JPMorgan Chase serves more than 4 million small businesses and in 2020 processed more than 27 billion transactions with a value of $1.4 trillion — but these days, that’s simply not enough.
When the actual payment is commoditized, merchants care less about how big their provider is and more about what it can do. By combining Chase Merchant Services with WePay, a fintech the bank purchased in 2017, Chase is pairing its traditional payment acceptance services with newer digital tools that address merchants’ other business needs. The new line of business, called Chase Payment Solutions, launches Thursday.
“The most important thing for small to medium-sized businesses isn’t money, it’s time. They don’t have time to manage finance and their business,” said Brad Brodigan, a former PayPal executive who earlier this year joined the bank as managing director of Global SMB for Chase Merchant Services and CEO of WePay.