Before we proceed, it's important to define what payments and payouts are. Simply put, payments are the completed transactions you have received from your customers that go into your PayMongo account. A payout is the transferring of the funds from your PayMongo account to your nominated bank account.
PayMongo automatically creates payouts for all eligible payments in your account based on our regular payout schedule. We deposit payouts into your bank account less any fees, refunds and/or adjustments.
Most banks deposit payouts into your bank account as soon as they receive them, though some banks may take a few extra days.
When you receive a payment from your customer, it takes a few banking days before it becomes eligible (or available) for payouts. That is, the time it takes for a payment to clear into our system. We cannot include payments into a payout until such payments become eligible in our system. The eligibility schedule depends on the payment method used by your customer.
Please take note that banking days are:
From Monday to Friday (except holidays).
Payments made from 5 pm onwards are processed on the next banking day.
To help you determine when payments become eligible for payout, we have included specific labels informing you of the date when you can expect the payment to be eligible.
Please take note that the weekly payout schedule doesn’t change how long it takes your payment to become eligible for payouts. For example, credit and debit card payments still take three banking days to become eligible. On Tuesdays, the payout generated will include only eligible payments. So, in general, the weekly payouts will include payments since the last payout made by Thursday for card payments and made by Friday of the week prior for non-card payments.
Here are some examples of when payments become eligible and are paid out:
Card payment made on November 19 (Thursday) at 6:01 pm
Since this payment was made after banking hours, it will be processed on the next banking day. In this case, it will be eligible on Nov 25 (Wednesday) the following week. Since payout cutoff happens on Nov 24 (Tuesday), this payment won't be included on the Nov 25 payout. It will be included in the Dec 2 payout.
Card payment made on November 19 (Thursday) at 3:24 pm
Since this payment was made during banking hours, it will be processed on the same day. This means it will be eligible on Nov 24 (Tuesday) of the following week. This payment will be paid out on Nov 25 (Wednesday).
E-wallet payment made on November 20 (Friday) at 6:09 pm
Since this payment was made after banking hours, it will be processed on the next banking day. In this case, it will be eligible on Nov 25 (Wednesday) the following week. Since payout cutoff happens on Nov 24 (Tuesday), this payment won't be included on the Nov 25 payout. It will be included in the Dec 2 payout.
E-wallet payment made on November 20 (Friday) at 4:20 pm
Since this payment was made during banking hours, it will be processed on the same day. This means it will be eligible on Nov 24 (Tuesday) of the following week. This payment will be paid out on Nov 25 (Wednesday).
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