WILMINGTON, DE – NOVEMBER 8, 2011 - Today, Ink from Chase, the business card portfolio from Chase Card Services, a division of JPMorgan Chase & Co. (NYSE: JPM), unveiled Zip SM, an online invoicing and cash management solution powered by PaySimple and designed for small businesses owners who want to simplify their invoicing and accelerate their receivables. Small businesses touch their invoicing solution approximately 20 times per month, according to PaySimple. Ink is continually looking for ways to help small businesses, and with Zip, that process will now be easier. Zip allows small business owners to spend less time in the back office and more time investing in the areas they are truly passionate about, including growing their business.
Zip is available for free to Ink customers. Customers can purchase an upgrade to Zip Pro to add a suite of automated and online payment processing options for $35 per month. Zip is provided to Ink customers through an agreement with PaySimple, a third party service provider not affiliated with Chase. The web application allows Ink customers to access the invoicing system anytime online and all transaction data is saved through the cloud.
Zip provides Ink from Chase customers with a variety of features, including the ability to:
Zip Pro provides customers with all Zip functionality, as well as the ability to:
"Receiving prompt payment is a core need for small businesses, so we have made free invoicing a core benefit of having an Ink from Chase card," said Richard Quigley, president of Ink from Chase. "Zip offers small business owners an easy, smooth invoicing tool and provides their customers greater ease when paying their bills. With Zip, Ink from Chase cardmembers will be better equipped to realize time savings, profit and future growth."
While more efficiently tracking cash flow through Zip, small businesses can enhance customer interactions, increase customer satisfaction and improve cash flow and receivables management, all while reducing costs by decreasing the money spent on postage, printing and processing.
"Small businesses using manual processes face delays and challenges when it comes to invoicing and collecting payments," said Eric Remer, CEO of PaySimple. "Given that cash flow has become a top challenge, these delays are no longer acceptable. With a cloud-based solution to automate invoicing and enable payment acceptance any way a customer wants to pay, small businesses are able to save time and get paid faster. We are very excited about our alliance with Chase to become a part of their innovative set of solutions to help small businesses succeed."
Over two years ago, the Ink from Chase business card portfolio was designed with small business owners' immediate financial needs top of mind. Focused on providing solutions and enhancements that improve the finance-savvy business practices of its customers, Ink has created solution systems like Zip and Jot SM, a mobile application and online solution launched this year that enables businesses to easily track, categorize and organize expenses on-the-go from iPhone® and Android™ mobile devices.
Ink from Chase is a portfolio of business cards offering robust, flexible payment solutions and resources to meet the unique needs of small business owners, from spending habits to cash flow needs to rewards. This business card portfolio, which features Chase’s pay-in-full charge card (a first from issuers of Visa® or MasterCard®), includes the Ink Bold, Ink Plus, Ink Classic and Ink Cash cards.
In addition to offering small business owners powerful cards and services, Ink from Chase launched Jot SM, a mobile application and online solution which saves small business owners time by enabling them to easily track, categorize and organize business expenses immediately from their iPhone® and Android™ mobile devices or online. Jot can be downloaded online by visiting here. Ink cards are supported by Chase’s 5,000 bank branches and their trusted staffs, and are designed to meet the individual needs of small business owners. Chase’s commitment to small business owners is demonstrated by its lending of more than $12.6 billion in credit to over 300,000 small businesses in the first three quarters of 2011, a 71% increase over the same time last year. Chase extended its position as the #1 SBA lender in total loans with 5,363 approved SBA loans for $1.1 billion in fiscal 2011, which ended September 30.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. Chase serves consumers and small businesses through 5,200 bank branches, 16,200 ATMs, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships and schools and universities. Chase also has issued more than 90 million credit cards. More information about Chase is available at www.chase.com.