Have you ever wished that Paypal would deposit funds to your bank account automatically?
If so, you’re in the right place.
That was the exact problem I was looking to solve, and I hate to admit it, but I’ve been manually setting up transfers each time I want to withdraw money from my Paypal balance for years. Even though creating a transfer from Paypal to your bank account only takes a minute, it started to feel like an unnecessary step.
I decided to do a little research and found out there is a better way. There is the ability to have Paypal “auto sweep” money from your Paypal account balance to your bank account on a daily basis. In this post I will walk you through how to set this up.
Note: this feature is only available on Paypal Business Accounts or Premier account types. If you currently have a personal account you should be able to upgrade your account type by reaching out to Paypal’s support. In this post we’ll walk through an example of how to reach out to their support, so you can use that process.
Why Set Up Paypal Automatic Transfers?
In my business we use this process for money that is deposited into Paypal from sales through our eBay selling accounts, payments from our standalone eCommerce sites, as well as payments that are received through this site.
Whether you are an eBay Seller, have your own eCommerce site, or you sell other digital products, this post should help you get your money in your bank account without having to manually transfer it.
Put simply if you get paid via Paypal for any product or service you sell, I recommend enabling this feature if you haven’t already.
Let’s get started!
Setting Up Automatic Transfers in Paypal
Login to Paypal and click the settings wheel in the upper right hand corner and click “account settings”:
Then navigate to “money, banks, and cards”…
Scroll part way down when you arrive on this page, and see if you have the option to setup “recurring transfers to bank account” or “set automatic transfers”.
Most likely you will not see this option.
I’ve gone through this process on all 3 of the Paypal accounts I use, and none of them have had this option. Since we don’t have the option to setup the recurring transfer, we need to reach out to Paypal’s support. You can do this by clicking the chat icon as shown in this screenshot:
Then click “new message” and send this message: “Hello – I would like to enable auto sweep on my account. Can you please help with that?”
You will begin chatting with Paypal’s virtual agent. Your goal is to get to a live chat agent, so in my case I had to select “none of these” as shown below by red arrow 3:
Then Paypal will try to show you relevant help articles.
Here you will need to type “need more help”. You will then be given the option to be transferred to a live agent.
Click “Yes” on this option.
Then the message I recommend sending to the live agent is exactly the same as the first, “Hello – I would like to enable auto sweep on my account. Can you please help with that?”
Then you will have to wait for a response from Paypal’s support.
On one of my accounts this took a minute, and on the other it took about 3 hours to get a response.
After they do respond they’ll ask you a few basic questions to confirm who you are, and then they should say that they will be able to enable this feature for you.
After they say that, navigate to setting > account settings > money, banks, and cards as was shown in the above screenshots. This time you should see the ability to “set automatic transfers” and you will click “manage” to start the setup process.
You will then be brought to this screen, where you will click “Edit” to continue the setup process.
Then select “Yes” to enable Auto-Sweep, and verify the bank account that you want the money sent to.
Then you should get a confirmation that you have successfully activated Auto-Sweep.
The whole process should only take you about 5 minutes of hands on time.
Then once the process is setup you will automatically have money transferred from your Paypal account to your bank account on a daily basis. I find that for my account the funds are available in my bank account the next business day.
This new process saves time versus having to go in manually and create transfers. It’s also very helpful for cash flow as the money is never sitting in Paypal for longer the 24 hours.
I highly recommend enabling this on your account, and this post shows you exactly how to do it. Now head on over to Paypal and get started!