When you say the port is on a PCB and connected to a 'Chip'
Is this perhaps a UART or a Driver chip?
For smaller projects I like the MAX232.
I have had a lot of luck with an inexpensive logic probe.
It shows 2 LEDs (Red=High, Green=Low) It is easy to follow
a serial signal through a circuit just with that tool.
I the device connects to a terminal of any kind, is it possiable to
remove the driver chip/Uart from a socket and jumper the TX and RX signals
to create a Loopback test. This will confirm that the problem is NOT in the circuitry leading up to the IC.
Send more details, This should be easy to hunt down.
-Mike