Terminology
With Pay Dashboard, you can create payment requests, manage payments and refunds, respond to disputes, and more:
- View a summary of your activity, such as the total value of payments executed last month, declined or abandoned payments, and all payment methods available.
- Use Pay Virtual Terminal to send payment requests to your customers.
- Download transaction reports.
- Check the status of your disputes and fight credit card chargebacks.
- Use Connections to configure the payment methods that are available to your customers on your checkout page.
Create payment requests and send them to your customers in just a few clicks. No technical knowledge required.
You can embed the Pay Components ready-to-use PCI-DSS compliant checkout page into your shopping cart by adding very simple code. It allows customers to select their payment methods, depending on your configuration. You can customize the hosted checkout page to match your branding.
We recommend creating one Payment Session object for each customer checkout session. A Payment Session encapsulates all events involved in the process of collecting a payment from your customer.
Pay Checkout lets you create payment links and send Payment Requests to your customers via email, text message, or other means of communication. When a customer clicks a link, they’ll be directed to a Pay Checkout page, where they can select their preferred payment method and make the payment. Each link is unique, based on the customer, the products, and the transaction.
Pay Link lets you sell online even if you don’t have a website. You can choose between two options:
Pay by Link - Create a shareable, reusable payment link and send Payment Requests to your customers via email, text message, or other means of communication. The link opens a new checkout session and takes the customer to the Pay Checkout page. The same link can be shared and used multiple times with any number of customers.
Pay by QR Code - Create a shareable, reusable payment QR code and send Payment Requests to your customers. When scanned, the code opens a new checkout session and takes the customer to the Pay Checkout page. The same QR code can be shared and used multiple times.
Authorization
Credit card authorization is a card issuer’s approval that a customer has sufficient funds to cover the cost of a transaction and is approved to make the purchase.
Manual Capture
If you choose to perform a manual capture, once a transaction has been authorized, you can submit the capture request through your Pay Dashboard. This instructs the issuing bank to capture the funds. The status of the payment will change from Authorized to Captured.
Capture
Capture refers to the actual transfer of funds one a transaction has been authorized. Capture can either be automatic or be done manually through your Pay Dashboard. The status of the payment changes from Pending to Captured and the funds are transferred to you.
Payment Method
In the Pay.com system, the term ‘Payment Method’ is used to identify a credit or debit card that a customer uses to make a payment. When a transaction is created, the payment method is saved in the system and linked to the customer.
Alternative Payment Methods
Alternative Payment Methods are non-card payment methods. A common example is digital wallets, such as PayPal, Apple Pay, and Google Pay: these are essentially accounts where customer can store funds and use this balance to make payments, or make payments via credit or debit card without revealing their card details to the merchant.
3D Secure Authentication
The 3D Secure protocol provides an additional security layer for online credit and debit card transactions. By requesting the customer to enter a one-time code sent to their mobile device, it authenticates their identity and helps prevent fraud.
Refunds
A refund is the process of cancelling a payment that has been completed and returning the funds to the customer. The funds will be returned via the payment method the customer initially used to make the payment.
Declines
When a payment is declined, it means the card issuer is unable to provide authorization for the cardholder's account. Card issuers decline transactions for various reasons, such as insufficient funds in the account (a decline does not mean there was an error running the transaction). Pay.com displays information to explain the decline, both in your Pay Dashboard and through the API.
Webhooks
Webhooks, also known as reserve APIs or web callbacks, are user-defined HTTP callbacks which are triggered by specific events related to payment transactions. Webhooks allow web applications to automatically communicate with other web applications and provide them with real-time information. For example, when a payment is captured, our system sees the event, collects the data, and sends it to the URL specified by you in the form of an HTTP request.
Receipt
A receipt acknowledges that you’ve received payment for a sale. You can generate electronic receipts through your Pay Dashboard, download them, and share them with your customers.
Settlement
Settlement is the process of transferring funds collected from multiple completed payments to your bank account.
Rolling Reserve
A rolling reserve holds a portion of your gross credit card sale amounts in a non-interest-bearing account, to ensure you’re able to honor a chargeback if it’s requested. The funds are held for a predetermined amount of time before being released to your bank account.
Disputes
Disputes (also called chargebacks, retrievals, or inquiries) occur when a cardholder questions a transaction with the card issuer/issuing bank. Possible reasons for disputes could be suspicion of fraud or an erroneous transaction.