus will be deposited into your settlement account within 60 days after the requirements are met.
Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible. Offers are not available to signers on local, state or Federal Government entities or agencies, Not for Profit organizations, Political Action Committees, or those with campaign accounts.
Bonus is considered miscellaneous income and may be reportable to you and the IRS on Form 1099-MISC (or Form 1042-S, if applicable). Offer is good for one-time use.
Our Verdict
Reader Sammy clarified that there aren’t any fees to sign up for merchant services, and the only fees involved are the 2.5%-2.9% card processing fees on the $2,000. You can expect to receive a 1099-MISC for the bonus and a 1099-K for the payment processing.
RELATED: What Are Merchant Services (Common Requirement For Business Banking Bonuses)?
Bonus history:
Update 3/5/23: Deal is back at this link; seems to be a public offer. Valid through 4/28/23. Updated below. (ht mothman69)Update 12/23/22: Deal is being sent out again via snailmail, likely targeted.
Update 2/27/22: There’s a mailer offer being sent out with $1,000 bonus offer. Requires $2,000 in processing. Link found in the mailer is Chase.com/CPS-1000INK. Not clear if it’s targeted, but I suppose you can confirm the bonus with the Chase rep when they call. Hat tip to reader Carl and others
Update 7/26/21: Deal is back and valid until 10/30/21. Link here. This time you need $1,500 in processing (previously $500) and 5 transactions. Hat tip to nycdpj
Update 1/18/21: Deal is now 750. Valid until 04/01/2021.
Update 7/15/20: More people targeted for this. Also requires opening a chase total business checking account as well. Making this deal even worse than before. Hat tip to reader shilph
Extended until July 2nd