QuickAccept lets merchants take card payments within minutes, either through a mobile app or a contactless card reader. Users will be able to see sales hit their Chase business accounts on the same day. The service is offered free of charge.
The bank designed its QuickAccept card reader, a hardware device that processes card payments via tap, dip or swipe, internally with the help of a team gained from its 2017 WePay acquisition.
JPMorgan will migrate a large portion of its small business customers to the new service. It will be targeting customers with less than USD 500.000 in annual revenue who want to avoid paying fees.
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