JP Morgan Chase is clearly eager to compete with Square in contactless, app-based store payments. It just launched a Chase-branded Business Complete Banking account with a QuickAccept feature that promises simpler (and crucially, faster) payments for small shops. There’s a reader that supports tap-to-pay, chip and swipe payments along with a mobile app to replace old-fashioned machines. The pricing for the service is just as important, for that matter.
As with Square, payments are flat and transparent — a store pays either 2.6 percent plus 10 cents for every card or tap-based transaction, or 3.5 percent plus 10 cents for manual transactions (such as online sales) through the app. There are no monthly fees for the account if a shop meets one or more minimums for balance or spending, and deposits take place the same day.