PayPal Pilots 24-Hour Settlement for Businesses

PayPal is offering certain businesses the ability to access funds from transfers between PayPal accounts and the business' bank account within 24 hours, instead of the three to four days it typically takes.

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The eBay subsidiary will pilot the program, called Next-Day Settlement, this month, PayPal announced on its company blog.

PayPal has notified eligible businesses about Next-Day Settlement, and how to opt in.

The program follows Working Capital, a PayPal lending program that leverages a merchant's transaction history to approve and fund loans in a few moments. The loan terms are paid back as the merchant receives PayPal payments from consumers.

"Our business partners have been telling us that they want more control over their money," says Steven Chien, lead product manager for money management at PayPal, in the company blog.

Other companies, such as Square, Lighter Capital, and CAN Connect offer similar cash advance products.

John Adams

Executive Editor, Payments

John Adams is executive editor of payments for American Banker. John interviews top executives in the payments, cryptocurrency and fintech... Read full bio

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