JPMorgan Chase is taking on Square and PayPal with an app and contactless card reader linked to a business checking account.
The Business Complete Banking account includes QuickAccept, a built-in feature that enables a merchant to take card payments in minutes and have the funds available the same day.
This contrasts with rivals such as Square, which usually takes at least a day unless merchants pay a 1.5% fee for instant transfers.
QuickAccept offers a flat, pay-as-you-go rate and can be activated right away for use every day in the Chase Mobile app or contactless mobile card reader.
Jen Roberts, CEO, Chase Business Banking, says: “Too often, business owners have to cobble together what they need to start and grow, and that’s why we created Chase Business Complete Banking as an integrated system where everything is built in and easily available on demand.”
Reports say that Chase will move a “large portion” of its three million small business customers to the new offering.