Automatic PayPal Withdrawals

We use PayPal as a secondary processor on some of our sites and many of our store owners also use it to take payment from customers and one of the things that has bugged me for a number of years has been the inability to automate the withdrawal process.

You had to login to PayPal, go to the withdrawal section, enter the amount you wanted to take out, submit and confirm, spin round three times, sing a song, etc. all very time consuming.

Now when withdrawing my PayPal balance this morning I noticed an interesting link and description under the withdrawal section:

Settlement Withdrawal

Instantly transfer the money in your PayPal account to your local banks accounts with Automatic Settlement Withdrawal. It supports different accounts, and two transfer speeds so you have the quickest and most convenient access to your money when and where you want it. Edit your preferences to activate or modify Automatic Settlement Withdrawal.

Could this be the missing piece of the jigsaw?!

Following the link to the service I found I could opt to automatically withdraw my PayPal balance each day to one of my nominated bank accounts. I just had to confirm which account I wanted to use and it was all setup.

Time will tell if this actually works but unless I’m missing something startlingly obvious, the days of manually logging in and withdrawing PayPal balances seem to be over…


About Phil Williams

Owner of Open Minded Solutions Limited and developer of Open Mind Commerce
This entry was posted in Industry News. Bookmark the permalink.

Leave a Reply