Payment as a service platform and JPMorgan Chase company WePay announced earlier this week same-day deposits to Chase business bank accounts at no additional cost. According to WePay, the new functionality will help tens of thousands of U.S. small businesses that use platforms like BigCommerce and Xero to get paid faster.
“Putting payments and banking together under one-roof eliminates unnecessary steps in the process, like third-party clearing, and WePay and Chase are using that to our customers’ advantage. As a result, WePay is offering Same-Day Deposits to software platforms and their small businesses – at no additional cost. Rolling out throughout Q4 2019, payments approved before 5 PM PT will be deposited in the merchant’s Chase bank account that night.”
WePay also reported that any platform integrated with WePay’s Link or Clear products will automatically be able to offer this to their merchants upon integration. A merchant onboards with WePay on their platform, and chooses a Chase bank account where funds will be deposited.
“In addition, we are adding the ability to receive deposits on weekends and holidays as well as on business days – ensuring all businesses, such as restaurants, construction, or any platform without a traditional Monday-Friday schedule, can benefit from improved cash flow.”
WePay further noted payments are the lifeblood of any business and making payments faster, cheaper, and easier for small businesses is its focus. The company added:
“Same-Day Deposits is one new feature we’re launching enabled by this partnership, but it’s just the beginning. We are excited to continue leveraging the Chase ecosystem to expand the benefits we offer to our platform partners and the small businesses they serve.”