How to Set up a New Payment Acquirer in Odoo 16

Introduction to Payment Acquirer

Online payment is not new. Every website has several payment methods for user convenience. And how Odoo can last this race being a top eCommerce and business management solution. Still, setting up a new payment acquirer in Odoo 16 helps you simplify operations. Also, it will allow you to accept payment via multiple payment gateways.

Whether you are installing a popular payment method in Odoo or a custom one. Odoo follows a clear configuration process. You can ensure store expansion and smooth transactions, by leveraging odoo Payment options.

In this blog, we will go through the various step involved in setting up a new payment method in Odoo 16. Also, we will cover the meaning and benefits of the Odoo payment method, etc.

What is a Payment Acquirer?

Payment acquirer or merchant acquirer refers to the bank that accepts the payment on the merchant’s behalf. This bank holds a merchant’s account and accepts deposits from the merchant’s sales.

Further, the receiving bank has a network of card companies (like MasterCard, Visa, Maestro, etc.). Also, this enables merchants to accept financial responsibility for transactions. Besides, the entities must follow the relevant laws, regulations, and card brand rules.

Benefits of Odoo Payment Method

The Odoo payment method provides several benefits that can benefit your business. Here are six key benefits of the Odoo payment method:

1. Seamless Installation: Odoo offers streamlined installation with multiple payment providers. It allows you to connect your Odoo system with popular payment acquirers. Moreover, it ensures smooth payment and transactions and reduces manual effort.
2. Diverse Payment Options: Odoo supports a wide range of payment methods. Methods like credit/debit cards, PayPal, bank transfers, and more. It gives you the flexibility to cater to different customer preferences. Which helps in expanding the customer base by offering secure payment options.
3. Improves Customer Experience: A seamlessly installed payment method provides a better experience to customers. Also, it builds trust, encourages retention, and enhances customer satisfaction.
4. Automated Processing: The Odoo payment method automates the process and reduces the need for manual input. Moreover, it streamlines the Odoo payment workflow, minimizes errors, and saves time.
5. Real-time Tracking: Odoo offers a complete tracking system for payment transactions. It allows you to track payment status and reports. Further, this will give you valuable insights into the financial data.
6. Security and Compliance: The Odoo payment method sticks to industry-standard security protocols. Additionally, it ensures the safety of customers’ sensitive information and protects against fraud.

How to Setup a Payment Acquirer in Odoo 16?

Setting up a payment method in Odoo 16 is an easy task. You can get it done by following the process. Odoo Payment Providers give you hassle-free payment processing. Also, it provides customers with multiple payment acquirers to choose from.

Moreover, Odoo allows you to embed several payment methods. It includes credit and debit cards, bank transfers, payment gateways, and payment acquirers. In the long run, having several Odoo payment methods proves to be beneficial for the business.

So without further ado, let’s move to the configuration of payment method in Odoo 16.

Important Note: Odoo recommends the use of ‘Test Mode’ or duplicate database for installing and configuring an acquirer. It’s so that your main database doesn’t get affected by any changes. Because it’s not possible to cancel an invoice, which you created while testing the new payment method in Odoo 16 (or any other version).

Configuration

Before beginning, let me tell you that every payment acquirer requires different credentials. Some can be installed via merchant ID and acquirer’s account URL, while others need your payment acquirer credentials.

Moving on, let’s add a new payment acquirer.

To add a new payment acquirer and make it available to your customers, you can configure it from the invoicing or website module. Go to the Invoicing/ Website> Configuration> eCommerce> Payment Acquirer.

To activate a payment acquirer and change its state from disabled to enabled, follow the below-mentioned steps.

1. Open a payment acquirer, and in the credentials tab, enter the required details. The system can ask for merchant id, URL, API key, merchant salt, etc., to configure the payment gateway. These details help Odoo to communicate with the acquirer to get the payment confirmation. This tab is specific to the payment acquirer you are configuring.

2. Moving on to the configuration tab. It contains various fields that are explained below:

Display As- From this field, you can change the display name of the payment acquirer.

Currencies- Add the desired currencies to the payment gateway that it supports.

Supported Payment Method- Add the credit card icon you want to display on the Odoo website to customers.

Countries- Add the different currencies you trade in and where the payment option is available. Make sure to add only those in which the payment gateway works.

Payment Journal- it’s a required field where you must select a ‘Bank’ journal. However, in many cases, Odoo automatically creates a new journal and account when you activate the payment acquirer. Also, ensure the fields are correctly set according to your accounting needs.

NOTE: The currencies and countries fields are entirely optional. The admin can leave these fields empty to prevent any restrictions. The Odoo admin can fill in these fields as per their business requirements.

3. Move to the Messages tab and enter the various message according to the defined scenarios. You can enter help, pending, done, and canceled messages.

4. Once done, save the changes and publish the acquirer by clicking the ‘Unpublished’ button.

Multi-Company Environment

If you have multiple companies on your database and want to use the same acquirer on several of them. Switch to the company where the payment acquirer is already configured, and do the following. Go to ‘Invoicing/Website> configuration> Payment Providers,’ and choose the acquirer to use.

Next, click the ‘Action’ button and select the ‘Duplicate’ option. Once duplicated, set the company name in the ‘Company’ field of the form for which you want to make the payment acquirer available. This will make the acquirer available on configured company’s back and front ends.

5.  After publishing the payment acquirer, the customer can avail of it from the Odoo website.

Proration

Configuring a payment gateway/acquirer in Odoo is easy as pie. You can easily do it with some details of the acquirer’s merchant account and several other details. Moreover, Odoo offers a great record-keeping system that records every transaction detail.

Setting up a new Odoo payment is a simple and streamlined process. All you need is to gather information from your payment provider, configure settings in Odoo, and test the payment gateway. With these simple steps, you can install the new payment gateway into your system. And will offer secure and convenient transactions for your customers.

Besides, if you have any queries or doubts about Odoo payments or a project relating to the same. You can get back to us at [email protected] or Create A Ticket Here.

You can further check our Odoo Migration and Odoo development services. Also, find our extensive range of quality Odoo Apps here.

I hope you find the blog helpful; if so, let us know in the comments.