JPMorgan Chase Takes on Square and PayPal with Online Payroll Services
JPMorgan Chase is set to offer digital payroll processing for small businesses by partnering with San Francisco-based fintech company Gusto. The move is part of JPMorgan's efforts to compete with fintech giants like Square and PayPal, who already offer payroll services. By leveraging Gusto's technology, JPMorgan aims to simplify the payroll process for its customers, providing a one-stop-shop experience. The service is expected to launch by the end of 2024 and will handle salary disbursement, tax documents, pay stubs, and filing to local and national agencies. Gusto, valued at $9.6 billion, currently serves 300,000 small and medium businesses.