The PayMongo Wallet is a secure, all-in-one financial solution designed to give businesses more control and flexibility over their cash flow. This article provides an overview of what the PayMongo Wallet is, its benefits, associated limits, and how it can streamline your financial operations within the PayMongo ecosystem.
Prerequisites for Activating Your PayMongo Wallet
To activate and utilize your PayMongo Wallet, you need to:
Have an activated PayMongo merchant account.
Sign a Statement of Acceptance through your PayMongo Dashboard. This legally binding document activates the wallet feature for your account. Only authorized representatives of your business are permitted to sign this statement.
What is the PayMongo Wallet?
The PayMongo Wallet is a secure, integrated platform within your PayMongo account designed to manage your business's financial cash flows. It allows you to:
Store Funds: Hold cleared payments received from your customers directly within your PayMongo account.
Cash-in: Top up your wallet balance.
Send Money: Transfer funds from your wallet to any nominated bank account.
Monitor Activity: Access a centralized dashboard to track all your wallet transactions and activities in real-time.
Once activated and configured, payments received via the PayMongo Payment Gateway will be directed to your PayMongo Wallet according to the usual payout schedule. The wallet supports sending funds to multiple bank accounts, with a fee of PHP 10.00 for each InstaPay or PesoNet transaction.
PayMongo Wallet Types: Balance and Transaction Limits
PayMongo Wallets come in different types, each with specific balance and transaction limits to suit varying business needs. Your wallet type is determined during your account setup and verification.
Wallet Type | Balance Limit | Cash-in Transactions (Top-up, Payouts, Transfers In) | Cash-out Transactions (Withdrawal, Send Money, Batch Disbursements) |
Elite Wallet | PHP 75,000,000 | No daily limit, PHP 75,000,000 monthly limit | PHP 5,000,000 daily limit, No monthly limit |
Enterprise Wallet | PHP 50,000,000 | No daily limit, PHP 50,000,000 monthly limit | PHP 1,000,000 daily limit, No monthly limit |
Business Wallet | PHP 40,000,000 | No daily limit, PHP 40,000,000 monthly limit | PHP 500,000 daily limit, No monthly limit |
Standard Wallet | PHP 15,000,000 | No daily limit, PHP 15,000,000 monthly limit | PHP 250,000 daily limit, No monthly limit |
Integrating with PayMongo Wallet via API
For businesses with advanced integration needs, PayMongo also supports Wallet functionalities via our API. This allows developers to programmatically manage wallet activities, such as sending money or querying balances, directly from your own systems.
For interested merchants with developer resources: You can find comprehensive documentation and API references on the PayMongo Developers site: Introduction to Wallet API.