#PayTech / JPMorgan Takes On Square And PayPal At The Point Of Sale

Using QuickAccept, SMBs can take payments through a mobile app or contactless card reader and get the funds instantly, with no fee. Square, for example, charges a 1.5% fee for instant transfers.

The banking giant’s FinTech solution will be introduced with an associated business checking account.

Before Square, launched by Twitter co-founder Jack Dorsey in 2009, SMBs had a hard time maneuvering point-of-sale (POS) card transactions. Square now manages $100 billion in annual payments and has an $83 billion market capitalization…

[J.P. Morgan CEO Jamie Dimon:] “They came out with this whole dongle to process stuff and it was a great idea… They did all stuff we could have done that we didn’t do.”

The J.P. Morgan all-in-one solution for SMBs will be called Chase Business Complete Banking, and will streamline services so people can avoid “cobbling together” different solutions from banks and FinTechs…