How to Set Up PayPal to Automatically Transfer Payments to a Checking Account
Many business owners use PayPal as a means of collecting payments from their clients. However, in its standard mode, PayPal requires the business owner to log into his account each time he wants to access his funds and manually transfer the money from the PayPal account to his bank account. For some business clients, PayPal will authorize a program called Auto Sweep that automatically transfers funds from the PayPal account to a bank account at the end of each day.
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Instructions
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Log onto your merchant PayPal account and find the "Contact Us" link at the bottom of the page. Click on that link, then select the "Help by Phone" option. That option will take you to a page that provides you with a customer-service phone number and other information, including a security PIN, that you will need to make the call.
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Call the customer-service line and tell them that you are interested in enabling the Auto Sweep function on your PayPal merchant account. You will need to provide the customer-service representative with specifics on the account so he can research the option.
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Allow the customer-service representative to look into Auto Sweep. If you are approved for Auto Sweep, PayPal will enable the program remotely. It will show up on your PayPal profile menu soon afterward.
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Contact PayPal if you would like to disable Auto Sweep or have problems with the function.
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Tips & Warnings
This program may not be available to all PayPal members. Contact a PayPal representative to find out if you qualify.
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Comments
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chager00
Jan 19, 2011
We looked into this option, but it's not as useful as we would have hoped. We wanted something that would allow us to specify $100 a week go into a special bank account for holding money to cover business taxes, but it's an every-day, entire-balance deal. Just empties your Paypal account every single night, period. And of course, ACH takes 3-5 days to hit your bank account.
