The revenue collection API is suitable for building a seamless user journey for managing invoice payment between cooperate and their Merchants. The journey is designed to help businesses efficiently handle invoice payments with their merchants.
Account setup: beginning with the creation of bank account details using the Create Account Details endpoint. Customers can add one bank account per currency, which will be used to receive payments for invoices.
Account Management: Once the accounts are set up, customers can retrieve and manage their account information using the Get Account Details endpoint, making sure the receiver account is correct and up to date.
Invoice Validation: Before sending out payment requests, it is recommended that the customers validate the invoice data using the Validate Collection Data endpoint. This ensures that all necessary information is correctly formatted and ready to be sent out.
Sending Payment Requests: After validation, customers can use the Send New Request endpoint to send payment requests to merchants. Merchants will be notified by email and notification centre.
Payment Processing: Merchants receive the payment requests and can make immediate payments using the Pay Invoice endpoint. This will trigger an immediate transaction from the merchant’s selected source account to the customer’s designated receiver account. Additionally, the merchant can also choose to reject the payment with the Update Request Status endpoint.
Request Details and Status Updates: During the process, customers and merchants can use the Retrieve Request Details endpoint to view the status and details of each request.
Update Request Status: this endpoint allows modifying the status of a payment request. (e.g., PAID, UNPAID, REJECTED, NOT_SENT).