The new offering, announced Wednesday (Oct. 7), brings Chase Payroll alongside the banking and payment activities business customers already manage through the lender.
“Small business owners are constantly balancing employees, customers, expenses and cash flow,” Stevie Baron, CEO of Chase for Business, said in a news release.“They want tools that work together and make it easier to keep their business moving. That’s why we’re bringing payroll into Chase Business Online, giving business owners more flexibility with next-day processing.”
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
The release noted that while payroll is among the most critical recurring responsibilities for small business owners, it is often managed separately from other financial tools.
Chase cited in-house research showing that 89% of business owners would find value in managing payroll from the same platform they use for business banking and payments. And 37% said meeting payroll put pressure on cash flow over the last six months, “underscoring how closely payroll is tied to the broader financial health of a business,” the release added.
Chase Payroll lets business owners manage payroll, taxes and employee payments from within Chase Business Online. The service is powered by Gusto, the payroll technology firm Chase has worked with since 2023.
“For more than a decade, hundreds of thousands of small businesses have trusted Gusto to manage payroll, taxes and compliance,” said Tomer London, co-founder at Gusto. “With Chase Payroll, powered by Gusto, we’re bringing that experience directly into the banking platform small businesses already use – helping them pay their teams accurately and on time, stay current with changing requirements and spend more time running and growing their businesses.”
Research from PYMNTS Intelligence has found that payroll needs are a key driver of instant payment adoption among small businesses. As covered here in April, research found that paying worker wages is the number one driver of urgency for 27% of so-called high-urgency small and medium-sized businesses (SMBs).
“Instant disbursements ensure that a business can pay its staff the moment a client settles an invoice, avoiding missed payrolls that can devastate employee morale,” that report said.
Additional PYMNTS research has found that—among companies looking to adopt embedded finance features—payroll benefits are at the top of the list of desired features, with 61% of businesses that don’t offer them intending to add them.
Add as Preferred Source
