How the Tiered KYC System Works
With PayMongo's tiered KYC Onboarding Process, accounts are now divided into two levels: M1 (Basic Merchant) and M2 (Fully Verified Merchant). This approach allows you to begin accepting payments quickly while providing a clear path for expansion as your business grows.
Account Tiers Comparison
Feature | M1 (Basic Merchant) | M2 (Fully Verified Merchant) |
Account Type | Basic PayMongo account with limited features | Fully verified PayMongo account with expanded features |
Activation | Instant access after sign-up and submission of basic business details | Account access after completing Tier 2 KYC with business documentation |
Wallets | Manage and send funds to other PayMongo wallets | Same as M1 plus the ability to send funds to external banks and e-wallets |
In-Store QRPh | Accept payments via QRPh | Same as M1 |
Payment Methods | Limited to PayMongo wallet transactions | Accept payments via e-wallets (GCash, Maya, and GrabPay), cards (credit/debit), digital online banking, and BNPL (Billease) |
Transaction Limits | Standard limits apply | Higher transaction capabilities |
Fund Withdrawals | Not available | Available to external banks and e-wallets |
Payout Schedule | Weekly | Weekly |
Getting Started with Registration
Account Activation Process
To begin, simply sign up for a PayMongo account with your business name, full name, phone number, email address, and password. You’ll also need to provide your average monthly revenue and tell us how you plan to use PayMongo.
Note: After submitting, you'll be directed to a bridge page to complete the next steps. This takes just 5 minutes!
For M1 (Basic Merchant)
Once you've completed the initial steps, your PayMongo account will be activated, and you'll be redirected to your dashboard. As a Basic Merchant, you'll have access to:
Wallets: Manage your funds and send funds to other PayMongo wallets
In-store QRPh: Accept payments via QRPh
For M2 (Fully Verified Merchant)
Want more features? You can upgrade to a Fully Verified Merchant (M2) right from your dashboard. The upgrade requires submission of:
Valid government-issued ID
Business registration documents (DTI, SEC, or BIR Certificate)
Proof of business address
Bank account details for withdrawals
Here's a complete list of the required documents for your business type.
Frequently Asked Questions
Can I withdraw funds from my PayMongo wallet without completing full KYC?
No. M1 accounts can only manage funds within the PayMongo ecosystem. To withdraw funds to external banks or e-wallets, you must upgrade to M2.
How long does the verification process take for M2 accounts?
Typically 3-7 business days, depending on the completeness and clarity of your submitted documents.
What happens if my verification is rejected?
You will receive a detailed explanation via email regarding the reason for your rejection.
Can I start accepting payments immediately after registration?
Yes! As an M1 merchant, you can begin accepting QRPh payments right away without submitting business documentation.
Are there transaction limits for Basic Merchant accounts?
Yes, M1 accounts are on the Standard Wallet, which has daily and monthly limits for wallet usage. These limitations are increased once you upgrade to M2. For more information on the balance and transaction limits, you can refer to this link.
Can I upgrade to a Fully Verified Merchant at any time?
Absolutely. You can initiate the verification process whenever your business is ready for expanded payment options through your PayMongo Dashboard.
Will my funds be held if I don't upgrade to M2?
No, your QRPh earnings will be available in your PayMongo wallet. You will only be able to manage and send funds to other PayMongo wallets. If you need to send the money to another bank account or an external account, you will need to verify your account by upgrading to M2.
API and Developer Resources FAQ
Can I integrate PayMongo's API with an M1 account?
No. Full API access, including live API keys, is only available to fully verified M2 accounts. M1 accounts can view limited API documentation such as Test API Keys but cannot access live API keys or integration support.
What developer resources are available after upgrading to M2?
After upgrading to M2, you'll gain access to:
Complete API documentation
Live API keys for production
Expanded sandbox environment for testing
Technical support for integrations
Webhooks configuration
Integration samples and code snippets
How soon after verification can I access API keys?
API keys become available immediately after your account is successfully verified as an M2 merchant.
Can I start development work in a test environment with an M1 account?
M1 accounts have access to a limited sandbox environment, but to fully test all payment methods and features, you'll need to upgrade to an M2 account.
Is there a separate verification process for API access?
No additional verification is required beyond the standard M2 verification. Once verified as an M2 merchant, you automatically gain access to all API features.
Do you provide SDKs for common programming languages?
Yes, PayMongo offers SDKs for various programming languages, including JavaScript, PHP, Python, and more. These are only available to fully verified merchants.
Need Further Assistance?
Our support team is happy to assist! Reach us via live chat on your dashboard, or email us at [email protected].