J.P. Morgan went live with credit card payments processing for Alibaba.com, the B2B business unit of Alibaba Group. Working together with Alipay, J.P. Morgan Merchant Services now powers payments made by US credit cards on Alibaba.com.
One of the biggest trends in eCommerce is marketplaces, accounting for almost half of online purchases in 2020. Online sales will reach more than $4.2T globally in 2021.
With the growth of eCommerce, small and micro businesses need a fast and secure way to accept payments from their customers across different payment channels and methods.
Improved Card Payment Services for Alibaba.com in the US
With the payments processing capabilities from J.P. Morgan, Alipay can now provide improved card payment services in the US for Alibaba.com Trade Assurance — the free payment and order protection service for all on-platform transactions.
“J.P. Morgan is proud to be the only global bank that can manage the payments lifecycle for marketplaces – from when a customer makes a purchase, to accepting and storing that value, to ensuring that the funds reach the seller’s bank accounts. We are thrilled to begin processing payments for Alibaba.com as they continue to expand in the US, providing ease of doing business across buyers and sellers.”Takis Georgakopoulos, Global Head of Wholesale Payments, J.P. Morgan
“We’re delighted to be partnering with J.P. Morgan on digital payments to help empower small and medium sized businesses in the US to pivot to digital and go global,” said Douglas Feagin, who leads Global Strategic Partnerships and Investments and is a SVP at Ant Group.
John Caplan, President of North America and Europe of Alibaba.com added, “These payment facilitation services will help Alibaba.com’s US small business customers further digitize their businesses with ease and peace of mind in order to take full and long-term advantage of the multi-trillion dollar global B2B eCommerce opportunity.”
JPMorgan Chase Supports Small Businesses
JPMorgan Chase supports small business owners across various parts of the firm. J.P. Morgan Merchant Services is ranked the #1 payments processing provider in the US, as well as ranked as the top acquirer for eCommerce in the US from Nilson.
Chase Business Banking provides more than four million small business owners financial advice as well as deposit, credit, and cash management products. The two businesses came together to launch QuickAccept as part of Chase Business Complete Banking.
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