PayPal is ending its Funds Now program, launched in 2018, which allowed sellers to access money from their completed sales within seconds, even during a dispute – at no extra cost to them.
In a letter PayPal sent to an EcommerceBytes reader, it said the following in part:
“We hope that you enjoyed the benefits of the Funds Now program but, unfortunately, we regret to inform you that this program will cease within the next 60 days.
“PayPal appreciates your business and continues to design its products and services with you in mind. Our goal is to make sending and receiving payments simple and seamless. We are continuously evaluating the services we offer and have decided to retire Funds Now.
“However, the impact to your account should not change as long as you continue to maintain good account performance.”
PayPal also included some advice for sellers on how to avoid any potential payment disruptions in the future, such as avoiding buyer disputes, claims, and chargebacks (as though it were that easy) and resolve any that do occur quickly.
It advised sellers to process orders right away and use a shipping service that provides tracking and delivery confirmation.
You can find information about PayPal Funds Now on this page of the PayPal website.