Your PayMongo Wallet serves as a convenient and secure hub for managing your business's funds. This article will guide you through the various ways to receive and "cash in" money to your PayMongo Wallet, including automatic payouts from your sales and manual transfers via InstaPay and PESONet. Understanding these processes will help you monitor and manage your incoming cash flow efficiently.
Prerequisites for Receiving Funds
To successfully receive funds into your PayMongo Wallet, ensure you have:
An activated PayMongo Wallet. This requires signing a Statement of Acceptance through your PayMongo Dashboard.
Knowledge of your PayMongo Wallet details (found in your Wallet dashboard) to provide to anyone sending you funds from an external bank or e-wallet.
Automatic Payouts to Your Wallet
For merchants using the PayMongo Payment Gateway, all payments received from your customers will be automatically credited to your issued PayMongo Wallet according to your usual payout schedule.
Note: While payments are credited to your wallet, they still follow the standard payment availability and payout schedule. Funds are deposited to your wallet on Wednesdays for payments cleared by the 5 PM Wednesday cutoff. For details on payout schedules and clearing, please refer to our article: <Insert the Article Link>
Cashing In to Your PayMongo Wallet via Bank/E-Wallet Transfers
You can directly transfer funds from your personal banking app or e-wallet to your PayMongo Wallet.
Log in to your preferred banking app or e-wallet (e.g., your personal bank's mobile app, GCash, Maya).
Initiate a transfer (often labeled "Send Money," "Transfer to Other Banks," or "Cash In").
When prompted for recipient details, select "PayMongo" or "PayMongo Payments Inc." as the destination bank/institution.
Input the Wallet details found on your PayMongo Wallet dashboard as the recipient account information. This typically includes your PayMongo Wallet's account number and account name.
Enter the amount you wish to cash in.
Review the details carefully and confirm the transaction.
Complete any necessary security steps (e.g., OTP).
You should receive a confirmation from your sending bank or e-wallet. Once the transfer is cleared, the funds will be reflected in your PayMongo Wallet, and the transaction will be recorded in your Wallet's transaction history.
Understanding InstaPay for Receiving Funds
Real-time Credits: When someone sends funds to your PayMongo Wallet via InstaPay from their bank or e-wallet, the transfers are typically instant and in real-time, 24/7, including holidays.
Transaction Limit: InstaPay transactions generally have a per-transaction limit of PHP 50,000 (though this can vary by the sending institution).
Understanding PESONet for Receiving Funds
Batch Processing: When funds are sent to your PayMongo Wallet via PESONet, they are processed in batches rather than in real-time. This means there are specific cut-off times.
Processing Times for Receiving:
Funds sent before the morning cutoff on a banking day are generally received by afternoon.
Funds sent after the last cutoff on a banking day, or on a non-banking day (weekends, holidays), will be processed on the next banking day.
Recipient Bank Schedule: While PayMongo processes incoming PESONet funds according to the official schedule, the actual time they reflect in your wallet might also depend on the sending bank's processing schedule.
Larger Amounts: PESONet is typically used for larger transfers that are not time-sensitive.
Balance and Transaction Limits for Receiving Funds
The amount you can receive and store in your PayMongo Wallet depends on your specific Wallet Type. Each wallet type has different limits for:
Balance Limit: The maximum amount of money your wallet can hold.
Cash-in Limits: Daily and monthly limits for funds transferred into your wallet.
Ensure you are aware of your wallet's specific limits to avoid issues with incoming transactions.
Troubleshooting: Funds Not Received
If you have initiated a transfer to your PayMongo Wallet and the amount has not reflected within the expected turnaround time:
Check Your Wallet Transaction History: First, verify your PayMongo Wallet dashboard's transaction history for any pending or completed entries.
Check Your Sending Bank/E-Wallet: Confirm the transaction status with your sending bank or e-wallet.
Contact Your Sending Bank's Support: If the amount is not received within the expected timeframe (e.g., instantly for InstaPay, or by the next PESONet processing window), it is best to reach out directly to the support team of your sending bank or e-wallet. Request the InstaPay Reference ID / Instruction ID / PESONet ID for the transaction. This ID is crucial for tracing the funds.
Contact PayMongo Support: If your sending bank confirms the transfer was successful and provides an ID, but funds are still not in your PayMongo Wallet after the expected time, then contact
[email protected]and provide them with the transaction ID from your sending bank.