Payment Methods

This tutorial explains Payment Processing in Pakk

Pakk provides a versatile system for handling payments, integrating with several payment processors and offering various payment flows. Here is an overview of the available Payment Methods, how to configure them, their different workflows, and how they can be assigned to different accounts.

Available Payment Processors

PakkPay is our preferred payment method, offering a simple and integrated solution for handling credit card transactions.

Other available payment processors include:

• Stripe

• PayPal

• Paytriot

• Viva Wallet

Configuring Payment Methods in Pakk

Payment methods in Pakk can be configured to support different workflows and assigned to different accounts. They can also be enabled on multiple websites or restricted as needed.

Link Each Payment Method to Appropriate Workflow

Each Payment Method has an associated ‘Flow’. These are either are the pay-now (credit cards or PayPal payments) and ‘pay-later’ ‘Invoice’ types. Any Payment Method that allows the customer to pay after ordering (even if its just a few hours or days) has an invoice flow; these include physical payments, whether by cash or credit card machine.

Link Each Payment Method to Appropriate Account

When setting up a Payment Method, you have to select a destination account. For example, you may have a 'Bank Transfer' Payment Method for invoices pointing to your main business bank account, but if payments are received elsewhere, direct them to the appropriate account. Payment processors often batch payments together and release funds every few days, and you might only deposit cash once in a while. How you manage these accounts is quite important and this is described in more detail in this section below: Payment Methods, Asset Accounts, and Reconciliation

Combining Web-Enabled, Customer-Restricted, and Admin-Enabled Payments

Pakk allows for a flexible combination of payment method settings:

• Web-Enabled Payments: Enable or disable payment methods for specific websites, allowing you to control which payment options are available on each site, or keep some payment methods completely offline.

• Customer-Restricted Payments: Restrict certain payment methods to specific customers, ensuring that only they can use them.

• Admin-Enabled Payments: Admin Panel users can use these methods to manually process an order for the customer within the admin panel.

Payment Methods, Asset Accounts, and Reconciliation

When setting up a payment method in Pakk, it's essential to select the correct destination account for accurate tracking and reconciliation. This ensures that your financial records are up-to-date and reflect the actual flow of funds into your business. Here's how to do it and why it's important.

Destination Accounts for Payment Methods

For example, if you have a 'Bank Transfer' payment method for invoices, you would typically point this to your main business bank account. However, if payments are received through other channels, such as cash or credit card processors, they should be directed to the appropriate undeposited accounts.

Handling Payment Processors

Payment processors, such as Stripe, PayPal, and others, often batch payments together and release funds to your bank account every few days. This means you might not receive individual payments immediately but rather a lump sum covering multiple transactions. To manage this, it's important to create undeposited accounts for each processor. This helps in tracking pending funds and ensures that you can accurately reconcile your accounts when the funds are finally deposited into your bank.

Typical Undeposited Accounts to Create:

• Card Machine Undeposited: For payments processed through physical card machines.

• Stripe Undeposited: For payments processed through Stripe.

• Cash: For cash payments received directly.

Why Create Undeposited Accounts?

1. Batch Payments: Payment processors release money in chunks. By directing transactions to an undeposited account, you can track what’s pending and what has been received.

2. Cash Deposits: If you only go to your bank to deposit cash once a week, the cash received throughout the week can be tracked in the Cash account until it’s deposited.

3. Reconciliation: Regularly reconciling these undeposited accounts with your bank statements ensures that your financial records are accurate. This involves matching the transactions in Pakk with the actual funds received in your bank account.

Steps for Setting Up and Managing Undeposited Accounts

1. Create Undeposited Accounts:

   • In Pakk, go to the accounting section and create accounts named Card Machine Undeposited, Stripe Undeposited, Cash, etc.

2. Direct Payments to Appropriate Accounts:

   • When configuring payment methods, ensure that payments are directed to the respective undeposited account. For example, set Stripe payments to go to Stripe Undeposited.

3. Record Batches and Deposits:

   • When you receive a batch payment from a processor, move the corresponding amount from the undeposited account to your main business bank account in Pakk.

   • For cash, periodically move the amounts from the Cash account to your business bank account as you deposit them.

4. Regular Reconciliation:

   • Regularly check your bank statements and reconcile them with the transactions recorded in Pakk.

   • Ensure that the amounts transferred from undeposited accounts match the deposits shown on your bank statements.

Example Workflow

• Stripe Payments: Payments processed through Stripe are initially recorded in the Stripe Undeposited account. Stripe releases funds every few days, which you then move from Stripe Undeposited to your business bank account in Pakk when you see the deposit in your bank statement.

• Cash Payments: Throughout the week, cash payments are recorded in the Cash account. At the end of the week, when you deposit the cash in the bank, you transfer the corresponding amount from Cash to your business bank account in Pakk.

How do I restrict or allow different types of payments?

In Pakk, you can manage Payment Methods by setting restrictions based on:

• Customer Restricted: Allow specific Payment Methods for certain customers or groups.

• Admin Enabled: Enable admin panel users to manually process orders using a particular Payment Methods.

• Web Enabled: Control which Payment Methods are available on your web store.

You can combine these options to customize who sees what, like offering special methods only to certain customers online.

Does Pakk provide credit card processor logos to display them on the checkout?

No, Pakk does not pre-load credit card payment processor logos to your account. This allows you to choose logos that best match your webpage style.

You can find credit card processor logos and credit card companies logos from various online sources. Find the ones that you like most, download them (SVG files are preferred) and upload them to Pakk. You can then use them as you wish as you configure your Payment Methods.