US bank JPMorgan Chase is going to offer a point of sale solution, the Business Complete Banking account.
It is launching an app and contactless card reader that works with business current accounts.
The account includes QuickAccept which allows merchants to take card payments in minutes.
Funds will be available to the business on the same day.
What does this mean?
The bank’s new feature is set to rival solutions by the likes of PayPal and Square. Square usually charges a fee for transactions that are available so quickly. QuickAccept offers a flat rate even for same-day receipt of funds.