WeWork is partnering with Chase to offer the NYC tech startup members discounted rates and premium customer service through Paymentech, Chase’s commerce arm.
Under the terms of the partnership, announced Tuesday (May 12), WeWork members can set up payment services for their businesses with Chase. Those members can then bring in any three payment invoices to Chase and the bank will beat the current payment processing rates, TechCrunch reported.
According to TechCrunch, WeWork declined to elaborate on the size of the discount, due to various algorithms and other factors that impact it.
WeWork provides shared workspaces and services for freelancers, startups and small businesses, and counts more than 20,000 members in more than 30 locations in the U.S., U.K. and Israel. The Wall Street Journal reported at the end of last year that the fast-growing startup had attracted a valuation of as much as $5 billion.
The deal with WeWork follows the announcement earlier this week that Chase Paymentech would link with the Canadian Federation of Independent Business to allow small merchants to receive preferred pricing from Chase.
“We are dedicated to providing our small business clients with solutions that help them reduce the overall cost of payment processing and grow their business,” said Nick Samurkas, president of Chase Paymentech Canada, of the CFIB’s partnership with Paymentech.
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