At PayPal, we make it a priority to give all our customers flexibility and choice in how they manage their money. Over the years, we’ve come to see how particularly important it is for business owners to have quick access to their funds.
This is why we are thrilled to offer Canadians Instant Transfer.
[i]Simply put, it gives PayPal consumers and merchants immediate access to the balance in their PayPal account
[ii] when they need it most.
As part of our strategic partnership with Visa, Canadians can now transfer money from their PayPal accounts to their bank accounts via their Visa Debit card, giving them access to their funds in mere minutes.
Take for example Brittany who sometimes sells her paintings online to make some extra cash. Accepting payments through PayPal gives her access to Seller Protection
[iii] and gives buyers the confidence to purchase from her as PayPal is a known, trusted brand.
[iv]
The money Brittany receives from selling her art work sits in her PayPal account. Now with Instant Transfer, she can send that money to her bank account through her Visa Debit card in minutes. The extra cash in her account allows her to buy more groceries for the week, pay her rent or buy more art supplies so she can build out her side business.
This summer, all PayPal Business Accounts will have access to our Instant Transfer option. For the entrepreneur, having instant access to funds is crucial in helping their business grow. Instant transfer means entrepreneurs can reinvest their money into their business quickly and with ease.
While cheques used to be a common payment method, it was also a pricey one. PaySavvy found that processing a cheque costs about $17 when secondary costs are considered.
[v]
There’s evidence business owners are eager to embrace new technologies. A survey commissioned by Visa found 85 per cent of small businesses say they would likely switch to a new merchant acquirer who offered real-time payments.
[vi]
Last year,
Visa and PayPal collaborated in Canada to make the payments process even easier for merchants and consumers. As a result, PayPal users were able to easily add their Visa Debit cards into their PayPal digital wallet. Today, we are proud to announce that Instant Transfer is the latest offering from this strategic partnership.
PayPal customers always have immediate access to funds in their account when shopping online or when sending money to friends. When Instant Transfer is used to withdraw funds from a PayPal balance, a 1% processing fee is applied. Our standard bank transfer option which takes 1-2 business days will continue to allow our customers to transfer money into their bank account at no charge.
[vii]
PayPal’s priority is to help customers save time and find efficiencies in their busy schedules. Instant Transfer is just one more way we are giving control and flexibility back to our customers, allowing them to send and spend their money on their own terms.
[i]A minimum transfer of $1 CAD is required up to a maximum of $15,000 CAD. All transfers subject to a 1% fee, up to a maximum of $10. All transfers are subject to review and could be delayed or stopped if we identify an issue.
[ii]Money from your PayPal balance will appear in your bank account in minutes. The transfer could take up to 30 minutes with some banks.
[iii]If you have a registered PayPal account in Canada, you will be covered in the event of an unauthorized payment, an item not received dispute, chargeback, or reversal, as long as the transaction in question meets our
eligibility requirements.
[vi] Visa Funds Disbursements Research, Aite Group survey commissioned by Visa of 154 North American SMB businesses, Q4 2017
[vii] A $15 transfer minimum applies. Transfers made after 7 p.m. ET or on weekends and holidays may take longer to appear. Some banks may charge a fee for transfers. Contact your bank directly for more information. All transfers are subject to review and could be delayed or stopped if we identify an issue.