Collections

Once you’ve linked your bank account, you can start receiving payments by creating a collection. A collection is simply a way to gather payments from your customers.

Creating a Collection

This allows you to set up and configure new collections through a multi-step process. Which consists of three main sections:

1. Collection Information
2. Payment Setup
3. Accounts

Collection Information

The Collection Information section is essential for managing payment collections. It helps you set up important details that are necessary for processing and tracking payments. Here’s what you need to know:

• Collection Name: Give your collection a clear and descriptive name.
• Description: Briefly explain the purpose of the collection.
• Category: Choose a category that best fits your collection type.
• Service Fees: Specify any fees associated with processing payments.
• Settlement Frequency: Decide how often you want payments to be settled (e.g., daily, weekly, monthly).

By filling out these details, you create a structured framework that makes managing your payment collections easier and more efficient.

Payment Setup

• Collection Amount field, you specify the total amount for the collection. If you don’t enter a specific amount, it will be determined when generating the invoice.
• Invoice Expiration Period sets how long invoices are valid, which can be 1 hour, 24 hours, or 48 hours. This expiration period applies to all invoices generated under this collection.
• Payment Channels, you can select multiple payment methods that customers can use, including card payments, bank transfers, USSD, and payments at bank branches.

Accounts

The linked account is configured as the settlement destination account for the collection this allows linking one or multiple accounts for receiving settlements. The settlement distribution supports split payments across multiple linked accounts

Add/Remove Client

Adding a client to a collection means you are authorizing another merchant on the Tranzakt platform to manage that collection. This authorized merchant will have the ability to generate new invoices using their API keys and can also invalidate existing invoices. Essentially, you’re granting them permission to handle specific aspects of the collection process on your behalf.

Who is a “Client” or “Collection Client” or “Authorized Merchant”

A Client is a merchant on the Tranzakt platform who has been authorized to manage and process transactions for a collection created by another merchant, known as the Collection Owner. In simpler terms, the Client handles transactions for a collection on behalf of the Owner, allowing them to efficiently manage invoicing and payment processes.

Add Clients

To add a client, go to the menu on the “View Collection” screen and select “Add Client.” A modal will appear for you, the collection owner, to enter the Client’s ID (Organization ID). An indicator will show whether the Organization ID is correct by displaying the Client’s Business Name on Tranzakt. Once the client is added to the collection, they will receive both an email notification and a dashboard notification informing them of their addition by you.

Remove Clients

To remove a client, go to the menu on the “View Collection” screen and select “Remove Client.” A confirmation modal will pop up for you to confirm the removal. Once the client is removed from the collection, they will no longer be able to generate invoices for that collection.

Invalidate Collection

Invalidating a collection marks all unfulfilled invoices as invalid, meaning they will no longer be paid. Additionally, you will not be able to create new invoices within that collection. This process helps maintain data integrity and ensures that only valid collections are available for use.

What Happens When a Collection is Invalidated?

All unfulfilled invoices in that collection become unavailable for further transactions or user interactions. They are marked as invalidated and can no longer be processed.

Who Has Access to Invalidate a Collection?

Only authorized roles can invalidate a collection, ensuring that control over this critical operation is maintained. This action is reserved for the collection owner and any clients associated with that collection. Collection Owners are responsible for managing their collections, including the ability to invalidate them. Additionally, a client of the collection also has the authority to invalidate it.

Activate/Deactivate Collection

The Activate/Deactivate Collection feature allows you to manage the status of your collections.

• Activate Collection: This makes the collection available for actions, allowing invoices and payments to proceed within it.
• Deactivate Collection: This pauses the collection, preventing further actions such as creating new invoices or processing payments for unfulfilled invoices until you reactivate it. This feature gives you better control over collection availability and helps prevent unintended transactions.

Access Control

• Collection owners are the only ones allowed to perform activation and deactivation to prevent unauthorized changes.
• Collection Clients can not activate or deactivate a collection. They can only “View Collection Details” and “Invalidate Collection” or “Invalidate Invoices

View/Edit Collection Attributes

The Edit/View Collection feature lets you review and update certain details for each collection, like payment options and linked accounts. Some core details are locked for editing to keep everything consistent. You’ll also find an audit log that tracks any changes, so you can see who updated what and when.

Non-Editable Fields

• Description: This shows a summary or purpose of the collection, which can’t be edited in this view.
• Name: The name of the collection as it appears everywhere. This is set and locked, so you won’t be able to change it here.
• Category: The category the collection falls under. This field stays fixed to maintain organization.

Editable Fields

• Card Payment: You can turn card payment on or off within this collection.
• Linked Account(s): Here, you can add, remove, or update linked accounts associated with the collection. You’ll also be able to view account details if needed.
• Splitting Formula: This section lets you modify the formula used to split payments or resources. Adjust it as needed to match your collection’s requirements.

Invoice

An invoice is your way of requesting payment from a customer for a product, service, or specific purpose. Here's what it typically includes:

• Amount: The exact sum the customer needs to pay.
• Title: A clear name or purpose for the invoice (e.g., "Consultation Fee").
• Customer Details: Information about the payer, like their name or contact details, to identify them easily.

Test Invoices

These are created in test mode for development and testing purposes only. They allow you to:

• Verify your system’s behavior.
• Test API integrations without processing real payments

Live Invoices

When you're ready to accept actual payments, live invoices come into play. They:

• Require a valid live API key.
• Enable real transactions for your business.

Create Invoice

Group invoices under a shared purpose or theme to better organize your records.

Invalidate Invoice

This feature allows you to mark an invoice as invalid. This action means that the invoice can no longer be paid, and no further actions can be taken on it.

What is the Expiration Period?

The expiration period (also called the duration) refers to the time frame during which an invoice is considered valid. This period is determined by the settings of the collection the invoice belongs to. For example: If a collection has an expiration period of 30 days, any invoice created within that collection will expire 30 days after its creation. The expiration period is specific to the invoices and does not apply to the collection itself.