Microfinancing firm Sprint Financial Services has introduced two new business lines, purchase order financing and transfers of PayPal payments through newly developed portal SprintFinx.com.
The online portal will facilitate settlement of PayPal transfers within 24 hours, says Sprint Financial CEO Christopher Barrett, at one-fifth the rates that merchants now face.
Barrett told the Financial Gleaner that local merchants have upwards of US$60 million in PayPal accounts. He is planning to tap that market by cutting settlement periods for payment of goods and services sold internationally, from over two months through PayPal to a day.
PayPal does not transfer funds to Jamaican bank accounts. Instead, payees request US dollar cheques that take 30 days or a month to be issued. The cheques then take another 40 days to clear Jamaican bank accounts.
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