JPMorgan Chase & Co. plans to acquire WePay to make it easier for business app makers and independent software vendors to integrate payments into the software commonly used by small businesses, according to a press release.
Chase and WePay will seek to help business app makers and independent software vendors in three ways:
- 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 enable 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, in the release. “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.”