20 October 2014

PayPal pilots next day settlement

08 July 2014  |  1241 views  |  0 Source: PayPal

As PayPal has transformed over the last 18 months, we've focused on becoming a better partner to the millions of businesses we work with- online and in-store.

Last fall, we introduced PayPal Working Capital, which is issued by the lender, WebBank, to help small businesses fund their growing companies. Last month, we unveiled the latest version of the online business account experience to help make it easier for businesses to manage their money.

We've also been listening to what our customers and business partners want so that we can address real issues head on. And, our business partners have been telling us that they want more control over their money. So, we've heard you.

Starting this month, we introduced Next-Day Settlement (NDS) for eligible businesses in the United States through a pilot program.

With Next-Day Settlement, eligible businesses transferring money from their PayPal account to their bank account now have the ability to receive their money within 24 business hours instead of the three to four business days it used to take. And, as long as you make your transfer by 5 pm local U.S. time, you'll have access to your money quicker than ever before. Again, we've heard your concerns so we've been working with our banking partners to optimize processes on both their end and ours so that we can make the 24-hour transfer a reality. Now that makes a difference.

Businesses eligible for Next-Day Settlement have received notifications informing them that they can opt in to the program. But stay on the lookout because we want to help our business partners succeed, and we have more to come to help make this a reality.

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