There’s nothing like getting money into one’s hands faster, and PayPal is working on a program to make that a reality for customers such as online merchants who use the service to process their payments.
PayPal launched a pilot program this month to offer Next-Day Settlement for eligible businesses in the U.S. The company explained in an announcement, “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.”
PayPal said it has notified businesses who are eligible for the Next-Day Settlement, and merchants must opt in to the program. As long as they make their transfer by 5 pm local U.S. time, they’ll receive their funds the next day. For small businesses facing cash flow challenges, faster payment can make a big difference.
“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,” PayPal said.
The full announcement can be found on the PayPal blog, where the company also announced a new feature called Group Invoicing. This can help with group invoicing for big events, sports team registration, yearly membership renewals, donations and more, saving merchants time, PayPal said.