PayMongo First in the Philippines to Join Visa’s Rapid Seller Onboarding Program
Visa, the world’s leader in digital payments, today announced the online payment processor PayMongo will be its first partner in the Philippines to join Visa’s Rapid Seller Onboarding program. This program simplifies the onboarding process and will enable Small to Medium Enterprises (SMEs) to sign up with PayMongo and start accepting digital payments within three to five working days.
Visa's Rapid Seller Onboarding program is designed to eliminate the pain points that both merchants and acquirers face during the traditional onboarding process. These include lack of digital touchpoints, lengthy onboarding timelines and limited feedback mechanisms that result in high costs for both merchants and acquirers.
Dan Wolbert, Visa Country Manager for the Philippines & Guam said: “At Visa, we understand how important it is for SMEs to accept digital payments, especially during the pandemic. As the country continues to face lockdowns and Filipinos are unable to shop in physical stores, we want to help small businesses to set up an online presence and start accepting digital payments so they can continue to operate and benefit from the growth in eCommerce. Through Visa’s Rapid Seller Onboarding program, we’re excited to be partnering with PayMongo to make it faster and easier for businesses to get online and start accepting digital payments.”
"Our Founders have always emphasized the value of providing a quick and seamless onboarding experience for our merchants, especially for small and medium enterprises. Our partnership with Visa for the Rapid Seller Onboarding program is another testament to that commitment. With this program, more small businesses can start accepting payments through the PayMongo payments platform sooner, rather than later. Our ultimate goal is to enable fully-compliant merchants to onboard in the quickest possible time, immediately helping them manage their customers’ payments and make their businesses grow,” said Abigail Valte, PayMongo Head of Compliance.
The Rapid Seller Onboarding program requires a few basic steps before online merchants can start accepting digital payments. To begin the digital onboarding journey, SME owners need to follow these simple steps:
1. Visit PayMongo's website at www.paymongo.com and click "get started for free."
2. Enter their personal information and business information.
3. Upload the business/company license and owner ID.
4. Wait for the application to be validated by PayMongo.
5. PayMongo will reach out to the merchant regarding any further requirements.
6. Once the application is approved, the preferred acceptance channel will be activated for the online merchant.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit www.visa.com.ph
PayMongo was launched in 2019 as a B2B payments facilitator by founders Francis Plaza, Chief Executive Officer; Edwin Lacierda; Luis Sia, Chief Commercial Officer; and Jaime Hing III, Chief Technology Officer.
Today, PayMongo is the fastest growing online payments processing company in the Philippines. The company provides products and services that allow businesses of all sizes to receive payments on the internet. PayMongo is the first Philippine fintech start-up backed by Silicon Valley-based Y Combinator, the premier start-up accelerator in the world. In September 2020, PayMongo secured $12 million in Series A financing led by Stripe, a technology company that builds economic infrastructure for the internet, joined by Y Combinator, Global Founders Capital, and Bedrock Capital. To date, the company has raised a total funding of almost $15 million after closing a $2.7 million seed round in September 2019. PayMongo’s standard, easy-to-integrate PayMongo API accelerates internet businesses by lowering integration time to a few lines of code. The company’s PayMongo Links product and e-commerce plugins power businesses without the need for development time. The company’s payment platform delivers stress-free onboarding, consistent checkout experience and worry-free fraud detection systems.