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JPMorgan Chase introduces same-day deposits for merchants

JPMorgan Chase introduces same-day deposits for merchants

JPMorgan Chase is taking on Stripe and Square by offering same-day deposits, at no extra cost, for users of its WePay payments platform that also have Chase accounts.

JPMorgan Chase bought Silicon Valley-based WePay in 2017 to help its small business clients marry software with payments.

The new same-day deposit option, which comes at no additional cost, promises to give merchants faster funding and improved cash flow.

The move sees JPMorgan Chase use its position as a bank to gain an edge over rivals such as Square and Stripe, which charge for instant payments.

Bill Clerico, CEO of WePay, says: "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."

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