MANAGEMENT
Last updated
Last updated
Query Transaction is the process of retrieving information about the status and details of a transaction that has been completed. This operation allows the system or merchant to check information such as:
Transaction Status: Verifying whether the transaction has been completed, canceled, is pending, or declined.
Transaction Details: Retrieving information like the amount, transaction ID, transaction time, and payment method.
Additional Information: This may include error reasons (if the transaction failed), update history, or merchant-specific custom data.
Refund Transaction is the process of returning funds to the buyer after a transaction has been completed and the payment has been captured. This typically occurs when the buyer returns goods, cancels services, or if there was an issue with the transaction.
Initiated by the Merchant: The merchant initiates the refund, either fully or partially, depending on the circumstances (e.g., product return, service dissatisfaction).
Post-Capture: Refunds can only be issued after the transaction has been successfully captured and funds have been transferred to the merchant.
Reverses the Payment: The refund process essentially reverses the captured payment, returning the funds from the merchant’s account back to the buyer’s account.
Void Transaction is the process of canceling a transaction that has been authorized but not yet captured. When a transaction is voided, the entire transaction is canceled, and no funds are transferred from the buyer’s account to the merchant’s account.
Cancel Before Capture: A void is only applicable to transactions that have been authorized but not captured. When voided, the payment does not go through.
No Funds Debited from the Buyer’s Account: Since the transaction has not been captured, no money is deducted from the buyer's account.
Quick Processing: A void transaction is typically processed quickly and does not require a long period to reverse, as no funds have been transferred.
Capture Transaction is the process in payment systems where the funds that were previously authorized for a transaction are officially transferred from the buyer’s account to the merchant’s account. This step finalizes the payment, ensuring that the merchant receives the funds.
Authorization (the initial step) places a hold on the funds in the buyer's account, but does not transfer them.
Capture is the action that moves the funds from the buyer’s account to the merchant's account, completing the transaction.