Back to BlogPayouts API: How Shift4 Simplifies Managing Payouts
Have you ever wondered what payouts are?
Simply put, payouts represent the details of funds received from an acquirer, including charges, refunds, chargebacks, and other financial transactions.
Managing payouts can seem complex and time-consuming, but Shift4's Payouts API makes it simple and efficient. In this article, we'll explore how Shift4's Payouts API streamlines the process, saving time and enhancing efficiency for merchants.
Payouts API: How Merchants See Payouts in the Dashboard
Payouts are a vital aspect of any merchant's business. They provide details of funds received from an acquirer and are made on varying schedules depending on the acquirer and payment processing service used.
Shift4's Payouts API allows merchants to:
- Track the status of payout requests
- View payout details
- Manage payout schedules
Regardless of the acquiring bank, every merchant can see the same information and have full control over their payouts in the Shift4 dashboard. Here's what they can view:
- The amount of money received
- The currency
- The payout period
- The payout date
- A general summary
- Fees paid for each transaction
Merchants can access this information by clicking the "Show More Transactions" button in their dashboard. The dashboard also provides details on disputes and refunds.
JSON Payout Objects Come in Handy
For the merchant's convenience, each payout is represented by a JSON object consisting of many payout transaction objects.
These can be previewed in the dashboard (in the event section) or collected via API/webhooks. Here's an example JSON object:{
"id" : "po_bLu3vzO8yhAFhbxFEadm6HUV",
"created" : 1413561422,
"objectType" : "payout",
"periodEnd" : 1413325441,
"periodStart" : 1413012367,
"amount" : 499,
"currency" : "EUR"
}
Each JSON object includes the following that merchants can draw from it:
- Object ID
- When it was created and sent
- The object type
- Period start
- Period end
- Amount of the payout
- Currency
When it comes to payout management, it's crucial to ensure that the process is simple and hassle-free. Therefore, the amounts from the individual payout transaction objects add up to the total amount shown in the payout object.
This ensures that merchants can easily track the total amount they receive and reconcile their accounts accordingly without going through the stress of computing the individual transaction amounts.
By maintaining this seamless process, merchants can focus on growing their businesses with the confidence that their payouts are accurate and transparent.
Convenience First!
When a new payout has been created in the system, the merchants are notified with the support of Shift4 webhooks (if set up earlier, of course).
Upon receiving the notification, the merchant can simply log into their dashboard and view all the payout details, as we have outlined previously.
With just a few clicks, merchants can access all the specifics about every payout transaction, including:
- Charge
- Refund
- Credit
- Chargeback
- Chargeback_represented
- Reserve_withhold
- Reserve_release
- Acquirer_fee
- Adjustment
Apart from the above, merchants receive a detailed breakdown of each transaction, including the source, how much was paid for each transaction, fees, and merchant profit.
The process is straightforward and user-friendly.
Streamline Financial Management with Payouts API
Shift4's Payouts API simplifies managing payouts by providing detailed information on each transaction, including fees and transaction types. This clear overview helps merchants understand the fees they pay, leading to more accurate and efficient reconciliation.
By integrating with any financial reporting system through a simple webhook, merchants can enhance the speed and efficiency of their financial transactions. As digital payments evolve, Shift4's Payouts API remains a valuable tool for optimizing financial operations.