JPMorgan Chase is taking on Stripe and Square by offering same-day deposits, at no extra cost, for users of its WePay payments platform that also have Chase accounts.
JPMorgan Chase bought Silicon Valley-based WePay in 2017 to help its small business clients marry software with payments.
The new same-day deposit option, which comes at no additional cost, promises to give merchants faster funding and improved cash flow.
The move sees JPMorgan Chase use its position as a bank to gain an edge over rivals such as Square and Stripe, which charge for instant payments.
Bill Clerico, CEO of WePay, says: "While other payment providers charge as much as 1% for faster funding, we can offer faster funding to Chase banking customers at no additional cost."