by Ray Hayes
Amazon is planning to invade the financial service industry and make a significant impact on small businesses throughout the country. The e-commerce company unveiled plans for a credit card that targets small business owners. Inc. reports that Amazon is currently in talks with banking giant JPMorgan Chase to partner on its new credit card for small firms. Amazon has a previously existing relationship with JPMorgan with its Amazon Pay service. The credit card will offer points for purchases and possibly business insurance down the road.
Multiple big name companies have created a buzz lately trying to attract small business owners with new and revamped credit cards like an Amazon or Marriott. Amazon obviously sees the trend and understands that their banking effort may be successful. According to reports, in 2017 the e-commerce giant has, “…lent $3 billion to more than 20,000 small businesses that sell through its marketplace.” Furthermore, the recent credit card announcement is not the only thing Amazon is planning to release. The tech company also is preparing to create a checking account type of product that will help end banking fees for online transactions and processing.