Overview

Once your PayMongo account is activated at Tier 1 (Basic Account), your funds will be automatically settled to your PayMongo Wallet. If you wish to transfer funds to external banks or e-wallets via InstaPay and PESONet, or receive payouts directly to your Business Bank Account, you'll need to upgrade to Tier 2 (Fully Verified Account).

Use the table below to understand how payouts work for each account tier.

Tier Comparison

⚠️ Bank Payout Requirements for Corporations

To receive payouts to your nominatedBusiness Bank Account, Corporations are required to submit a Duly Notarized Secretary’s Certificate .

✅ The Secretary’s Certificate must:

• Authorize the person transacting on behalf of the company with PayMongo
• Confirm the official settlement account (must be a Business Bank Account — not a personal account)
• Be notarized
• Be signed by the Corporate Secretary or another board member
• Not be self-certifying. (If the Corporate Secretary is the authorized representative, the certificate must be signed by another officer)

❗️

If documentary requirements are incomplete or missing, payouts may be placed on hold until all required documents are submitted and verified.

Allowed Payout Destination Per Account Type

❗️

Please take note that the designated bank account for payouts must be in the name of the corporation, partnership, or sole proprietor registered business name to avoid delays in your payouts. If you do not have either of these, we would like to offer you the option of using our PayMongo Wallets.