The Empire strikes back. That would be JPMorgan Chase coming out with its own mobile solution for card payment transactions. The new service, called QuickAccept, will feature a contactless-enabled card reader as well as a mobile app payment method. A key differentiating feature will be same day, fee-free, funding to merchants’ Chase bank accounts.
This move is a competitive shot across the bow to PayPal and Square. Cash flow rules for small business and never has this been more critical than during the pandemic. Merchants will applaud this new service and benefit from the competition from payments vendors to win them over as clients.
The following excerpt from a CNBC article reports more on the topic:
- JPMorgan’s new QuickAccept service lets businesses take card payments within minutes, either through a mobile app or a contactless card reader, and users will see sales hit their Chase accounts on the same day.
- That fast funding is offered free, unlike competitors including Square, which typically take a day or more and charge a 1.5% fee to make instant transfers.
- The bank designed its QuickAccept card reader, a hardware device that processes card payments via tap, dip or swipe, internally with the help of a team gained from its 2017 WePay acquisition.
- JPMorgan will soon migrate “a large portion” of its more than three million small business customers to the new service, said Jen Roberts, CEO of the Chase business banking unit.
The bank is rolling out a checking account that is paired with a new fintech-inspired service called QuickAccept, according to JPMorgan executives. QuickAccept lets merchants take card payments within minutes, either through a mobile app or a contactless card reader, and users will see sales hit their Chase business accounts on the same day.
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group