Terms are part of smart contracts and determine the payment collection and dispute clauses within the contract. On our platform, the supplier proposes a smart contract, which the buyer reviews and accepts. To streamline your business, we advise creating only a few different terms.
Smart Contracts on PayDocker are essentially digital contracts. They facilitate the establishment of a binding partnership between users and govern how you transact on PayDocker with another user. Once a smart contract has been created between a buyer and supplier, it is self-executable (takes effect immediately), making your transactions safe, efficient, and irreversible.
To read more regarding smart contracts, please refer to these articles:
- Smart Contract Setup with Service Providers (Supply) (Read this if you are a buyer)
- Smart Contract Setup with Buyers (Demand) (Read this if you are a supplier)
💡 Terms creation is currently only available on the Demand Partner account.
In this article, we will be going through the following points
Accessing the Terms page
Creating payment and dispute terms typically involves defining the term parameters and entering the term details.
URL: https://dashboard.paydocker.com/terms
1. Access this page by clicking Settings (1), then Terms (2) in the left panel.
2. On the Terms Setup page, Click + Add Terms.
What you input in the pop-up next depends on the type of term you intend to create:
Before proceeding, we would like you to take note of some important information:
- Once the terms have been successfully created, their details cannot be modified. To make changes to the details, you will have to delete and re-create the term.
- Terms cannot be deleted or disabled once they are in use. To delete a term that is currently in use, you would need to disconnect from the buyer and reconnect once the right terms have been created.
Payment Types
Payment Terms can be established for both payments that you are required to pay (Payable) and payments that you anticipate receiving (Receivable).
Defining Payment Type Parameters
1. In the popup, enter the preferred name (1) and select the term parameters (2) from the drop-downs. Click Create (3) once done.
💡 Make sure to select the Payment option under the Type dropdown. The Category should match the Payment Terms as well; for example, if it's Receivable for Payment Terms, it should also be Receivable for disputes.
Here is an explanation of the drop-down menu.
| Heading | Options | Explanation |
| Category | Receivable | This term is associated with the amounts you will receive. |
| Payable | This term is associated with amounts to be paid by you. | |
| Type | Payment | This term is intended for matters related to payment. |
| Dispute | This term is intended for issues related to disputes. | |
| Group | Booking | This term is applicable to transactions for room reservations or bookings only. |
| Service | This term is applicable to transactions for all other services. |
Here are some examples for your reference:
|
I am disbursing funds collected from customers to a property. |
I am receiving payments for a service I provided. |
|
| Name | Standard Payment Term | Standard Payment Term |
| Category | Payable | Receivable |
| Type | Payment | Payment |
| Group | Booking | Service |
Entering Term Details
1. After successfully setting the term parameters, it will appear on the Terms Setup page. Click on it to configure the details further.
2. On the Term Details page, select the term details (1) from the drop-downs and choose the service method (also known as payment method) (2). Click Create (3) once done.
Once the details are saved, the term will be activated automatically, indicated by the blue toggle.
Here is an explanation of the drop-down menu.
| Heading | Options | Explanation |
|
Cancellation |
Refundable | This payment term applies to rooms that allow for a refund. |
| Non Refundable | This payment term applies to rooms with a no-refund policy. | |
| Ref. and Non Ref. | This payment term is applicable to both refundable and non-refundable rooms. | |
Due Terms
|
Same day or |
Specified payment deadline. |
| Before/After | Payments are required to be fulfilled before or after the specified event. | |
|
Event (which event will prompt a payment?) |
Check-in | Payment due terms are activated upon check-in. |
| Check-out | Payment due terms are activated upon check-out. | |
| Booking Day | Payment due terms are activated upon booking receipt. | |
| Cancellation Terms | Payment due terms are activated as per agreed cancellation terms | |
|
Transaction |
Group by Check-in | Consolidate all payments based on check-in events. |
| No Grouping | Payments are to be made individually, per booking. | |
| Group by Check-out | Consolidate all payments based on check-out events. | |
| Group by Booking Day | Consolidate all payments based on the day of booking. | |
|
Issue Schedule (How often should the invoice be issued) |
Daily/Weekly / Fortnightly/ Monthly / Quarterly / Semestral / Annual | Frequency of invoice issuance |
| Monday to Friday / 1st - 30th / End of Month (EOM) | Specific day of invoice issuance | |
|
Payment Fee (Who pays PayDocker fees) |
Shared | Fees are divided equally between demand and supplier (Fixed at 50-50). |
| Demand | Fees are covered by demand only | |
| Supplier | Fees are covered by the supplier only |
For payment & schedule terms with regards to both payable and receivable terms, we will also include the option to retry payment through token if there has been an issue with it.
