Paypal - I am impressed!

The amount of time it takes for Paypal to transfer funds to my bank account usually is 3-5 business days and they claim it may be longer. I received a payment this morning which I set up to transfer and the confirming email indicated I should have the funds in my bank by 1/12. Ok. We are now less than 5 hours after I set up the transfer and the money is already in my bank. It will be cleared funds by morning.

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PayPal is great!

Yep, my pokey-slow credit union usually has my Paypal funds by the morning of the next (business) day after I authorize the transfer. Paypal has figured out that if they tell us it will be there the next business day, we'll expect it then and get snooty if there are any glitches. By setting expectations at longer than they think it will usually take, they get happy customers and give themselves a cushion in case there really are circumstances beyond their control. Under promise, Over Deliver.

I'm surprised more MSCs don't try that with their payment policies. I can think of a few I've read about here that usually pay, but are often a few days late each billing cycle. Seems like if they just set the expectations out further, they'd avoid calls and emails asking about status, and they'd have happier shoppers.

Shopper in California's Bay Area

I thought I saw something a month or two in PayPal stating they were expediting payment processing faster, and I too have noticed that 2-3 days has changed to 1-2 depending on holidays or weekends. It's so awesome!

It certainly makes PayPal an even more attractive option for payments.

I always wondered why they said it would take so long since they have already validated your account so they should be able to do it instantly, just like the "Test Deposit" they made. But yes, at the same time it always is done in under 24 hours.

I suspect just like a bank, they earn interest on all funds they have and the longer they have it the more they earn so if they can get away with keeping funds a few days longer for every transaction, then they are ahead of the game

While they say it may take longer, three to five business days, my payments have always been in my account by the second business day. The earliest an ACH transaction should appear is the following business day so they aren't holding onto the money for long.

Equal rights for others does not mean fewer rights for you. It's not pie.
"I prefer someone who burns the flag and then wraps themselves up in the Constitution over someone who burns the Constitution and then wraps themselves up in the flag." -Molly Ivins
Never try to teach a pig to sing. It's a waste of your time and it really annoys the pig.

My funds always show up the next business day. I love PayPal!

PayPal makes extra money by floating the transfers. Big companies put money into corporate over night investment accounts. The next morning the funds are cycled back to the main account. From there, the company transfers funds to their funding accounts. This is how a large check can take 5-days, the big company sees it post on an account that has a re-direct in place. The Fed is notified the check is against a different routing number/account and the bank handles the process. Legal kiting.

My posts are solely based on my opinions and for my entertainment, contact a professional if you need real advice.

When you get in debt you become a slave. - Andrew Jackson

I deal with ACH in my work sometimes and part of the ACH process depends on your bank as well. So some of the variations in time could be on the receiving banks' side.

I don't do ACH from PayPal very often because PayPal has the "Business Debit Card" you can use to spend money straight out of your PayPal account and you get 1% cash back if you use it as credit at the register (rather than debit). I set up my checking account as my backup funding source and I use it for everything. Depending on how much I have coming into PayPal at any given time, most of my expenses get paid by a transfer from my checking. I earn about $25-30 a month that way. I pay my bills with it and everything. It works to do holds for like hotel stays and stuff too. It's slightly flaky from time to time, so I always have my regular debit or credit cards for a backup, but for the most part, it works great.

I swear to the heavens that I was going to get hit. Not enough money in PayPal; have a backup to add cash to PayPal. Didn't get hit. Because we have a backup . Insurance companies need to be shopped. Insurance company has yet to tell me when and how much cash they want every month. Didn't stop then from grabbing cash from my PP account.

My brother thought PayPal was the dumbest thing ever. Per usual, I didn't explain the beauty of PP well. After he researched it. We save a solid $900 a month over three households. He has figured out how to get at least a 10% discount plus another 6% buying PP gift cards. Don't know how he does it. Not concerned how he gets it done.

All I know is he gets it done!

Live your life in such a way that when your feet hit the floor in the morning; the devil shudders...And yells OH #%*+! SHE'S AWAKE!

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Paypal - I am impressed!

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