A Quick Guide to Key Terms
Understanding the PayMongo Seeds Ecosystem:
This guide defines essential terms you'll encounter when using PayMongo Seeds to manage your platform and its merchants and consumers.
Users
Parent Merchant: Your business, the primary account holder with PayMongo Seeds. PayMongo will directly communicate with you regarding account management and transactions.
Child: Sub-accounts created under your Parent Merchant account and onboarded onto PayMongo. Childs can be categorized as:
Child Merchant: A business operating within your platform, selling goods or services. This is currently only available via Onboarding API.
Consumer: Individuals who transact on your platform for personal use. Some consumers may have business documents (e.g., freelancers, delivery riders) while others may not.
Core Components
Payment: The monetary transaction received upon a customer purchasing a product or availing of a service from a child merchant on your platform.
Payment Splitting (Beta): A payment shared between you (Parent) and a child merchant. This allows you to collect platform fees or commissions while the child merchant receives the remaining balance.
Onboarding: The process of verifying identity and business information for all users (Parent and Childs) according to Bangko Sentral ng Pilipinas (BSP) regulations, as PayMongo is a licensed financial institution.
Payout: The transfer of cleared funds from your PayMongo account to your chosen bank or wallet account, minus any fees, refunds, or adjustments.
Financial Tools:
Wallet: The secure PayMongo Wallet allows you (Parent) and your child merchants to store funds received through platform transactions. It facilitates easy cash flow management and withdrawals to your preferred bank accounts.
Additional Resources:
This guide provides a foundational understanding of key PayMongo Seeds terms. To delve deeper into specific functionalities, explore the following resources:
How do I activate my account?: https://paymongo.help/en/articles/3683583-what-are-the-documents-required-to-activate-my-account
Every When Do We Receive the Payments from Our Customers?: https://paymongo.help/en/articles/3751551-every-when-do-we-receive-the-payments-from-our-customers
What Do the Payout or Payment Statuses Mean?: https://paymongo.help/en/articles/6725208-what-do-the-payout-or-payment-statuses-mean
When Are Payments Cleared for Payouts?: https://paymongo.help/en/articles/4089428-when-are-payments-cleared-for-payouts
What is a PayMongo Wallet?: https://paymongo.help/en/articles/9099575-what-is-a-paymongo-wallet