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The bank is rolling out a checking account that is paired with a new fintech-inspired service called QuickAccept, which lets merchants take card payments within minutes, either through a mobile app or a contactless card reader. Users will see sales hit their Chase business accounts on the same day and 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-day funding, or they charge for it,” Max Neukirchen, CEO of JPMorgan’s merchant services arm, said in an interview. “We think it’s a great differentiator for businesses because getting money into their account quickly is so important as they manage their cash flow.”
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