A payment method’s status value can be one of the following depending on the state within the system and the status within the used payment service.

processingThe payment method record has been created in the system and is now ready to be used with your payment services. The status is still processing because the payment method has not been validated through a transaction. The id method can now be used to create new transactions.
failedThe payment method could not be processed with any payment service due to technical issues.
buyer_approval_requiredThe payment method was correctly created but needs approval from the buyer. This is mainly used in alternative payment methods like PayPal where the user needs to be redirected to complete the payment method.
succeededThe payment method was successfully used in any payment service.

State diagram

The following state diagram serves as an overview of all the different status values and how they relate to each other.