Once you've gotten the figure mostly dry, you'll need to take another clean piece of paper towel and simply let the figure rest on it to dry further. There are many small areas on an action figure that the paper towel can't get to and you'll have to let good old fashioned evaporation do its work.
Store the figure on its towel in a safe place, out of direct sunlight (sunlight may help dry your hair, but it can destroy an action figure) and preferably were it won't get too dusty.
Let the figure sit for about 12 hours before putting back in your display.