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VP of Product, Speaker, 8+ Years Sales & Client Success Expertise
October 2nd, 2020
The financial stressors the COVID-19 pandemic has placed on businesses and individuals has not relented.
In fact, Techcrunch recently reported that in a recent survey conducted by PayPal,
76% of small businesses in the United States have reported they are struggling with cash-flow shortages; and
91% said having real-time settlement could help with some of that.
Given the circumstances, PayPal and Visa have announced an expansion of their Instant Transfer service to individuals and businesses on a global level. Originally launched in March of 2019 solely in the United States, Instant Transfer allowed users to gain immediate access to transferred cash within minutes instead of days.
Now, as part of this expansion, individuals and businesses will be able to use the Instant Transfer service internationally via any of the products within PayPal’s money-sending product network including Venmo, Xoom, Braintree, and others.
Other major players in this space including Stripe and Square have also released similar services in recent years.
How the expansion of Instant Transfer will work
The development of features (like Instant Transfer) that allow users faster access to transferred funds has more recently been put into hyperdrive given the financial squeeze individuals and businesses are facing right now.
Immediate access to cash to make payroll or purchase goods has never been more necessary given the economic climate.
This is particularly important as some businesses are coming to the end of their original Payroll Protection Program funds from the stimulus package earlier this year — if they were even eligible to collect in the first place. Moreover, while there has been chatter of a second PPP opportunities, Congress has yet to make such rumors a reality with legislation.
On a macro level, Jim Magats, SVP of Omni Payments at PayPal stated that, “Digital is quickly becoming the preferred way for people and businesses to move money.”
What this means is that the market (people) is expecting businesses to accept these forms of payments. This is especially true in the e-commerce world and plays into a major piece of PayPal’s strategy in expanding instant pay and settlement services — usurping the “antiquated'' way of purchasing online: inputting a credit card
… I mean, really, who uses credit cards anymore? 🙂
Bottom line, these are fundamental shifts in how we all do business with our customers. No matter what the future holds, these are bells that will not be unrung.
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