A Paycode is the short form for payment code and it’s a 10 digit number a customer can take to a Moniepoint Agent to withdraw cash.
Merchants generate this paycode and provide it to customers who then take this paycode to any Moniepoint business owners close by. Once the paycode is shown to the agent, the paycode is verified and the amount tied to the paycode is given to the customer in cash while the merchant account is debited of the amount.
Below is a diagrammatic flow;
Merchants can generate paycode for their customers from their dashboard by using the create new paycode button.
Upon clicking the Create New Paycode button, you are redirected to a page to provide details that should be linked with the paycode which is what the Moniepoint business owners will use to verify the transaction before releasing funds to the your customers. Details to be provided include beneficiary name (name of customer for funds to be disbursed to), amount to be disbursed, reference, and also expiry date (If expiry date for paycode is not defined, it will expire by default after 24 hours) as shown;
And after filling in the required details, he can click on the make transfer button to complete the transfer process.
When a Paycode is created or used, it’s list of possible status are outlined as follows;PENDING
- Ready to be used but not used.SUCCESS
- Has been utilized successfully.EXPIRED
- Has been automatically expired having exhausted the configured lifespan.CANCELLED
- Was canceled by the user.
In general, all offline products can easily be tested from the Simulator tab on the developer section of the monnify dashboard.