PayPal Pilots Next-Day Settlement for Merchants

PayPal launched a pilot program this month to offer next-day settlement for eligible businesses in the U.S. The company explained, "With next-day settlement, eligible businesses transferring money from their PayPal account to their bank account now have the ability to receive their money within 24 business hours instead of the three to four business days it used to take." PayPal said it's notified businesses which are eligible for the next-day settlement. Merchants must opt in to the program. As long as they make their transfer by 5 p.m. local U.S. time, they'll receive their funds the next day.