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Wallets Overview

Payfonte assigns 2 types of wallets to each merchant for every country they subscribe to. These wallets are designed to manage different aspects of the merchant’s financial transactions. This document provides a detailed explanation of the three wallet types and the actions that can be performed on these wallets.

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Wallet Types

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Collection Wallet

The Collection Wallet is where all funds collected from payments are initially deposited. Purpose
  • Acts as the initial receiving wallet for all payment collections.
Usage
  • Collects payment values.

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Disbursement Wallet

The Disbursement Wallet is used for handling disbursement/payout from the platform. Purpose
  • Funds required for payouts are deducted from this wallet.
Usage
  • Funds can be transferred from the Collection Wallet to the Disbursement Wallet.
  • Executes all payout transactions.

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Wallet Actions

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Transfer Funds

Funds can be transferred between wallets as needed. This action allows for the movement of funds from collection wallet to disbursement to facilitate different types of transactions.

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Suspend Wallet

Merchants have the ability to suspend a wallet in case of security concerns, such as a compromised disbursement PIN or compromised API Credentials.

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Effect of Suspension:

A suspended wallet has a “post no debit” status. Funds can still be deposited into a suspended wallet, but all outgoing transactions (deductions) will be rejected. Usage: Suspend the wallet to prevent unauthorized disbursements while still allowing deposits.

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Summary

The 2 types of wallets in Payfonte’s system are designed to streamline and secure the financial operations of merchants. The Collection Wallet collects initial payment funds, and the Disbursement Wallet manages payout transactions. Merchants can transfer funds between these wallets and suspend them if necessary to protect their accounts. This documentation ensures that merchants understand the functionality and management of their wallets, facilitating smooth and secure financial transactions on the Payfonte platform.