Cloudy Revenue Inventory Knowledge Base

Payment Method

The Payment Method object in Cloudy Inventory represents the stored payment information (such as bank accounts or other customer payment details) used by customers or vendors to make payments through a configured Payment Gateway.

This object securely stores reusable payment information and associates it with an Account, Contact, Legal Entity, and Payment Gateway, enabling faster and more secure payment processing. It also supports multi-currency operations and external payment gateway integrations by maintaining external customer and payment method identifiers.

Key Purpose of Payment Method

💳 Reusable Payment Information

Stores customer or vendor payment details, allowing the same payment method to be reused for future transactions without re-entering payment information.

🔗 Payment Gateway Integration

Associates payment methods with a configured Payment Gateway (such as Stripe or Authorize.Net) to securely process payments.

🏢 Legal Entity Association

Links payment methods to the appropriate Legal Entity for financial reporting, compliance, and organizational control.

👤 Account & Contact Association

Connects payment methods with customer or vendor Accounts and Contacts, ensuring accurate payment ownership and traceability.

🌍 Multi-Currency Support

Supports multiple currencies, enabling organizations to process payments across different countries and regions.

✅ Operational Control

Uses the Status field (Active/Inactive) to control whether a payment method is available for use during payment processing.

Use Cases in Cloudy Inventory

💳 Customer Stored Payment Method

A customer’s payment method is securely stored and linked to a Payment Gateway, allowing it to be reused for future invoice payments without entering payment details again.

🏦 Vendor Bank Account

A vendor’s bank account details are stored as a Payment Method, enabling secure and efficient vendor payments.

🌍 Multi-Currency Payments

The Currency field ensures that payment methods are used only for transactions in the supported currency.

🔄 External Payment Gateway Integration

The External Customer Id and External Payment Method Id fields maintain synchronization with external payment providers such as Stripe and Authorize.Net.

🔒 Active / Inactive Payment Methods

Payment methods that are expired, blocked, or no longer valid can be marked as Inactive, preventing their use during payment processing.

⚡ Faster Payment Processing

Previously saved payment methods allow customers to complete payments quickly without re-entering banking information.

Example Business Scenario

Customer: ABC Corp.

• Payment Gateway: Stripe
• Payment Method: Bank Account
• Bank Account Name: ABC Corp Operating Account
• Currency: USD
• Status: Active

Process:

• The Payment Method is linked to ABC Corp. and its billing contact.
• The payment method is associated with the configured Stripe Payment Gateway.
• The External Customer Id and External Payment Method Id are stored for synchronization with Stripe.
• During invoice payment, Cloudy Inventory automatically identifies the customer’s Active Payment Method.
• The payment is processed securely without requiring the customer to re-enter payment details.

Best Practices

• Store only verified customer or vendor payment methods.
• Associate every Payment Method with the correct Legal Entity and Payment Gateway.
• Keep payment methods Active only while they are valid.
• Mark expired or blocked payment methods as Inactive.
• Use encrypted fields to securely store sensitive banking information.
• Maintain accurate External Customer Id and External Payment Method Id values for gateway synchronization.
• Verify the selected currency before using the payment method for transactions.
• Periodically review and remove obsolete or unused payment methods to maintain clean and secure payment records.