JP Morgan Chase is upping the competitive ante and demonstrating what a legacy merchant acquirer has to offer in a payments market increasingly driven by new tech companies.
Payments platform and payment facilitator WePay, which was acquired by Chase in 2017, announced this week that it is offering its merchant customers free same-day deposits to Chase bank accounts.
“Same-Day Deposits allows software platforms to help small businesses improve cash flow,” Bill Clerico, CEO of WePay and head of small business products for Chase Merchant Services, said in a press release.
“While other payment providers charge as much as 1% for faster funding, we can offer faster funding to Chase banking customers at no additional cost.”
WePay announced the deposit capability along with a suite of other solutions targeted to software platforms who want to offer integrated payments through a variety of models, including a referral program and a white-label solution to enable the platforms to offer integrated payments using their own brand, as well as a solution that enables payment facilitators to integrate with Chase’s payments infrastructure.
WePay is positioning the offering as a benefit of its integration with its bank parent. When Chase announced its purchase of WePay in 2017, the companies touted the benefits of incorporating the PF’s integrated payments capabilities with the backing of a large acquiring bank.
After that announcement, WePay’s Chief Strategy Officer Rich Aberman told PaymentFacilitator that Chase envisioned a future in which merchants would access financial services through the software they’re using to manage their businesses.
“We’ve spent a lot of time heads down post-acquisition working to get the integration with JPMorgan Chase right – combining the best of our cultures while leveraging their expertise, capabilities, and resources to invest in our product,” Clerico said in this week’s announcement.
“Starting today, we’re announcing the first step in bringing the results of that investment to the market.”