What transaction section encloses?
All events related to payments are traced as ‘Transactions'. The transaction segment offers you a summary of all the events related to a transaction processed in your account. The details such as type, date, status and amount of the transaction are provided in this section.
Generate transaction - How or When?
Whenever any action regarding payments is being made by ChargeMonk in an invoice, the transaction is generated automatically. These actions include a successful charge, authorization or refund, and failure.
What does the below given transaction status signify?
Success - Successful payment attempt was made.
Voided - Cancellation of payment attempt. This cancellation was done by the merchant for one or various reasons.
Failure - Failed payment attempt.
Timeout - While attempting to charge the card, if no response is received that means the session is timed out.
Unknown - Checking and reconciling of transactions needs to be done.
In-Progress - Waiting for a response from the payment gateway. Exclusive for direct debit payments
Needs Attention - ChargeMonk terminates the connection, if payment gateway didn’t confirm the payment.
What are the different transaction types?
Authorization - After authorization is being approved, funds will get captured from the card holder.
Payment - Payment has been received and the charge was successful.
Refund - A transaction is refunded.
What are card capture and authorization?
To check the validity and adequate funding to hold up the transaction, Card Authorization is used. A card capture ensues only if the card is valid. Card capture takes place when funds get transferred to the merchant's account from the customer's account.
Is it possible to get a refund from a transaction?
When you intend to refund an unused amount then the Refund option is used. To do this, go to Logs > Transactions. Though, the option is available only after removing the payment from invoice.
Only credit card transactions support this option.
Is it possible to record an offline refund from a transaction?
The refund of an unused amount can be recorded with the help of this Record Refund option. For this go to Logs > Transactions. Though, this option is available only after removing the payment from the invoice.
By which way can I handle the check reversals?
In case check bounces or the payment is collected through a check, The Reverse Transaction option is used.
Consider the below given factors while using Reverse Transaction option:
- With the help of the Remove option the payment will get removed from the invoice provided the payment has been imposed to an invoice.
- Now with the help of the Reverse Transaction feature, you can mark a reversal against this invoice.
- Creation of a new reversal transaction will take place. This transaction will get imposed on to the current transaction and the unused amount will be eradicated.
Is it possible to delete a transaction?
Yes, it is possible to delete a transaction but only offline transactions can get deleted.
What happens to payments, refunds and payment reversals when a transaction is deleted?
There will be no changes on the deletion of payments because fully unused transactions can get deleted only.
- Invoice refunds: There will be an increase in refundable amount on deletion of invoice refunds.
- Transaction refunds: There will be an increase in the unused amount of the reference payment transaction on deletion of the transaction refund.
There will be an increased in the unused amount of the reference payment transaction on the deletion of Payment Reversal.