JP Morgan has commissioned credit card payment processing for Alibaba.com, the B2B business unit of the Alibaba Group. In conjunction with Alipay, JP Morgan Merchant Services now handles payments made by US credit cards on Alibaba.com.
One of the biggest trends in e-commerce is marketplaces, which account for almost half of online shopping in 2020. Online sales will reach over $ 4.2 million globally in 2021.
With the growth of e-commerce, small and micro businesses need a fast and secure way to accept payments from their customers through different channels and payment methods.
Improved card payment services for Alibaba.com in the United States
Thanks to JP Morgan’s payment processing capabilities, Alipay can now provide enhanced card payment services in the United States for Alibaba.com Trade Assurance, the free payment and order protection service for all transactions on the platform. -form.
âJP Morgan is proud to be the only global bank capable of managing the payment lifecycle for marketplaces, from the moment a customer makes a purchase, to the acceptance and storage of that value,â until the funds reach the seller’s bank accounts. We are excited to begin processing payments for Alibaba.com as they continue to grow in the United States, making it easier for buyers and sellers to transact. “
Takis Georgakopoulos, Global Head of Wholesale Payments, JP Morgan
âWe are excited to partner with JP Morgan on Digital Payments to help small and medium businesses in the United States go digital and go global,â said Douglas Feagin, who heads Global Strategic Partnerships and Investments and is SVP at Groupe de ants.
John Caplan, President of Alibaba.com for North America and Europe, added, âThese payment facilitation services will help Alibaba.com’s US small business customers further digitize their businesses with ease and peace of mind. of mind in order to take full advantage of the multi-billion dollar global B2B e-commerce opportunity in the long term.
JPMorgan Chase supports small businesses
JPMorgan Chase supports small business owners in various parts of the business. JP Morgan Merchant Services is ranked # 1 payment processing provider in the United States, as well as # 1 e-commerce acquirer in the United States by Nilson.
Chase Business Banking provides more than four million small business owners with financial advice, deposit, credit and cash management products. The two companies have come together to launch QuickAccept as part of Chase Business Complete Banking.
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