Chase acquiring WePay to fully integrate payments into software used by millions of small businesses
October 17 2017 - 5:01PM
Business Wire
Chase will now provide software partners
developer-friendly platform integration, instant client onboarding,
and access to Chase’s network of 4 million small business
clients
JPMorgan Chase & Co. (NYSE: JPM) announced today its plan to
acquire WePay to make it easy for business app makers and
independent software vendors (ISVs) to seamlessly integrate
payments into the software commonly used by small businesses.
Chase and WePay will ease payment friction for both software
providers and merchants:
- Software providers will be able to
provide instant onboarding to small business clients no matter how
they take payments - in store, online, or on-the-go, with the
backing and fraud protection of Chase.
- Chase and WePay will allow merchants to
accept payments instantly and get paid faster so they never lose a
sale
- Software platforms will be able to
easily become payment facilitators or third party payment
processors
A Silicon Valley-based financial technology firm founded in
2008, WePay delivers payments-as-a-service APIs for simple
onboarding and activation of payments, without impacting the user
experience designed by developers.
“With WePay, Chase is taking the work out of payments for both
our business clients and the software providers who serve them,”
said Matt Kane, CEO of Chase Merchant Services. "We are powering
payments for growth, so businesses can accept payments instantly,
get paid faster, and never lose a sale. And we’ll give ISVs a
payment facilitator-like experience without the overhead or
increased fraud risk.”
Software-enabled payments are growing at four times the industry
average, but embedding payment acceptance still remains a pain
point for many software providers. WePay’s APIs allow simple
integration of payments for global software platforms like
FreshBooks, Constant Contact and GoFundMe. WePay and its employees
will operate as Chase's payments innovation incubator in Silicon
Valley.
“Being part of the Chase family - with its global capabilities,
brand and scale - will help us better support our growing list of
platform partners and the businesses they serve,” said Bill
Clerico, founder and CEO of WePay. “We’re excited to marry the
distribution of one of the world’s largest and most respected
financial institutions with the best technology and talent in
Silicon Valley.”
This acquisition, pending approvals and customary closing
conditions, is another example of investing in payments fintech for
small business. It follows the firm's September announcement of a
collaboration with Bill.com to make it easier for business clients
to run their business. Earlier this year, Chase also announced an
extension of its digital lending collaboration with OnDeck to
simplify access to capital for small businesses. For more, visit
www.chase.com/business.
About JPMorgan Chase &
Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.5 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase & Co.
serves millions of consumers in the United States and many of the
world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Chase Merchant
Services
Merchant Services is the global payment acceptance and merchant
acquiring business of JPMorgan Chase & Co. and a leading
provider of payment, fraud management and data security solutions,
capable of authorizing transactions in more than 130 currencies.
JPMorgan Chase passed $1 trillion in merchant processing volume in
2016 and was ranked the world’s #1 wholly-owned merchant acquirer
by volume by The Nilson Report.
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version on businesswire.com: http://www.businesswire.com/news/home/20171017006772/en/
JPMorgan Chase & Co.Mary Jane
RogersMaryjane.h.Rogers@chase.comorMaribel
FerrerMaribel.Ferrer@chase.comorWePayJeremy
MilkJeremyM@wepay.com
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