Friday, August 12, 2022
How is Chase participating in the real-time payments movement and helping to make faster payments a reality?
The battleground for small and medium business owners is all about an integrated financial services platform. Business owners are looking for a financial partner to reduce the complexity of digital and contactless payments and provide them with access to their money as quickly as possible. Chase is doing just that with Chase QuickAccept, a built-in feature that allows our business banking customers to accept card payments anytime, anywhere and get faster access to their money with no-fee, same-day deposits.
What are the advantages of having one unified payments ecosystem that supports a range of capabilities as opposed to dealing with multiple fintechs?
We know that business owners are busy, and continued macroeconomic pressures are making them busier every single day. The advantage of having one unified payments ecosystem is that we can leverage a comprehensive solution—our Chase Smart Terminal and payments solutions, along with our full suite of Chase Ink business credit cards and Chase Business Complete Banking accounts—to give business owners the flexibility to drive payments and access capital in the way that they need.
We provide merchants with one login, and they get fast, easy access to multiple services in one place. While we strive to provide a best-in-class payments solution, it’s the addition of other value-added services that allows us to extend the relationship with small business owners.
What additional banking and fintech resources does Chase offer SMBs?
We have seen tremendous growth in business ownership and entrepreneurship over the last two years. As a result, it has become increasingly difficult for businesses to reach customers and identify consumer behaviors. However, our recent Chase Small Business survey found that nearly 70 percent of small business owners expect their financial services partner to provide insights, evidence to just how valuable that customer data is, and the need for small business owners to be able to leverage it.
This year, Chase for Business launched Chase Customer Insights, which gives merchants a more complete view of their business by combining acquiring and issuing data from our card-spending database and national card-processing operations. Larger corporations tend to have loyalty programs to acquire customer information, and many small businesses are operating at a disadvantage without the valuable data those programs provide. Customer Insights allows business owners to augment their product data—things like sales trends and average order value—with customer data, to create an incredibly rich snapshot of the health of their business.
How has the pandemic changed the processing landscape and how can payments industry stakeholders leverage these changes?
There are 28 million small and medium-sized businesses in the U.S. and each of them has a different use case when it comes to payments. While point of sale capabilities for early-stage businesses can be ubiquitous, payment needs of business owners are becoming increasingly fragmented for those looking to scale their business. To service more business owners in a more personalized and meaningful way, we have accelerated our digital acquisitions through investments in modernization and built a strong set of partner APIs to integrate with best-in-class software providers across a broad ecosystem.
What attributes should SMBs look for in a processing partner?
In our recent Chase Small Business Survey, small business owners identified ease of use for customers and themselves/their employees (84 percent), reliability (83 percent) and security of both customer data and corporate data (82 percent) as the top attributes of a payment processing partner.
That means business owners are looking for a financial partner that can reduce the complexity of digital and contactless payments while continuing to prioritize the security of customer and company data. We are simplifying the process by modernizing our point-of-sale hardware and software to give business owners the flexibility to accept card payments from anywhere, anytime; and we’re protecting the privacy of consumers and merchants by enforcing the strict safeguards and controls we have in place. 
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