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Step 4: Payment Channel Contract Setup

Contracts formalize the relationship between merchants and payment channels. This step involves creating a new contract, adding credentials, and defining transaction fees.

  1. Navigate to the Payment Channel Contract Section.

  2. Create a new contract:

    • Select Company and Contract Company: Choose the company responsible for managing the contract.

    • Select Payment Gateway Company: This refers to the payment aggregator created in Step 1.

    • Assign a Contract Key: Used internally for reference.

    Add Contract Credentials: These

    • : A unique internal reference key for the contract.

    • Select Payment Channel: Link the contract to a payment channel created in Step 3.

    • Set Contract Status: Set to "Active" if the contract is ready for use.

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  1. Add provided contract credentials  :

These credentials are provided by the payment gateway company and are essential for secure communication:

  • Request URLs: The endpoint URL for processing payment requests.

  • Secret Keys: A key used to secure and encrypt transaction data.

  • Merchant Codes: A unique code identifying the merchant within the payment gateway system.

    Below the contract details section, you can see a table where you can add, edit, or delete contract credentials using the "+" button. Ensure that all required credentials are correctly entered to avoid transaction errors.

    1. Record Transaction Fees:

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    1. Define the transaction fees and any additional charges, such as:

      • Transaction Fee: A percentage fee applied to each transaction (e.g., 1%).

      • Processing Fee: A fixed fee charged per transaction (e.g., 10 cents).

    In the example shown, a completed contract entry includes:

    • Contract Company: SDN BHD

    • Payment Gateway Company: IPAY88 (M) SDN BHD

    • Payment Channel: IPay88

    • Contract Key: MPFld4

    • Merchant Key: qy4J7qE

    • Merchant Code: M443

    Ensure that the contract is saved after entering all necessary details. The "Save" button at the top right corner finalizes the contract creation.

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Purpose of Payment Channel Contract Setup

Contracts formalize the agreement between merchants and the payment gateway. Credentials ensure secure communication, while transaction fees define cost structures. Proper contract setup ensures that all transactions are processed according to predefined terms and conditions.