The value of wholly-owned payments: Chase’s WePay launches same-day deposits
- Chase's payment firm WePay has launched same day deposits for its clients with Chase accounts.
- This launch is part of a broader product refresh at WePay, which focuses on payments for SaaS, marketplaces, and platforms.

WePay, the integrated payments business of JPMorgan Chase, has launched Same-Day Deposits to Chase bank accounts.
The short of it: SMBs using WePay to receive funds will be able to deposit those funds in a Chase bank account the same day they receive them.
- SMBs need quick turnover: This is hugely beneficial to SMBs that rely on fast payments to keep their business running.
- Chase/WePay tie-up: This feature is also unique to Chase which is the only bank with a fully owned payments business.
- Faster than the other guys: With Stripe and Square, payments take one to two business days to complete. Both companies charge fees for faster service.
“Same-Day Deposits allows software platforms to help small businesses improve cash flow,” said Bill Clerico, CEO of WePay and head of small business products for Chase Merchant Services. “While other payment providers charge as much as 1 percent for faster funding, we can offer faster funding to Chase banking customers at no additional cost.”
Faster funding for merchants using software platforms is part of a larger product refresh at WePay. WePay, which Chase acquired in 2017, functions almost like an in-house startup that can tap the deep resources of the bank.
Along with same-day deposits, WePay launched a new suite of integrated payments solutions for platforms:
- Link: A simple way for software platforms to enable users to accept payments through a Chase Integrated Payments merchant account. Accounting platform Xero and e-commerce platform BigCommerce have selected Link to power integrated payments on their platforms.
- Clear: The fully white-label solution for software platforms that want to offer integrated payments under their own brand. WePay handles the back-office operations.
- Core: A solution for software platforms that want to become payment facilitators to integrate directly to JPMorgan Chase wholesale payments for end-to-end payments processing, payouts, and cash management.
Tearsheet's Take: WePay is a popular payment gateway for platforms, SMB software, and marketplaces.
- Providing same day deposits is a nice differentiator for both WePay and Chase and a way to more closely tie payments to the bank and incentivize the use of both.
- Payments and ecommerce are converging as firms compete to own the entire transaction. It's is a red-hot space in fintech for new products launches.
- Stripe has launched Stripe Capital and Stripe Corporate Card just in the past two weeks.
- Square recently rolled out its Orders API to support the entire order experience for its clients.
- Ecommerce platforms Amazon and Shopify are coming at this from the other direction, investing more in their payments capabilities in a bid to own the whole ecommerce order.