Are you a business registered outside of the Philippines looking to tap into the Philippine market and accept online payments seamlessly? PayMongo welcomes foreign merchants and provides a secure, efficient platform to process transactions from Filipino customers. This article outlines the eligibility criteria, required documentation, and the range of payment methods available, ensuring a smooth onboarding and operational experience for your international business.
Can Foreign Businesses Sign Up for PayMongo?
Yes, PayMongo proudly supports businesses registered outside of the Philippines, allowing them to sign up for a PayMongo account. This enables foreign merchants to access the Philippine market and accept payments from local customers using various convenient payment methods.
Requirements for Foreign Merchant Onboarding
While the core process of signing up for a PayMongo account remains consistent, foreign businesses will need to provide specific equivalent documents to ensure compliance and successful account activation. These requirements ensure that your business meets necessary regulatory standards, similar to those for locally registered entities.
Equivalent Registration Documents: You will need to provide official registration documents from your country of incorporation that are equivalent to what a Philippine-registered business would submit (e.g., Articles of Incorporation, Business Registration Certificate). These documents often need to be apostilled or consularized to be recognized in the Philippines.
Proof of Business Address: Documentation confirming your business's physical address outside of the Philippines.
Identity of Authorized Signatory/Directors: Valid identification for the individuals authorized to act on behalf of the company and its key officers.
Bank Account Details: A bank account where payouts will be remitted. This should ideally be a business bank account.
Note: The exact list of required documents may vary based on your country of registration and business type. PayMongo's onboarding team will provide specific guidance during your application process.
Available Payment Methods for Foreign Merchants
PayMongo offers a diverse range of payment methods for foreign merchants, ensuring you can cater to the preferences of Filipino customers. These methods generally include:
E-wallets:
GCash
GrabPay
Maya
QR Ph:
A widely used QR code technology in the Philippines, enabling customers to scan and pay directly from their banking or e-wallet apps.
Direct Online Banking:
BPI
UnionBank (UBP)
BDO via Brankas
Metrobank via Brankas
Landbank via Brankas
Important Note: The availability of certain payment methods may vary depending on the specific nature of your business, its industry, or the products/services you offer. Some restrictions may apply.
Important Considerations for Foreign Merchants
When operating as a foreign merchant with PayMongo, keep the following points in mind:
Philippine Peso (PHP) Transactions: PayMongo processes transactions in Philippine Pesos. Your payouts will also be in PHP.
Payouts: Funds will be remitted to your nominated bank account, subject to PayMongo's standard payout schedules and processes (typically weekly payouts). Ensure your receiving bank can accept PHP transfers.
Tax Compliance: It is the merchant's responsibility to understand and comply with both the tax regulations in your country of registration and any applicable tax obligations in the Philippines (e.g., if you establish a local presence or meet certain thresholds).
Service Fees: Standard PayMongo transaction fees apply, which are VAT-inclusive. An additional 1% cross-border fee typically applies to payments made using non-Philippine issued cards.