PayMongo Platforms is an advanced enterprise solution designed for businesses that connect multiple merchants with consumers, such as online marketplaces, e-commerce platforms, and service aggregators. This article will introduce you to the core functionalities, key benefits, and essential terminology of PayMongo Platforms, helping you understand how it can streamline your operations, manage sub-accounts efficiently, and facilitate complex payment flows like payment splitting.
What is PayMongo Platforms and Who Is It For?
PayMongo Platforms is an enterprise management product built to support and empower businesses that operate as a central hub connecting multiple sellers (merchants) with buyers (consumers). It provides a robust set of financial tools for managing your primary business ("Parent Merchant") while also enabling efficient management of all connected sub-accounts ("Child Merchants" or "Consumers").
PayMongo Platforms is ideal for:
Marketplaces: Online platforms where multiple vendors sell goods or services (e.g., fashion marketplaces, food delivery apps).
E-commerce Platforms: Solutions that host multiple online stores.
Service Aggregators: Businesses that list and manage various service providers.
Any business model requiring the efficient management of numerous sub-accounts and potentially complex fund distribution.
This platform integrates seamlessly with existing PayMongo features, including Onboarding, Account Management, Dashboard functionalities, all Payment Methods and Channels, Payouts, and Financial Services.
Key Benefits of Using PayMongo Platforms
Leveraging PayMongo Platforms offers several significant advantages for managing your multi-merchant ecosystem:
Streamlined Onboarding for Sub-Accounts: Facilitate quick and efficient onboarding for your Child Merchants with automated document submission, ensuring compliance.
Flexible Child Account Types:
Payment Gateway: Allows your Child Merchants to collect payments directly on your behalf.
Payment Gateway + Wallet: Provides Child Merchants with a built-in PayMongo Wallet for managing received payments and cashing out to their bank accounts. (Consumer Wallets are coming soon!)
Comprehensive Wallet Management: Both Parent and Child Merchants can manage received payments and seamlessly transfer funds to their designated bank accounts.
Efficient Payment Splitting (Currently in Beta): Enables smooth and automated distribution of funds from a single payment to both the Parent Merchant (e.g., for platform fees/commissions) and the relevant Child Merchant, based on predefined splits.
Understanding Key Terms and Definitions
To effectively utilize PayMongo Platforms, it's important to be familiar with the following terms:
Parent Merchant: This refers to your business, the primary account holder who directly communicates with PayMongo regarding account management and transactions. You are the central entity operating the platform.
Child Account: These are sub-accounts created and managed under your Parent Merchant account. They can be:
Child Merchants: Businesses that sell goods or services on your platform. Their onboarding is currently managed via API.
Consumers: Individuals who transact for personal use on your platform. They may or may not be required to provide business documents.
Payment: This is the monetary transaction received from a customer (e.g., a buyer on your marketplace).
Payment Splitting: A feature that allows a single payment received from a customer to be automatically divided and shared between your Parent Merchant account and a specific Child Merchant account. This is typically used for collecting platform fees or commissions.
Onboarding: The essential identity and business verification process required for all users (Parent and Child accounts) to comply with Bangko Sentral ng Pilipinas (BSP) regulations.
Payout: The process of transferring cleared funds from a PayMongo account (either Parent or Child) to a chosen bank account or e-wallet, after any applicable deductions for fees, refunds, or adjustments.
Wallet: A secure feature within PayMongo for both Parent and Child Merchants to store and manage their funds received through the platform. This facilitates cash flow management
Getting Started with PayMongo Platforms
As PayMongo Platforms is an enterprise solution, it involves a dedicated setup process:
Sign Up for a PayMongo Account: If you don't already have one, sign up on the PayMongo dashboard and complete the necessary documentation for your primary Parent Merchant account.
Contact PayMongo Support: Since the Platforms product is currently in beta, you must contact [email protected] to express your interest and request to utilize its functionality. Our team will guide you through the activation process.
Account Configuration: Once your account is configured for Platforms by PayMongo, your developers can begin the integration.
Onboard Child Accounts: Your developers can use the Onboarding API or Hosted Onboarding solutions provided by PayMongo to efficiently onboard your Child Merchants.
Manage Through Dashboard: After onboarding, you can view and manage your Child Accounts directly from the dedicated "Platforms" page within your PayMongo Dashboard.
Developer Documentation: Comprehensive documentation for the Onboarding API and Payment Splitting is available on the PayMongo developer documentation at https://developers.paymongo.com/docs/paymongo-platforms/