If the due terms are set to X days before the due date, we will have the option to set up instructions to retry payment up to X-1 days after the due date.
The number of days to retry will depend on the duration of the due terms and the action to be taken. This is available for Token only.
- For example, if the terms are set as "5 days before (Due terms) cancellation date (Action)", we will retry up to 4 days after the due date.
However, if both terms are set as after, the option to retry will not be available.
If the retry action has failed, we will then take the next step. You can select the following actions for the next steps from the drop-down list:
- Notify token issuer
- Notify token issuer and receiver
- Cancel the booking
- Cancel the unpaid rate only
If you have more than one due term that is happening before the due date, we will take the least number of days. See example below:
Dispute Term
Disputes happen when one party contests a payment or due payment. Dispute Terms can be established for both payments that you are required to pay (Payable) and payments that you anticipate receiving (Receivable).
Defining Payment Terms Parameters
1. In the popup, enter the preferred name (1) and select the term parameters (2) from the drop-downs. Click Create (3) once done.
💡 Make sure to select the Dispute option under the Type dropdown.
Here is an explanation of the drop-down menu.
| Heading | Options | Explanation |
| Category | Receivable | This term is associated with amounts to be received by you. |
| Payable | This term is associated with amounts to be paid by you. | |
| Type | Payment | This term is intended for matters related to payment. |
| Dispute | This term is intended for issues related to disputes. | |
| Group | Booking | This term is applicable on transactions for room reservations or bookings only. |
| Service | This term is applicable on transactions for all other services. |
Entering Term Details
1. After successfully setting the term parameters, it will appear on the Terms Setup page. Click on it to configure the details further.
2. On the Term Details page, select the term details (1) from the drop-downs. Click Create (2) once done.
Once the details are saved, the term will be activated automatically, indicated by the blue toggle.
Here is an explanation of the drop-down menu.
| Heading | Options | Explanation |
|
Due Terms (When is the dispute payment expected?)
|
Same-day or up to 30 days |
Specified payment deadline. |
|
Before/After |
Payments are required to be fulfilled before or after the specified event. | |
|
Event (Which event prompts a dispute payment?)
|
Proforma Invoice |
The dispute due terms are activated upon receipt of the Proforma Invoice |
|
Invoice |
The dispute due terms are activated upon receipt of the invoice. |
Here are some examples for your reference:
| I want to dispute a payment I made for a booking. | I want to dispute a payment I received for a service provided. | |
| Name | Standard Dispute Term | Standard Dispute Term |
| Category | Payable | Receivable |
| Type | Dispute | Dispute |
| Group | Booking | Service |
Modifying your terms
Before modifying the terms, here are some important things to note:
-
Editing details after terms have been created is currently not available
- To edit details within the term, you can choose to delete and create a new term
-
Disabling or deleting terms that are connected to smart contracts is currently not available
- To disable or delete terms that are currently connected to smart contracts, you will have to disconnect with the supplier first.
How to Disable Terms
If there is a term that you wish to retain but is currently inactive, you have the option to disable it.
1. Click on the term on the Terms Setup Page.
2. On the Term Details page, click the Toggle under the Status section to disable the term.
How to Delete Terms
To delete a term completely,
1. Click on the term on the Terms Setup Page.
2. On the Term Details page, select Delete to delete the term.
💡 Do note that terms cannot be disabled or deleted if they have existing connections.