Modem Pay provides a clear and robust balance system to help you manage your business funds efficiently. There are two primary types of balances you will encounter:

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1. available_balance

This is the amount of money your business has earned from successful transactions (such as payments from your customers) that is currently held by Modem Pay. The available_balance represents funds that are pending settlement, they are not yet in your payout wallet or your bank account. Typically, these funds are subject to a settlement period, after which they can be moved to your payout balance or settled directly to your bank account.
  • How it works:
    When a customer makes a successful payment, the funds are first credited to your available_balance. These funds remain here until they are eligible for settlement according to the settlement schedule.

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2. payout_balance

Think of your payout_balance as your Modem Pay wallet. Once funds are settled from your available_balance, they are moved into your payout_balance. This balance is immediately usable for various business operations within Modem Pay.
  • What you can do with payout_balance:
    • Transfers: Initiate payouts to vendors, suppliers, or other recipients.
    • Refunds: Issue refunds to your customers.
    • Other operations: Any other Modem Pay features that require available funds.

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Checking Your Balance

import ModemPay from "modem-pay";

const modempay = new ModemPay("sk_live_bc...");

const balance = await modempay.balances.retrieve();

// {'payout_balance': 10, 'available_balance': 0}

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Balance Flow Example

  1. Customer Payment:
    • A customer pays for your service or product.
    • The payment is successful.
    • The amount is credited to your available_balance.
  2. Settlement:
    • After the settlement period, Modem Pay moves the eligible funds from your available_balance to your payout_balance.
  3. Usage:
    • You can now use your payout_balance to make transfers, process refunds, or withdraw to your bank account.
Note:
Your available_balance is not directly spendable. Only after funds are moved to your payout_balance do they become available for operational use.
In summary:
  • available_balance = Funds from successful transactions, pending settlement.
  • payout_balance = Your Modem Pay wallet, ready for transfers, refunds, and more.