JPMorgan Chase’s payments business WePay has introduced new integrated payments capabilities for software platforms.
The aim is to expedite payments to US-based SMEs using software platforms such as Xero and BigCommerce.
The product suite includes the Link solution, designed to enable businesses to accept payments through a Chase Integrated Payments merchant account.
It also includes the Clear solution for software platforms which intend to provide integrated payments under their own brand.
WePay’s product suite also includes another solution, dubbed Core, to allow software platforms to act as payment facilitators integrating directly with JPMorgan Chase wholesale payments.
In addition to these solutions, WePay launched Same-Day Deposits to Chase bank accounts. Available without additional charges, the service will be available to WePay merchants who bank with Chase.
WePay CEO Bill Clerico said: “Same-Day Deposits allows software platforms to help small businesses improve cash flow.
“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.”
Xero Americas head of Financial Partnerships Mary Buckley added: “We’re excited to start integrating with WePay because it will add significant value to our small business customers by delivering easier ways for them to do business and access their money.
“Small businesses drive economies of the world, yet our data shows it took on average over a week for US small businesses to get paid in 2018.
“We are happy to collaborate with WePay to offer customers access to Link and Same-Day Deposits that help small businesses thrive long-term.”