Business owners often need access to their money immediately. In fact, a survey commissioned by Visa Inc. found 85 per cent of small businesses say they would likely switch to a new merchant acquirer who offered real-time payments.
A new offering from Visa and PayPal Holdings Inc., Instant Transfer, could help them do just that.
“At PayPal, we focus on finding solutions that help our customers become more efficient,” said Paul Parisi, president, PayPal Canada. “For our small business customers, faster access to their funds is crucial. Instant Transfer is just one more way we are giving control and flexibility to our customers, allowing them to send and spend their money on their own terms.”
Launched to consumers on July 2, Instant Transfer is powered by Visa Direct, and can instantly transfer funds from a PayPal account to a bank account via Visa Debit cards.
“Visa wants to empower consumers and small businesses to be able to move their money where they want, when they want, and how they want,” said Brian Weiner, Vice President & Head of Product, Visa Canada. “Visa Direct is providing millions of Canadians more convenient ways to access their funds, and we are pleased to be partnering with PayPal to bring this capability to our mutual customers.”
It is currently available to a limited number of business owners but is planned to be generally available in Canada in the next few months.