PayPal will start offering Next-Day Settlement (NDS) for eligible businesses in the US as part of a pilot program to provide speedier money transfers online.
According to the company, businesses transferring money from their PayPal account to bank through NDS account will be able to access their funds within 24 hours of the transfer, contrary to the current four business days processing time.
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PayPal money management lead product manager for Steven Chien said, "As long as you make your transfer by 5 p.m. local U.S. time, you’ll have access to your money quicker than ever before."
"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."
Businesses that will be eligible for next-day settlement will receive notifications that they can partake in to the program.
The new NDS program is part of a total package of enhancements launched by the company over the last year-and-a-half for its small business users.
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