PayPal Checkbooks
By
Staten Island, NY Posted: 1/15/2016 1:00:00 AM
Wouldn't it be great if you could write checks from your PayPal balance?
Every day, millions of people receive payments from PayPal, but unless they transfer it to their bank, they can only access it using a debit card. That's pretty strange when you think of it because PayPal is just like an online checking account.
So if you want to pay a bill with PayPal or give cash to somebody who doesn't have a PayPal account, you need to transfer it to your bank before you can write a check. For some banks, this could take a few days.
By offering a traditional checkbook option, online businesses could consolidate their bookkeeping by eliminating the need to open a brick and mortar bank account. Online sales would continue to go directly into the PayPal account, but the business would be able to write regular checks to pay bills, salaries and other expenses.
This would not only be good for consumers, but it would be great for PayPal itself, because merchants would keep their funds in their PayPal account longer, giving PayPal higher returns on the interest float.
Joe Crescenzi, Founder
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