What do the different statuses of payments mean?

The payment status represents the last action that was submitted on a payment.

 There are three possible transaction statuses:

1. Succeed: The payment was successfully authorized, captured, charged, refunded or voided.
2. Failed: There was a problem with the last payment action (authorization, capture, charge, refund or void) that caused the payment to fail. The failure can be either on PaymentsOS' side or on the provider's side.
3. Pending: The payment is waiting for an asynchronous answer from the provider.

There are five possible payment statuses:

1. Captured: The provider has obtained the funds of a payment.
2. Voided: The authorization was canceled before the capture. In other words, before money was removed from the customer's bank account. 
3. Initialized: A payment resource was created - no successful authorizations were made yet.
4. Authorized: The payment's authorization was completed successfully.
5. Refunded: The payment's refund was completed successfully.

 

You can read more at Payment and Transaction Statuses documentation