Transaction and settlement model
At Airwallex we have challenged ourselves to create a transaction model that suits your needs and focuses on what you, our Merchant, cares about.
The main concepts:
A Payment Intent represents the aim of your Customer to complete its checkout (and of course pay for your services). In it, you find represented Payment transactions, Refunds and if things go bad also Chargebacks.
A Payment Attempt represents an actual trial to perform a financial transaction. It can be a payment transaction, it can be a refund or even a chargeback. When the customer performs several payment trials before completing the purchase you will have one Payment Attempt for each of the attempts, this way you know what happened and can optimize your checkout. The Payment Attempt tracks each and every individual stage through which the transaction goes.
A Financial Transaction represents actual and real money. For each Payment Attempt that reaches completion, our platform will generate one or several Financial Transactions. They represent not only the principal amount of your transaction but also the fees associated with it (including gateway fees, interchange fees, markup, etc.), you will have once financial transaction for each of the financial components that are part of a Payment Attempt. Ultimately, only financial transactions will make it to your Airwallex Balance in form or real money.
Since there will be many Financial Transactions, a Batch groups all the financial transactions that are paid to you (or you have to pay to Airwallex). A Batch will be adjusted for your eventual rolling reserve and will appear as one line in your Airwallex Balance.