JPMorgan Attempts to Take Down Square and Paypal in Small Business Payments Space

Posted on 10/21/2020

Shots fired as JPMorgan Chase & Co. is attempting to play catch up in the business merchant space by releasing QuickAccept. The American banking giant is rolling out a checking account paired with QuickAccept, which allows businesses take card payments within minutes, either through a mobile app or a contactless card reader. JPMorgan customers of QuickAccept will see the sales figures hit the account on the same day. The fast funding is free, as competitors such as Square charges a 1.5% fee for instant transfers.

Twitter co-founder Jack Dorsey found an opportunity for small businesses to use their smart phones as cardswipers. Square now manages over US$ 100 billion in payment volumes annually.

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