By
Temitope Olatunji
April 26th, 2024
Though many of JPMorgan’s customers still make use of the payment processing platforms from competitors, it is expected that they will begin to migrate their businesses down to the QuickAccept-enabled platform.
New York-based multinational investment bank and financial services holding company JPMorgan Chase & Co (NYSE: JPM) has launched its payment processing card reading device dubbed QuickAccept. According to a report made by CNBC, the QuickAccept device is designed specifically to aid its over 3 million small business customers to have access to a faster and relatively costless payment service relative to what is currently offered by competitors.
The QuickAccept device as reported was designed by WePay, a payment startup JPMorgan (JPM) acquired years back and the device will offer same-day payment processing as against the almost 24-hour time frame offered by Jack Dorsey’s backed Square Inc (NYSE: SQ) amongst others.
The digital payment ecosystem is such that has experienced a lot of evolution in the past decade and the debut of creative innovations to continually present the payment services as flawless as they can be has permeated the landscape in recent times. With the advances in digital payments, the creation of the QuickAccept device by JPMorgan is geared to meet the yearnings of small and business scaled enterprises that have accounts with the bank in a bid to protect them from payment providers who may place profit-making overvalue addition.
“Our competition either doesn’t have same-day funding, or they charge for it,” Max Neukirchen, CEO of JPMorgan’s merchant services arm, revealed in an interview. “We think it’s a great differentiator for businesses because getting money into their account quickly is so important as they manage their cash flow.”
The JPMorgan QuickAccept device processes payments through a swipe, tap, or dip. Jen Roberts, the Chief Executive Officer of JPMorgan Chase’s Business Banking Unit noted that while the majority of the bank’s customers still make use of the payment processing platforms from competitors, expectations are that they will begin to migrate their businesses down to the QuickAccept enabled platform in the coming days.
“We know there are obviously those that are using competitors’ products, we can see them settling into their deposit accounts,” Roberts said. “Our hope is that through this more integrated experience, they will migrate their business over to QuickAccept through Business Complete Banking.”
JPMorgan QuickAccept Device to Model the Near Experience of Crypto Transfers
The payment ecosystem in its continuous evolution has seen digital currencies including Bitcoin (BTC), Ethereum (ETH) amongst others redefine the speed of transfers. These digital currencies facilitate the processing of near-instant transfer of funds compared to what payment services offers and the possibilities these digital currencies offer is to a large extent helping to reshape the payment service offerings.
The QuickAccept device may process transfers that are faster than the industry standards but it’s yet to model the speed of Bitcoin and Ethereum thansactions. Nonetheless, the innovation will address the company’s customer yearnings while the entire payment industry will be better for it.