Friday, June 24News That Matters
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Tag: merchants

JPMorgan Chase takes on Square and PayPal with smartphone card reader, faster deposits for merchants

Finance
JPMorgan's Business Complete Banking serviceSource: JP MorganJPMorgan Chase is making a play to sell more services to millions of American small business owners, pushing into an area pioneered by fintech firms including Square, PayPal and First Data, CNBC has learned.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 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."Our competition either doesn't have same-...