WePay, the integrated payments business of JPMorgan Chase & Co., today announced the launch of Same-Day Deposits to Chase bank accounts at no additional cost, along with a new product suite of integrated payments capabilities for software platforms.
The new functionality will help tens of thousands of U.S. small businesses that use platforms like BigCommerce and Xero to get paid faster. It also showcases the combined capabilities of a Silicon Valley financial technology company joining one of the world’s largest, most admired financial institutions. JPMorgan Chase acquired WePay in December 2017. Same-Day Deposits are available to WePay merchants who bank with Chase, subject to daily cutoff times.
“Same-Day Deposits allows software platforms to help small businesses improve cash flow,” said Bill Clerico, CEO of WePay and Head of Small Business Products for Chase Merchant Services. “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.”
In addition to Same-Day Deposits, WePay is also announcing its new suite of integrated payments solutions for platforms:
- Link: A simple way for software platforms to enable users to accept payments through a Chase Integrated Payments merchant account. Accounting platform Xero and e-commerce platform BigCommerce have selected Link to power integrated payments on their platforms.
- Clear: The fully white-label solution for software platforms that want to offer integrated payments under their own brand, while WePay handles the back-office operations.
- Core: A solution for software platforms who want to become payment facilitators to integrate directly to JPMorgan Chase wholesale payments for end-to-end payments processing, payouts, and cash management.
“We’re excited to start integrating with WePay because it will add significant value to our small business customers by delivering easier ways for them to do business and access their money,” said Mary Buckley, Head of Financial Partnerships for Xero Americas. “Small businesses drive economies of the world, yet our data shows it took on average over a week for U.S. small businesses to get paid in 20181. We are happy to collaborate with WePay to offer customers access to Link and Same-Day Deposits that help small businesses thrive long-term.”
“We’ve spent a lot of time heads down post-acquisition working to get the integration with JPMorgan Chase right – combining the best of our cultures while leveraging their expertise, capabilities, and resources to invest in our product,” said Clerico. “Starting today, we’re announcing the first step in bringing the results of that investment to the market.”
WePay powers software, payments, and small businesses. As a leading provider of integrated payments processing, WePay helps small businesses and individuals get paid quickly and easily by serving software platforms and applications like BigCommerce, GoFundMe, and Zoho. Acquired by JPMorgan Chase & Co. in December 2017, WePay delivers payments and services you can bank on. WePay is headquartered in Redwood City, California and offers its services in the United States, Canada, and the United Kingdom. For more information, visit wepay.com.
1Based on aggregated and anonymized data from a large sample set of Xero’s United States small business customers from 1st January – 31st December 2018.