I do not use Ebay so we are strictly using paypal to avoid exchanging checks and going to the bank among roommates. However, it takes so many days to clear, it is not worth it if it takes so long to transfer money. How do we set this up so payments can occur in 1-2 days instead of 5+?
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"How To I Make And Receive Paypal Payments Instantly Instead Of By Echeck?" was posted on Thursday, July 2nd, 2009 at 5:53 am.
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You need to set up a credit card account on the paypal site to bypass the echeck hold.
Adding a credit or debit card is the only way to activate instant transfers. A instant transfer does NOT debit the credit/debit card. It will debit the bank account and send a payment to the seller instantly (around 30 seconds). Here is the deal. The credit/debit card is your back up funding source for a instant transfer. Therefore if paypal is not able to debit the bank account it will default to the credit/debit card. It still does take 3-4 business days to debit the bank account. However since there is a bank up funding source paypal pays the seller instantly and waits to be reimbursed after 3-4 business days or when the bank transaction completes. This only applies to the US, Canada, UK, and AU.