Payment Default is a feature that allows you to streamline and automate payment processing, risk management, and more by specifying default recipients for different payment methods and currencies for each individual account. With Payment Default, you can ensure that each scenario is automatically routed through the correct provider, reducing manual intervention and potential errors.
The Payment Default feature enables you to establish a default provider for payment methods, risk management, and more. This functionality lets you set up rules defining the default provider for pay-in and pay-out transactions.
For each unique pair of payment methods and currency, you can configure a default provider, whether for payments made via credit cards, PayPal, bank transfers, or any other payment method, ensuring precise and automated payment routing. Additionally, you can apply default Risk Rules to transactions that match the criteria defined by each rule, further enhancing your payment processing efficiency and risk management.
In MoneyHash you have different configuration of Payment Defaults for each Account you have.
Below, you will find the simplified steps related to a payment process when Payment Default is configured:
- The process begins when the customer starts the payment process.
- The MoneyHash system will evaluate the default settings for the specific payment scenario. As a result, it will feed the checkout interface with available payment methods appropriate for the transaction based on the customer's location and currency.
- The customer selects their preferred payment method from the available options. Then, they will provide their payment information.
- The customer option returns to the MoneyHash system. Based on the default settings, MoneyHash will transfer the payment information to the default provider for the chosen payment method.
The default setting ensures the payment is routed to the correct processing provider based on your configurations. For example, if the customer selects Credit Card as their payment method, the default setting ensures the payment is routed to your default card processing provider.
The Payment Default feature also allows you to implement default Risk Rules to manage the risk associated with various transactions. These rules are applied automatically to transactions that meet the specified criteria.
You can choose between various criteria to set rules. For example, you can create a risk rule that triggers all transactions exceeding a certain monetary value, flagging them for manual review to prevent potential fraud.
Updated 8 days ago