This guide provides a detailed overview of the Payin process within Finmo, outlining how to effectively collect and manage funds from your customers. By the end of this article, you'll have a clear understanding of the various Payin methods available, how to manage different wallets, and best practices to ensure successful transactions.

What is a Payin?

A Payin refers to the process of collecting money from your customers in exchange for goods and services or loading funds into a wallet. Essentially, it is the mechanism through which you can receive payments. Finmo acts as a payment partner, streamlining the collection and settlement of these funds into your Finmo Merchant account.

Example:
Let’s say you operate an online shop named "TechGadgets." Whenever a customer makes a purchase using various payment methods like NPP Fast Payment or Direct Entry in Australia, the funds from that transaction are collected and deposited into your Master Wallet. This wallet serves as the central repository for all incoming payments, allowing you to efficiently manage your payin collections —whether that means paying suppliers, covering business expenses, or transferring the funds to your bank account.

Key Wallets in Finmo

Finmo operates using two primary types of wallets:

1. Master Wallet

The Master Wallet is your primary account where all collected funds are automatically deposited to the virtual account assigned to it. Every transaction from your customers, regardless of the payment method, accumulates in this wallet.

Example:
When a customer purchases an item from "TechGadgets," the payment is credited directly to your Master Wallet. You can then utilize these funds for various business activities, such as purchasing inventory or paying operational costs.

2. Customer Wallet

The Customer Wallet is designed to provide a tailored experience for individual customers. This wallet tracks all transactions for a specific customer, helping you maintain a clear and organised record of their purchase history.

Example:
Consider a customer named Alice who frequently shops at TechGadgets. If you create a Customer Wallet for Alice, all her transactions will be recorded in this dedicated account. This allows her to easily view her order history and for you to better understand her purchasing behavior and also manage the refunds.

Payin Methods

Payin methods refer to the different channels that Finmo provides to accept payments from your customers. These methods include:

• Bank Transfers: Direct transfers from a customer’s bank to your account.

• E-Wallets: Payments made through digital wallet platforms.

• Credit/Debit Cards: Transactions completed using customer credit or debit cards.

• Direct Debit: Automatic withdrawals from a customer’s bank account.

• Online Banking: Payments made through internet banking platforms.

Each method offers unique advantages, allowing customers to choose their preferred way to pay.

Types of Payin and Transaction Flow

1. DIRECT_PAYIN (API-Driven)

This method is tailored for developers. Here’s how it works:

• Paycode Creation: Developers can create a Paycode using the Finmo API.

• Sharing with Customers: This Paycode is then shared with the end-customer.

• Transaction Completion: Customers complete their transaction using to the shared Paycode.

• Notification: Finmo processes the transaction and sends a status update to you.

2. CHECKOUT_PAYIN

This method is user-friendly and designed for seamless customer interaction:

• Checkout Page Creation: You can create a custom checkout session with multiple payment options using Finmo Checkout session product. 

• Link Sharing: The checkout link or QR code is shared with customers.

• Transaction Execution: Customers complete their transactions using the available payment methods.

• Status Notification: Finmo confirms receipt of funds and updates you on the transaction status.

3. TOPUP

This method allows customers to load funds directly into your Master Wallet:

• Virtual Account Creation: You can create a Virtual Account for customer transactions.

• Funds Loading: End-customers load funds into the Master Wallet via this account.

• Notification: You will receive automatic notifications regarding the transaction status.

Payin Status

When a Payin is initiated, it goes through several status updates:

• PENDING: The transaction is created, but funds have not yet been received.

• AWAITING_FUNDS: The transfer is completed from the customer’s side, but Finmo is still waiting for the funds from the partner bank.

• COMPLETED: The customer’s payment has been successfully received.

• EXPIRED: The transaction is not completed in time, usually due to a failure to act before the checkout link expires.

• CANCELLED: The transaction was cancelled by the customer.

Best Practices to Avoid Non-Receipt of Payins

Non-receipt of Payins can occur due to various reasons. To ensure smooth transactions, consider the following guidelines:

1. Ensure Correct Beneficiary Details: Double-check all beneficiary information, including account numbers, names, and intermediary bank codes, reference provided by Finmo in the funding instructions of the Virtual account. Any discrepancies can lead to delays or rejections.

2. Match Payin Amounts Accurately: The amount transferred should exactly match the requested Payin amount when it's a checkout_payin. For instance, if the amount requested is USD 100.00 in the checkout session ensure that this is the amount sent. A mismatch (e.g., sending USD 101.00) will lead to rejection of the amount and will be reverted to the remitter. 

3. Adhere to Compliance Guidelines: Transactions may be flagged due to compliance checks. Familiarize yourself with the necessary compliance regulations to ensure smooth processing of funds.

4. Complete Transactions Before Checkout Link Expires: Always ensure that transactions are finalized before the expiration of the checkout link. If the link expires, you will need to generate a new one to proceed.

By following these best practices, you can significantly reduce the risk of transaction issues and create a smoother Payin experience for you and your customers.