If a payout hasn’t arrived according to its expected delivery date, there can be several reasons as to why. Listed below are the most common reasons as to why your payout was held:
1. Account verification issues
If your payout date keeps getting pushed out to a future date, this is most likely due to account verification issues. In cases like this, representatives of PayMongo reach out to you directly via email explaining the why the payout was held back.
2. Understanding the payout schedule
The revised payout schedule will be every Wednesday for all transactions paid in the last 7 days - from the previous Wednesday 12:00am to Tuesday 11:59pm.
3. Being processed by the bank
Every Wednesday morning, the transfer of payouts would have already been initiated. In this case, the reflection will depend on your receiving bank’s schedule. Although this often reflects in your bank account within the day, there are cases that your bank will take 1-2 days to process the transfer.
4. Incorrect bank account details
In cases that the transfer of your payout fails, a representative of PayMongo will reach out to you directly via email informing you to update your bank account details. You may head over to the Settings tab of your dashboard and change your “Bank Information”.