Digital Payments

JPMorgan Rolls Out Same-Day Deposits For SMB

JPMorgan Rolls Out Same-Day Deposits

Customers of the WePay platform can now get faster deposits to their JPMorgan Chase bank accounts, CNBC reported on Tuesday (Sept. 10).

“With other payment processors, when a small business is looking to get paid, it can take 24, 48, sometimes 72 hours over the weekend for that payment to hit,” Bill Clerico, CEO of WePay, told CNBC. “Because we are a bank [as well as a payments processor], we can deposit their credit-card proceeds the same day, including weekends, at no additional cost.”

Some customers can already use the new feature. By year-end, it will be available on all Chase platforms. Clerico said the offering is unique to Chase, as it is the sole major bank that owns a payments business.

FinTech competitors like Stripe and Square charge an additional fee to receive payments faster than one to two business days. For example, Stripe charges 1.5 percent for instant payments.

JPMorgan acquired Silicon Valley’s WePay in December 2017. WePay was founded in 2008.

JPMorgan’s strong Q2 performance can be credited to a growing millennial customer base and continued digital innovation. The JPM Coin has garnered interest from customers around the world. The cryptocurrency will reportedly be tested with select customers by the end of the year.

Other digital projects have included the introduction of services such as eGifting on its Chase app, which now offers gift cards from over 60 retailers. It also offers a virtual B2B card created in collaboration with Bora Payment Systems that helps clients pay their vendors.

Internationally, JPMorgan introduced its E-Customs Payment Solution, which fully digitizes and automates cross-border payments of goods. The bank is also progressing further into the world of healthcare payments with its recent acquisition of InstaMed, which addresses payments issues for consumers, providers and payers.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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