The new service will allow businesses to accept card payments via app or contactless reader. They will then be able to instantly send the funds into their QuickAccept checking account for no charge. Competitors typically ask for 1.5% to do so.
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JPMorgan Chase & Co., the largest bank in the U.S., is launching a “fast-funding fintech service” paired with a checking account that will put it in competition with companies like PayPal and Square. So reports CNBC.
The new service will allow businesses to accept card payments via app or contactless reader. They will then be able to instantly send the funds into their QuickAccept checking account for no charge. Competitors typically ask for 1.5% to do so.