Receiving your hard-earned funds is a crucial part of your business operations. This article will guide you through PayMongo's payout process, explaining how frequently you receive funds, when payments are cleared, the types of payout destinations available (bank accounts and wallets), and how to understand your payout statuses. We'll ensure you have a clear picture of when and how your funds move from PayMongo to your chosen account.
Prerequisites for Receiving Payouts
To ensure a smooth payout process, please verify the following:
Activated PayMongo Merchant Account: Your account must be fully activated to receive live payouts.
Valid Payout Destination: You must have a correctly registered bank account or wallet account linked to your PayMongo profile. Ensure all details (bank name, account name, account number) are accurate.
At least PHP 80.00 of cleared/eligible payments.
Understanding Payouts with PayMongo
PayMongo automates the process of transferring your cleared funds to your chosen destination, minus any fees, refunds, or adjustments.
Payout Destinations: Bank Accounts & Wallets
PayMongo offers flexibility in where you receive your funds:
Payout to Bank Account: Funds are directly transferred to your nominated bank account.
Payout to Wallet: Funds can also be transferred to your PayMongo wallet.
The process for both payout types is the same; the only difference is the final destination of your funds.
Payout Frequency
PayMongo generates payouts every Wednesday.
For payments to be included in the current week's payout, they must be cleared by 5 PM on Wednesdays.
If you have a payout scheduled, you will receive an email from [email protected] detailing the amount, beneficiary bank, and account name.
The payout status on your PayMongo Dashboard will change to "in-transit" on Wednesday morning once the payout request is sent to our banking partner.
Expected Reflection: Ideally, transfers should reflect in your bank account or wallet within the same day (Wednesday). However, due to interbank transfer and clearing processes, it may take 1-2 more banking days for the payout to fully reflect.
Once PayMongo receives confirmation, your dashboard payout status will update to "Deposited" or "Returned."
Holidays: If a payout is scheduled for a holiday, it will be processed on the following business day.
When Payments Are Cleared for Payouts
A payment must first clear into PayMongo's system before it becomes eligible for payout. The clearing schedule varies depending on the payment method:
General Rule: It takes a few banking days for a payment to clear.
Banking Days: Monday to Friday, excluding holidays. Payments made after 5 PM on a banking day are processed on the next banking day.
Payment Method | Clearing Period |
VISA / Mastercard | 3 banking days |
E-wallets (GCash, GrabPay, Maya) | 2 banking days |
BPI and UBP Online Banking | 1 banking day |
QR Ph | 1 banking day |
BillEase | 1 banking day |
Banks Allowed for Payouts
Here is the current list of supported bank accounts for payouts:
Al-Amanah Islamic Bank
ANZ Bank
Asia United Bank
Banco De Oro (BDO) Unibank
Bangkok Bank
Bank of America, NA
Bank of China - Manila
Bank of Commerce
Bank of the Philippine Islands (BPI)
China Bank
China Bank Savings
Citibank, NA
CTBC Bank
Deutsche Bank
Development Bank of the Philippines (DBP)
Dungganun Bank
EastWest Bank
Equicom Savings Bank
First Consolidated Bank
Hong Kong and Shanghai Bank (HSBC)
Industrial Bank of Korea - Manila
JP Morgan Chase Bank - Manila
Korea Exchange Bank
Land Bank of the Philippines
Maybank Philippines
Mega International Commercial Bank
Metropolitan Bank & Trust Co. (Metrobank)
Mizuho Bank
MUFG Bank
Philippine Bank of Communications (PBCOM)
Philippine National Bank (PNB)
Philippine Savings Bank (PSBank)
Philippine Veterans Bank
Philtrust Bank
Producers Savings Bank Corporation
Rizal Commercial Banking Corp. (RCBC)
Robinsons Bank
Security Bank
Shinhan Bank
Standard Chartered Bank
Sterling Bank of Asia
Sumimoto Mitsui Banking Corp.
Tong Yang Savings Bank
Union Bank of the Philippines
United Coconut Planters Bank (UCPB)
United Overseas Bank (UOB)
Wealth Development Bank
What Do Payout and Payment Statuses Mean
Understanding the status of your payouts in the PayMongo Dashboard is crucial:
In transit: Your payout has been initiated and is on its way to your bank account or wallet. This status appears once the request for release is received by PayMongo's banking partner.
On hold: Your payout has been temporarily paused. Payments under this payout will also display a message indicating this status. You should check your email for more details and instructions on how to resolve the hold.
Returned: Your payout could not be successfully deposited and was returned. This is typically due to incomplete or incorrect bank/wallet details.
Deposited: Your payout has been successfully credited to your bank account or wallet. Payments associated with this payout will also reflect this status.
Changing Your Payout Destination Account
If you wish to switch your payout destination from a bank account to a wallet (or vice-versa), or update your existing bank/wallet details, please reach out to PayMongo Support.
Action: Send an email to [email protected].
Clearly state your request to change your payout destination and provide the new, accurate details.
Our support team will guide you through the secure process of updating your payout information.
Notes, Tips, Warnings/Cautions, Best Practices
Tip: Always double-check your bank account or wallet balance even before the dashboard status changes to "Deposited," as funds can reflect earlier due to interbank processes.
Warning: PayMongo does not charge any fees for receiving payouts. Ensure your bank also does not impose any receiving fees.
Caution: Incorrect or incomplete bank/wallet details are the primary reason for "Returned" payouts, leading to delays. Always keep your payout information accurate in your dashboard.
Best Practice: Regularly monitor your PayMongo Dashboard's Payouts section for status updates and reconcile them with your bank/wallet statements. If a payout is "On Hold" or "Returned," address it promptly by checking your email and contacting support if needed.