Accounts have two fundamental capabilities: process a transaction and pay out funds received from a transaction. These capabilities are enabled when WePay obtains enough information about your merchant via the legal entity.
Sometimes WePay must make adjustments to a merchant’s account if, for example, a payment they received is disputed. Your platform must subscribe to adjustment notifications to retrieve information on these changes, notify your merchant, and add custom information, if necessary.
Your platform may own multiple applications, which it manages in the Partner Center.
A controller is an individual with significant responsibility to control or manage a legal entity. Examples of controllers include, but are not limited to, a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer, or any other individual who regularly performs similar functions as part of a control prong.
When a payer files a chargeback with their bank, WePay is notified. We create a dispute and debit the merchant’s account. Your merchant can choose to concede or challenge the dispute. Your platform can help a merchant challenge a dispute by allowing them to provide supporting documentation as proof.
A legal entity is a person, business, or nonprofit organization. WePay collects information about the legal entity so we can properly underwrite them when provisioning an account.
Notifications help you stay informed, monitor issues, and communicate with your users. It’s very important to subscribe to notifications during the initial set up of your application.
This resource helps your platform subscribe to notifications that support your business needs.
Payment methods represent payment data like credit cards and bank accounts, and allow your platform to charge and accept money from a payer.
Payments facilitate the movement of money from the payer to the merchant and represent the instance of a payment. The payment is the most important part of accepting funds because it moves money from a payer to a merchant.
Payout methods indicate the way account funds are disbursed (i.e bank account) to merchants and are used by a legal entity’s account to perform payouts.
Payouts allow merchants to receive their funds. Once a payment goes through, WePay will trigger a payout to disburse funds. Payouts are automatically disbursed to your merchant (based on their payout schedule and available funds).
A platform is the digital space where your organization facilitates payments from payers to merchants. We’ll often refer to “your platform” in the documentation.
Refunds facilitate the return of money from the merchant to the payer. Refunds require the payment ID of a specific payment that’s been accepted.
Recoveries occur when WePay makes a recovery attempt to a merchant’s bank account in order to bring their balance up to $0.
Transaction records provide details on any event that impacts the merchant’s account balance. Specifically, the amount impacted and the exact date/time when the balance was updated. This can prove very helpful during account reconciliation (personal or business).