Visa and PayPal team up in Canada to instantly access funds

Visa and PayPal today launched a feature that allows consumers and small businesses in Canada to instantly access funds.

Check Out These Resources

• Do you need a business bank account for your online business? Take a look at our review of the five best bank accounts for sellers, some of which are free with no minimum balance or deposits. ^[sponsored]
• Boost your social media engagement with Publer. Learn how you can save time writing engaging content faster with AI. ^[sponsored]
• Could your online business use capital for growth? Here is a primer on revenue-based loans, and how they work.

PayPal’s new Instant Transfer, powered by Visa Direct, Visa’s real-time push payments solution, moves money from customers’ PayPal accounts to their bank account via their Visa debit cards.

This new service provides an experience that offers speed, security and convenience, 24/7/365.

The desire for faster payments is escalating with 60 percent of consumers reporting that having funds available more quickly for personal use is a benefit of real-time funds disbursements.

Instant Transfer for PayPal consumers is now widely available in Canada.

“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. 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.”

Brian Weiner, Vice President & Head of Product, Visa Canada

Real-time payments critical to small business growth and success

For small businesses, the ability to manage cash flow is critical to their growth and success and 85 percent of small businesses say they would likely switch to a new merchant acquirer who offered real-time payments.

“At PayPal, we focus on finding solutions that help our customers become more efficient. 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.”

Paul Parisi, President, PayPal Canada

Instant Transfer for PayPal for small businesses it is currently available to an early access group of PayPal customers, with plans to be released across Canada in the coming months.

READ MORE: PayPal launches instant transfer to bank solution

What do you think about PayPal and Visa teaming up in Canada to offer real-time payments. Please use the comments section below or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.

And don’t forget to follow us on Facebook, Twitter, and LinkedIn to stay up to date with important news and business insights for your online retail business.