Chase takes on Square with its own contactless payment system

Chase takes on Square with its own contactless payment system




JP Morgan Chase is clearly eager to compete with Square in contactless, app-based store payments. It just launched a Chase-branded Business Complete Banking account with a QuickAccept feature that promises simpler (and crucially, faster) payments for small shops. There’s a reader that supports tap-to-pay, chip and swipe payments along with a mobile app to replace old-fashioned machines. The pricing for the service is just as important, for that matter.As with Square, payments are flat and transparent — a store pays either 2.6 percent plus 10 cents for every card or tap-based transaction, or 3.5 percent plus 10 cents for manual transactions (such as online sales) through the app. There are no monthly fees for the account if a shop meets one or more minimums for balance or spending, and deposits take place the same day.


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