Prepayments
Introduction
Prepayments allow customers to transfer funds in advance, which are later used to pay for products or services. This payment method ensures that funds are available before the transaction is finalized, providing security for merchants and convenience for customers. Prepayments are particularly suitable for scenarios like prepaid accounts, deposits, or pay-as-you-go services.
Prepayments are available through API-only implementation, which grants merchants full backend control over the transaction process without relying on frontend widgets. For more information, visit API only - Prepayment.
Workflows and Transaction Types
SmartPay Integration Flow for Merchants
Please visit the Integration Journey for more details.
Customer Initiated Transactions (CIT)
- Customers transfer funds to their prepaid account before making purchases.
- Prepayments can be used for one-time transactions or stored for future use.
Merchant Initiated Transactions (MIT)
- Merchants can deduct prepayments for recurring services or subscriptions where a balance is available.
- The Prepayment API supports balance checks to ensure funds are sufficient before initiating transactions.
Stored Payment Options (SPO)
- Prepaid balances are stored securely and tied to the customer’s account, simplifying future transactions.
Transaction Status Flow
Merchants should implement SmartPay notifications to receive transaction status updates. Upon receiving a notification, merchants must call the Get Payment Status API to verify the transaction status.
Communication with the Customer
Since Prepayment processing is async, make sure Notification service is available and integrated.
SmartPay’s notification system ensures customers are informed about their prepayment activity, including:
- Confirmation of funds added to their prepaid account.
- Notifications of balance usage, expiration, or low balance reminders.
- Updates related to subscriptions or recurring deductions using prepaid balances.