We’re rolling out a private beta for Connect users to instantly have money transferred to a debit card.
Why might you want this? Many marketplaces, like Kickstarter, Postmates, Instacart, and TaskRabbit, use Connect to get their sellers paid. Rather than having to collect bank account numbers or having sellers wait on their funds, marketplaces can now use instant debit card transfers to get sellers paid faster.
While we’ve had the ability to send money to debit cards for a while, funds used to take two to three days to arrive. Now, they’re basically instant.
Functionality will be limited to U.S. cardholders to begin with—and not all banks support this yet. We currently have coverage for 64% of U.S. banks, including Bank of America and Chase. Money can still be sent to unsupported banks, but it’ll take a day to arrive rather than being instant.
Lyft is using instant transfers to create Express Pay, which lets drivers get paid out instantly rather than just once a week.
We hope you’ll use this feature to get sellers on your marketplaces paid faster. We’re adding more people to our beta as soon as we can. If you’d like to try it out, please email us at firstname.lastname@example.org.