Get Your Money Quicker With PayPal Funds Now

Good news, small business owners: PayPal just launched a new feature designed to give you quicker access to funds from your completed sales. The feature, dubbed Funds Now, transfers money to your PayPal account “within seconds” of a completed sale–even if there’s an ongoing dispute–allowing you to spend it or transfer it to your bank. “In the world of payments, funding delays of seven to 21 days for small businesses have been far too common,” PayPal Chief Operating Officer Bill Ready wrote in a Tuesday blog post. “Those funding delays hinder the ability of small businesses to invest back into their businesses, pay their bills, and serve their customers.”

PayPal is rolling out Funds Now to select businesses across the US, UK, and Australia. To be considered eligible for Funds Now, businesses need to have more than six months of PayPal business account sales, a “strong selling record” with a “low incidence of claims or disputes,” confirmed account information, and a “legal and ethical business model,” PayPal said. Apply here. The company plans to expand it to “more businesses in more markets in the near future.” Eligible businesses must pay the standard PayPal transaction fees, but there’s no additional charge for Funds Now.

“What Funds Now promises is that, in the future, money won’t be held even during disputes,” PayPal wrote. “In rare cases, delays may still occur to help protect your account, e.g., if we suspect you’ve received a payment from a fraudulent buyer.”

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