PayPal said it will give sellers instant access to money from online sales with Funds Now.
PayPal says it serves over 19 million businesses and wants to help small businesses get their money faster. Slow payments are a common complaint among small businesses.
Funds Now gives select businesses access to their completed sales within seconds by eliminating holds, delays and reserves so they can spend their funds immediately. Businesses will even get their money even if there is a dispute with the customer.
Funds Now has already been extended to more than one million businesses using PayPal at no extra cost. Businesses must have been members with PayPal for over six months and have strong history of successful transactions.
Funds Now is rolling out to select businesses across the US, UK and Australia. The company plans to expand the service to more countries in the future.