Several readers reached out to EcommerceBytes with some good news about PayPal. “As an offset to Paypal’s new 6 month claim window, I just received an email from them that they will provide next day electronic funds deposit to my bank account starting October 1, 2014. (Instead of the old 3-5 days),” wrote one seller.
A PayPal spokesperson confirmed this was part of the Next Day Settlement program the company announced in July. We asked PayPal for more information about the rollout of the program and when 100% of users would be enrolled, but did not hear back before press time.
The email PayPal sent to some sellers this week stated:
To help accelerate cash flow for your business and give you better control of your money, we’re enabling next-day funding for transfers from your PayPal account to your third-party bank account – and you’re among the first to get it as part of our pilot program.
This means funds transferred from your PayPal account by 5:00 p.m. local time will be available in your third-party bank account the next business day, instead of in 3 to 5 days.
Funds transferred after 5:00 p.m. will be available the subsequent business day.
This change will be implemented by October 1, 2014.
We’re always working hard to make it easier for you to get paid and hope this change provides enhanced cash flow benefits for your business.
Thanks for using PayPal.
“With all the bad news at least this looks like a positive move,” one reader told EcommerceBytes.
