Chase will integrate payments into software used by millions of small businesses. The firm will now provide software partners developer-friendly platform integration, instant client onboarding, and access to its network of 4 million small business clients.
In details, 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 allow merchants to accept payments instantly and get paid faster while software platforms will be able to become payment facilitators or third party payment processors.
Founded in 2008 by Bill Clerico, CEO, WePay delivers payments-as-a-service APIs for onboarding and activation of payments which allow integration of payments for global software platforms like FreshBooks, Constant Contact and GoFundMe.
Following the close of the deal, pending approvals and customary closing conditions, WePay and its employees will operate as Chase’s payments innovation incubator in Silicon Valley.