Effective May 13, 2024, all PayMongo accounts were required to comply with the new bank account requirement, in line with existing anti-money laundering laws, as well as BSP and BIR regulations. This means that all PayMongo accounts need to have a bank account under the business name in order to continue processing payouts.
You may change your bank account anytime from the dashboard by going to the settings tab, scrolling to the bottom, and clicking the edit button on the Bank Information section as shown in the screenshot below.
You'll then be prompted to proceed with Multi-factor authentication by inputting the OTP sent to your email. After OTP verification, you can now input your updated bank account details and then click the save button to save the changes you have made. 😊
🚨 Kindly notify [email protected] of the change to avoid delays in your payouts. 🚨
FAQ
Does the bank account need to be named under the business name?
Yes, the designated bank account for payouts must be in the name of the corporation, partnership, or sole proprietor. Click here to learn more.