Learn about the lifecycle of a payment and how to manage the different aspects using Finix.
It's important to understand the lifecycle of payments in Finix to support your sellers and buyers.
While there are some nuances, most transactions in Finix follow a similar pattern. Understanding this pattern and the lifecycle a of payments will help you better understand and explain what causes a payment to get rejected, or where funds are at any point in a transactions.
Even though the process can change depending on the transaction, the lifecycle of most payments in Finix follows this standard pattern:
- Buyer requests to make a payment with seller.
The platform collects the buyers information and creates an
Identityto represent the buyer in Finix.
The platform collects the buyer's payment information and creates a
Payment Instrumentto represent the payment method used by the buyer to complete the payment. Once created, Finix notifies the seller with:
The platform creates an
Authorizationto reserve the funds on the
Payment Instrumentto be captured (i.e. debited) at a later date, usually within seven days.
- An authorization entry also gets added on the Authorizations tab of the Finix Dashboard .
Authorization#stategets updated to SUCCEEDED and
Authorization#expires_atgets updated with a timestamp. The
Authorizationentry on the Authorizations tab of the Finix Dashboard also gets updated.
Authorization#stategets updated to FAILED . The
Authorizationentry on the Authorizations tab of the Finix Dashboard also gets updated. To proceed, the platform needs to submit the
- If the
The platform captures the
Finix creates a
Transferto debit and move funds.
Transferis available in the
transactionentry gets added on the Transactions tab of the Finix Dashboard .
When funds get debited, the
Transfergets updated with a timestamp in
Once the timestamp in
Transferwill appear in the next
Settlementthat closes and requires approval.
Settlementis approved, a funding
Transfergets created to credit funds to the seller.
- The settlement entry also gets updated on the Settlements tab of the Finix Dashboard .
When the funding
Transfergets updated to SUCCEEDED , the seller can expect funds to hit their bank account in 5-7 business days (depending on their bank).