Payment Life Cycle
Here is the sequence through which the online payment flow occurs when any transaction is initiated by the customer:
When the customer selects the items and fills the checkout page at that time the Order ID is created and simultaneously there is one PayKun Order ID created after the information is sent to PayKun API.
2.Send Payment Details
After that when the customer proceeds with the payment; enters the details and selects the payment options and clicks on the Pay Now option then these details are sent to the PayKun server in a secured manner.
3.Authorization of Payment
There is an internal process in which PayKun sends the authentication request for the customer’s payment deduction from the customer’s bank and after the authorization is received from the bank the same amount is deducted and being retained by PayKun.
Once the bank has authorized the customer’s payment, it will be auto captured and verifies that purchase as complete by the merchant. Then no further action is needed from the merchant side.
4.Settlement
After the funds are captured by PayKun, it is settled according to the predefined settlement (payout) cycle (T + 2/3, where T is the Transaction Date) in the Merchant’s bank account. After the funds are credited in the Merchant’s Bank Account, they are marked as settled.
5.Refund
When the payment made by the customer needs to be reversed and given back to them due to any reason then it is known as the Refund. All the settled funds, as well as the successful transactions, could be refunded by the Merchant/Service Provider.