- JP Morgan Chase’s WePay reportedly offboards long-standing business clients.
- The move suggests a potential shift in the bank’s strategy away from competing with payment giants like Stripe and Square.
- JP Morgan Chase acquired WePay in a $400 million deal in October 2017 to enhance its business payments processing capabilities.
- Over the years, the bank integrated WePay’s features, such as digital onboarding and progressive onboarding, into its payments suite.
- Recent reports indicate a stronger focus on cutting costs at WePay, with some offboarded clients switching to competitors.
- JP Morgan Chase spokesperson mentions various reasons for discontinuing services for individual merchants and emphasizes support for client migration.
- The bank currently supports two acquiring platforms, including WePay, with eventual plans to migrate to a single platform.
