# Payments

Every payment from quote to payout, converted on the way. The Payments page shows what settled, what is in flight, and what needs a decision, and each payment's page follows it step by step.

> Part of the SQRL documentation, section "SQRL Markets".
> Rendered page: https://docs.sqrl.tech/markets/payments

Every member of the workspace can open Payments.

## The page

* **Activity** for the last hours: **Settled**, **Volume**, **Spread earned** and **Success rate**, with what is **In progress now**.
* **Needs a decision**: held payments, oldest first, with how long is left before each refunds automatically. See [Holds and decisions](/markets/payments/holds).
* **Filters**: All, Needs a decision, In progress, Settled, Refunded or failed. Search by merchant, reference or payment hash.
* **Table**: Merchant · Shopper paid · Merchant receives · Status · Open for.

Select **Export CSV** to download the ledger for your own records.

## Payment states

| State | Meaning |
|---|---|
| Invoice created | The shopper has an invoice. No commitment yet. |
| Rate locked | The quote is locked into the payment. |
| Funds received | The shopper's payment has arrived at the hub. |
| Held: over a limit | Over the merchant's payment limit. Waits for Treasury. |
| Held: screening | Needs a screening check. Waits for Compliance. |
| Converted | Converted into the merchant's currency. |
| Paid out | Paid to the merchant; the shopper's funds are not yet claimed. |
| Settled | Closed, with your spread booked. |
| Refunded | Nothing moved; the shopper is refunded. |
| Failed | Nothing moved. |

A payment whose shopper never pays fails after 75 minutes, because hub invoices lapse after an hour.

## A payment's page

* **Details**: Open for, Merchant, Corridor, Reference, Payment hash, Last update.
* **Progress**: Invoice sent → Rate locked → Funds received → Converted → Paid out to merchant → Settled, with a time on each step.
* **Amounts**: Shopper paid, Merchant receives (or was quoted), Rate, Fee and Spread earned.

The payment hash is the proof: every leg and the conversion settle under it, or none do.

## What lets a payment through

A payment is created only when:

* its corridor is **Active**;
* the amount is within the corridor's per-payment cap and what is left of its daily cap for the workspace's day;
* the merchant is **Active**, is paid in the corridor's receive asset, and is neither rejected nor expired in verification.

While a payment is open, its payout is reserved, so [runway](/markets/liquidity) always accounts for what you already owe.