Payments
Payment Concepts
The transfer of money from one party to another as a form of exchange for goods or services.
A medium of exchange in the form of coins and notes that is widely accepted for transactions.
Physical currency, such as coins and notes, used for transactions.
A payment made by electronic means, such as credit cards, debit cards, or wire transfers.
A payment card that allows the holder to borrow money to pay for goods or services.
A payment card that deducts funds directly from the user’s bank account to pay for goods or services.
A payment made over the internet, using methods such as credit cards, debit cards or electronic transfers.
A digital or physical storage device used to store electronic payment methods, such as credit cards, debit cards, or cryptocurrencies.
A company that facilitates electronic payments by processing transactions between merchants and banks. Examples: Stripe, Conketa, OpenPay.
Alternate buttons to the card pay with credit / debit card directly such as: Wallets, BNPLs, Crypto, Bank transfers.
It refers to the type of transaction; in this case it can be a Payment, Refund or Dispute.
The return of funds to a customer as a result of a canceled or returned purchase, or the correction of an error in the original transaction.
A disagreement or dispute between two parties regarding a transaction, often involving a claim of fraudulent or unauthorized activity, or a request for a refund or chargeback. A dispute may result in resolution through negotiation, mediation, or a formal legal process tonder-payment.
Status
Refers to the current status or status update of a payment
transaction. Provides information about the progress of the transaction, such as
whether the payment was initiated, processed, confirmed, or completed, and if
there were any problems or errors during the transaction process.
Order_ID
This is your authentic order ID, it may come directly from
your e-commerce platform
Payment_ID
This is the unique Tonder ID for every payment
A series of steps or events that occur from the start of a payment transaction to its completion.
A payment cycle refers to the series of events that occur from the initiation of a payment transaction to its completion, including payment authorization, processing, settlement, and reconciliation.
It is the sequence of steps necessary to move funds from the payer’s account to the payee’s account. A typical payment lifecycle can be divided into the following stages:
Authorization | The payer’s bank or payment service provider verifies the availability of funds in the payer’s account and authorizes the payment. |
Processing | The payment is transmitted via the payment network to the payee’s bank or payment service provider. Settlement: Funds are transferred from the payer’s account to the payee’s account. |
Conciliation | The transaction is reconciled and recorded on the payer’s and payee’s account statements. |
Each stage of the payment lifecycle involves various activities, such as validating payment information, exchanging information with various parties, and updating the accounts involved.
The payment lifecycle can vary in length and complexity based on factors such as the payment method used, the payment network involved, and any regulatory requirements. A well-designed, efficient payment lifecycle can help ensure the accuracy and security of payments and can help improve the overall customer experience.
PENDING | A payment attempt is being processed. Occurs mainly with asynchronous payment processors |
AUTHORIZED | The payment processor has authorized the payment attempt. |
DECLINED | The payment processor has declined the payment attempt. |
FAILED | The payment attempt failed. We will give you the details of the failed transaction in the payment details of the platform. |
SUCCESS | The payment attempt was successful and the funds were cleared to your account. |
CANCELLED | The payment was canceled before being settled in your account. This could be when the customer canceled the order before it was settled. |
PENDING | The return is pending to be processed. |
FAILED | The refund has not been successful. |
SUCCESS | The refund has been successful. |
NEEDS_RESPONSE | Your customer has filed a dispute with your bank and now you need to respond to the dispute. |
EN REVIEW | The submitted evidence has been submitted and is now awaiting a response from the payment processor. |
LOST | You have lost the dispute or accepted the dispute by not answering it. |
WON | You have won the dispute. |