From startups to legacy brands, you're making your mark. We're here to help.
Key Links
Prepare for future growth with customized loan services, succession planning and capital for business equipment.
Key Links
Serving the world's largest corporate clients and institutional investors, we support the entire investment cycle with market-leading research, analytics, execution and investor services.
Key Links
Providing investment banking solutions, including mergers and acquisitions, capital raising and risk management, for a broad range of corporations, institutions and governments.
Your partner for commerce, receivables, cross-currency, working capital, blockchain, liquidity and more.
Key Links
A uniquely elevated private banking experience shaped around you.
Whether you want to invest on your own or work with an advisor to design a personalized investment strategy, we have opportunities for every investor.
For Companies and Institutions
From startups to legacy brands, you're making your mark. We're here to help.
Serving the world's largest corporate clients and institutional investors, we support the entire investment cycle with market-leading research, analytics, execution and investor services.
Your partner for commerce, receivables, cross-currency, working capital, blockchain, liquidity and more.
Prepare for future growth with customized loan services, succession planning and capital for business equipment.
Providing investment banking solutions, including mergers and acquisitions, capital raising and risk management, for a broad range of corporations, institutions and governments.
For Individuals
A uniquely elevated private banking experience shaped around you.
Whether you want to invest on you own or work with an advisor to design a personalized investment strategy, we have opportunities for every investor.
Explore a variety of insights.
Key Links
Insights by Topic
Explore a variety of insights organized by different topics.
Key Links
Insights by Type
Explore a variety of insights organized by different types of content and media.
Key Links
We aim to be the most respected financial services firm in the world, serving corporations and individuals in more than 100 countries.
Key Links
When JPMorgan Chase acquired payment gateway WePay several years ago, the bank gained access to WePay’s integrated payments gateway capabilities. But there was a grander vision at play than for JPMorgan Chase to simply broaden its payment product offering for small- to medium-sized businesses (SMBs).
The 2017 deal set the stage for the financial institution (FI) to take steps toward its goal of creating an SMB ecosystem, one in which point-of-sale (POS) offerings combine holistically with a range of other financial services and capabilities already offered by JPMorgan Chase. Fast forward three years and the bank has made that vision a reality for SMBs with the recent rollout of QuickAccept. It's a payment acceptance solution built on the technology secured through the WePay takeover, but it's one that Max Neukirchen, CEO of Merchant Services at J.P. Morgan, said goes beyond the payment itself.
Speaking with Karen Webster, Neukirchen described how JPMorgan Chase's status as the largest U.S. bank positions it to provide a well-rounded finserv offering to SMBs that all function together as a one-stop-shop.
"With many customers, payment acceptance is one of the critical components that small businesses are looking for, so we want to meet this," he said. "This is step one. But there is a lot more around payments that you want to do with small businesses. ... There's a very important ecosystem there."
"Small businesses have a long list of needs, and accepting card payments via the reader we launched is a great first step," he said. "But to have great solutions in the ecosystem, more needs to get done."
Among the critical components of QuickAccept is the ability for SMBs to have funds accepted at the POS actually land in their checking account in real time—without a fee. Neukirchen described this as the "differentiator" in a crowded market of both large banks and FinTechs, and a feature that provides SMBs peace of mind to know they have access to their funds, even if they don't need to use the money right away.
This is an increasingly important requirement for SMB owners, according to July’s PYMNTS' The Road To Recovery survey, a collaboration between PYMNTS and Visa. The research revealed nearly half of Main Street SMBs are “very” or “extremely” open to switching POS providers or acquirers in order to obtain real-time settlement capabilities.
Speed is a growing factor considered among SMB owners when choosing a financial service provider, with Neukirchen noting that access to a variety of payment methods, including real-time payments in addition to the traditional ACH and wires, is another important component of meeting SMB needs.
Those capabilities are already built into the bank's checking account offerings. While competitors seek to become banks to fill in their payment product gaps, JPMorgan Chase already has that banking element in place, he explained.
As a bank, JPMorgan Chase also already has the ability to meet the needs of all types of SMBs, as well as the unique needs of certain verticals. For example, larger banks have existing relationships with independent software vendors (ISVs) used by restaurants for their reservation or staff management systems to ensure services are offered through the channels clients already use.
Integrating optimized payment acceptance with an existing suite of services already offered by the bank, from foreign exchange to cybersecurity, is another key strategy to developing the SMB ecosystem. At the same time, Neukirchen said JPMorgan Chase is also thinking like a FinTech to bring ease of use, convenience and an optimized user interface.
Today, there are two categories of SMBs using the FI's payment acceptance tool: those that already bank with JPMorgan Chase and request a payment acceptance solution, and those that are in search of a payment acceptance solution and need a bank account anyway. The latter may be a critical piece of the bank's ability to capture more of those SMBs ready and willing to switch providers.
Just as those providers need to understand the importance of offering an ecosystem of variety and integrated products in a unified offering, Neukirchen noted the value in understanding the variety of the SMB landscape itself.
"People often talk about small businesses as one group, but it's so diverse," he said, adding JPMorgan Chase aims to offer solutions that can be valuable to a wide range of SMBs so they can run their business and spend less time on manual back-office tasks. "Few of them wake up in the morning and say, 'I really want to process payments.' That is what we want to simplify for them, so they can focus on what they really want to do."
This article was written and published by PYMNTS.com and is published here with their kind permission.
Payments
Merck KGaA effectively manages import and invoice risk in China
Dec 27, 2024
Learn how the pharmaceutical manufacturer improved liquidity in China with J.P. Morgan Payments.
Payments
An inside look at our partnership with Acquired
Dec 11, 2024
How J.P. Morgan Payments tells stories with one of the leading podcast platforms in the world – and what that means for our business
Payments
Six Flags streamlines operations by centralizing treasury
Dec 11, 2024
Learn how Six Flags’ Vice President of Investor Relations and Treasurer, Evan Bertrand, unified operations with J.P. Morgan Payments.
Payments
Creating a corporate card policy for your company and employees
Dec 05, 2024
While it’s critical to find the best corporate card program or mix of cards for your company, it’s equally important to create a policy to govern the use of these cards.
Payments
PSD3 Builds a regulatory foundation for open banking, cross-border payments and more
Learn how the Third Payments Services Directive builds on PSD2 and aims to encourage open banking adoption
Payments
Driving in-car payments forward with Mobility Payments Solutions
In-car payments have the opportunity to introduce new use cases for drivers, but first there are some challenges to overcome.
Payments
J.P. Morgan Payments and Elastic highlight the importance of supporting developer relationships
Developers often have a direct influence on technology choice and are key in business decision-making.
Payments
Introducing Kinexys by J.P. Morgan
Nov 06, 2024
We have rebranded to Kinexys by J.P. Morgan. We’re poised to accelerate the adoption of blockchain technology and tokenization into mainstream financial services.
You're now leaving J.P. Morgan
J.P. Morgan’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan isn’t responsible for (and doesn’t provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name.