#PayTech / JP Morgan launches QuickAccept smartphone card reader to take on Square

The launch is part of a new checking account service called Business Complete Banking… QuickAccept will allow businesses to process card payments swiftly and only be charged a flat pay-as-you-go rate. Vendors can take card payments through the Chase mobile app or QuickAccept’s contactless card reader.

The service will offer same-day deposits without any fee to those with Chase bank accounts (Square, for example, charges a 1.5% fee for instant transactions).

[JP Morgan:] “Our competition either doesn’t have same-day funding, or they charge for it … We think it’s a great differentiator for businesses…”