JPMorgan Chase is launching a new service that will allow businesses to process card payments swiftly and only be charged a flat pay-as-you-go rate. Dubbed QuickAccept, business owners can make use of the system via a mobile app or using a contactless card reader with payments being processed and put into bank accounts the same day.
QuickAccept will likely appeal to many businesses looking to cut costs due to the coronavirus pandemic as it is looks to be convenient and cheap to use. Rivals, such as Square and PayPal, often process payments more slowly and charge a fee if businesses need the funds from transactions more rapidly.
Users of the new service will need to equip themselves with the QuickAccept card reader, which the bank has developed in-house using staff requisitioned from its purchase of WePay back in 2017. The device will allow businesses to offer tap, dip or swipe contactless payments with JPMorgan Chase reporting that it has ambitious plans to migrate many of its three million-plus users to the service over coming months.
With businesses looking for more efficient, not to mention faster ways of processing payments QuickAccept looks set to be monitored with interest by other providers of contactless services. Producers of point of sale hardware could also be affected by the development as more business outlets move away from traditional POS systems in favor of contactless payment options.
The bank, one of the biggest in the US, is hoping to pull in new business customers with QuickAccept forming just one part of an array of new services falling under its Chase Business Complete Banking product.
The full fat package is offering a one-stop solution for businesses looking to streamline their financial affairs as they continue to battle with the trading challenges caused by Covid-19.