Overview

PayMongo automates the process of transferring your cleared funds to your chosen destination, minus any fees, refunds, or adjustments.

Prerequisites for Receiving Payouts

To ensure a smooth payout process, please verify the following:

Activated PayMongo Merchant Account

Your account must be fully activated to receive live payouts.

Valid Payout Destination

You must have a correctly registered bank account or wallet account linked to your PayMongo profile. Ensure all details (bank name, account name, account number) are accurate.

Minimum Payout Amount

At least PHP 80.00 of cleared/eligible payments.

Payout Destinations: Bank Accounts & Wallets

🚧

Quick Check

PayMongo does not charge any fees for receiving payouts. Ensure your bank also does not impose any receiving fees.

PayMongo offers flexibility in where you receive your funds:

Payout to Bank Account

Funds are directly transferred to your nominated bank account.

Payout to Wallet

Funds can also be transferred to your PayMongo wallet.

📘

Same but Different

The process for both payout types is the same; the only difference is the final destination of your funds.

Payment Clearing

A payment must first clear into PayMongo's system before it becomes eligible for payout. The clearing schedule varies depending on the payment method:

• General Rule: It takes a few banking days for a payment to clear.
• Banking Days: Monday to Friday, excluding holidays. Payments made after 5 PM on a banking day are processed on the next banking day.

Payout Frequency

PayMongo generates payouts every Wednesday.

🚧

Cleared Payments Inclusion

For payments to be included in the current week's payout, they must be cleared by 5 PM on Wednesdays.

• If you have a payout scheduled, you will receive an email from [email protected] detailing the amount, beneficiary bank, and account name.
• The payout status on your PayMongo Dashboard will change to "in-transit" on Wednesday morning once the payout request is sent to our banking partner.
• Once PayMongo receives confirmation, your dashboard payout status will update to "Deposited" or "Returned".

Expected Reflection

📘

Quick Tip

Always double-check your bank account or wallet balance even before the dashboard status changes to "Deposited," as funds can reflect earlier due to interbank processes.

Ideally, transfers should reflect in your bank account or wallet within the same day (Wednesday). However, due to interbank transfer and clearing processes, it may take 1-2 more banking days for the payout to fully reflect.

Holidays

If a payout is scheduled for a holiday, it will be processed on the following business day.