Chase Business Complete Banking with QuickAccept will allow businesses to process card payments almost instantly and have the funds available the same day.
QuickAccept is only available to businesses with Chase accounts and same-day funding is free if the money goes into a Chase Business account, the bank said Wednesday. Chase has more than 3 million small business clients.
Square charges 1.5% plus processing fees for same day funding, according to its website.
Chase for Business, a division of
Chase's pricing is almost identical to Square's and others — 2.6% plus
Mobile payment platforms from Square and others had already become ubiquitous at small businesses, from restaurants to farmer's markets. The pandemic has accelerated that trend, with so many small businesses making transactions through a window or other barriers.
Quarterly sales growth at
Shares in Square fell 4.6% in afternoon trading Wednesday. Square was founded in 2009 by Dorsey, who is also the founder and CEO of Twitter.
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