Learn about the lifecycle of a payment and how to manage the different aspects using Finix.
Most transactions in Finix follow a similar pattern. The diagram below models out the Payment Lifecycle for Finix:
- 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).