Transferring funds is a business of speed. Oftentimes, too many days in between transaction and transfer and service fee charged can discourage users. Basically, the business of money transfer—for general patrons and small businesses—comes down to two things: the faster, and the cheaper, the better.
JP Morgan Chase, which has already powered through with its QuickPay Zelle platform, which allows its banking customers to transfer funds from one account to another within moments from virtually anyone (wherever they bank) is pushing the boundaries of quick pay servicing to its merchant customers with WePay. Acquired by Chase in 2017, WePay offers same-day payouts to Chase business accounts.
The online payment service allows faster funds transfers for businesses, including marketplaces, crowdfunding sites, small business, and more through credit card transactions.
This month, WePay also launched new features—Link, Clear, and Core—to solve more integrated payments that is compatible with various apps and other software platforms, in addition to same-day deposits to Chase merchant banking accounts at no charge.
The new functions will help U.S. small businesses get paid faster, specifically with credit card payments, which can often have a longer lag time in transfer. Now, a boutique, wine shop, or other small businesses can utilize faster, end-of-day transfers on credit card purchases via WePay.
The platform also offers credit card processing over the weekend. (i.e. If something is processed on a Saturday, the transaction should be completed by that Sunday, and at no additional cost.)
At the moment, Chase is leading the charge for business funds transferring. Typically, it can take between one- to two-days—sometimes a week—for businesses to complete fund transactions, and it comes at a premium. Even WePay competitors in the small business online funds processing, Square or Stripe, charge a service fee and do not offer same-day transfers.
“Same-Day Deposits allows software platforms to help small businesses improve cash flow,” said Bill Clerico, CEO, WePay and Head of Small Business Products for Chase Merchant Services in a recent statement. “While other payment providers charge as much as one percent for faster funding, we can offer faster funding to Chase banking customers at no additional cost.”