You can regulate your payments in the section of sales page.
Payement status is used to show the payment status of the order. List of Payment statuses are shown below:
👉 Awaiting Payment
👉 Partial Payment
👉 Refund Initiated
👉 Refund Completed
Transaction used to show how the transaction was made.
👉 Payment Providers like RazorPay, Paypal, etc.