Chase for Business has announced a new business banking account called Business Complete Banking with a new feature, QuickAccept. QuickAccept allows a business owner to take card payments in minutes, without opening a separate merchant account, and have funds available the same day at no additional cost.
Most banks have historically kept business checking accounts and merchant accounts siloed because they operate within separate divisions or entities. Customers are forced to open two different accounts within the very same bank - meaning separate pricing, signup, logins, reporting, customer service, etc. Additionally, the merchant account set-up process can take almost 12 business days before the business owner is able to accept payments, despite already being a bank client. Given this, many small businesses didn’t see the benefit of opening a merchant account at their bank and decided to open it elsewhere.
Listening to customers’ pain points, Chase seized the opportunity to break down that barrier. Chase’s merchant services and banking divisions committed to work more closely together to bridge the gap and they utilized WePay’s APIs to do so.
The vision was simple, how could Chase enable the customer to have only one banking account? How could Chase make accepting credit card payments be seamlessly integrated into a small business’ bank account?
Chase built QuickAccept on WePay’s APIs
Through our APIs, WePay has been enabling ISVs and SaaS platforms (POS providers, e-commerce platforms, invoicing platforms, etc.) to seamlessly integrate payment processing into their product offerings. We strongly believe payment processing is a feature, not a product.
Using the same powerful WePay APIs, the Chase Digital Platform team seamlessly integrated payments processing into the Chase Mobile App and created the built-in feature known as QuickAccept. Small businesses now can have business banking and credit card acceptance in one account - almost immediately. They will also experience a fully integrated solution that includes compliance, acceptance, processing, reporting, risk management and payouts.
What this all means for ISVs
We hear from merchants all the time that they do not want more features and complexity - they just want the solutions they have to work together better. WePay’s robust APIs empowers our platform partners to easily integrate payment processing into their core solutions.
The announcement of Business Complete Banking and QuickAccept exemplifies the power that comes from combining a leading bank, JPMorgan Chase, and WePay’s payments technology together. In addition, WePay and Chase have been offering Same-Day Deposits for some time to businesses with a Chase account and whose software platforms use WePay to power payments.
WePay and Chase are moving beyond just integrated payments into integrated banking. Because Chase and WePay are in a unique position to put these financial pieces together and connect them with technology, we expect to continue to offer innovative solutions like QuickAccept that drive towards this goal.
How to find out more about QuickAccept and the WePay API
To find out more about the WePay API and how you can build your own payments solution into your software, visit our API documentation and our main website. You can also find out more about QuickAccept and Chase Business Complete Banking from Chase.