PayMongo Card Installments is one of the most convenient ways to accept 0%-interest credit card installment payments, without going through multiple negotiations.
The best thing about this is that you give your customers flexible payment options with 3/6/12 month installments while you get paid in full after the first payment.
Now available on Pages, Shopify plugin and PayMongo APIs!
How does it work?
Minimum transaction amount?
Standard across all issuing banks is set as 3,000 PHP. Any transactions less than 3,000 PHP can't be processed through Installments.
The installments option will be grayed out with a hover tooltip saying that they need to reach the minimum amount first before the option will be available.
What will the transaction look like on the dashboard?
It will look like a straight one-time payment. We'll need more time to show if the payment is made through Installments or not. As a workaround, you can already check through
Looking at the fees
Exporting the transaction report - the .csv file does show which ones are straight and which ones are installments
What banks do you support for Installments?
We currently accept Security Bank, Asia United Bank (AUB), and LandBank cardholders but we are already working on this! More banks coming soon. 👀