Depositing paypal merchant funds into a specific bank account instantly

Business
1

Hi all, first post! :slight_smile:

I was wondering (having not used any paypal merchant products) if there is any way I could instantly deposit a specific amount into a customer account?

It seems unlikely that paypal would offer this function. The only other thing I could brainstorm was possibly having the website and paypal work in conjunction with the merchant facilities of a bank or is there some other way to achieve this?

Thanks if anyone can help!

2

instantly into a customers paypal account, YES
instantly into a customers bank account, NO

You can only move funds between Paypal accounts.

The customer would have to withdraw the funds from the Paypal account to their bank account which takes a couple days and requires the bank account to be linked to the Paypal account.

3

Thanks for your reply Miraculix. Do you think there is any possible way to do it will bank merchanting functions? Even if I had to get a credit account with a bank?

4

You can do the standard wire transfer offered by the bank and transfer funds from your checking to the customers checking etc. I am not exactly sure why you have to involve Paypal.

Also for most people who actively work with Paypal, having the funds within the Paypal account is just as good as having funds in the bank account or even better. Paypal is just like a bank.

If your customer has the Paypal Debit Card, he/she can withdraw up to $400 at any ATM daily and deposit into their bank account right away.

I can also imagine Wells Fargo offering their larger authorize.net merchants an option to receive funds immediately upon successful cc processing, basically a line of credit.

Hope this helps.

5

Does anyone know if you can setup a checkout process on a website to transfer money from your checking account to a customers account?

6

here is another THOUGHT:

In Germany the trend - I think - is still using the Giro Transfer method opposed to real time cc processing or a combination of both. So you give them your Giro Account number (which is basically a German bank account), and they debit the funds from your account into their Bank account. I am not sure though how flexible these processors are with changing the bank account number of the recipient. Also I am not positive that this is all done in an instant.

Good luck anyway