You can define a status for the order, shipping and the payment.
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Name
Your internal name for this status
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Type
Is this the status for an order, payment or shipping? Once the status is created you can’t change the type
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Display Name
The name which is shown to a customer.
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Description
A descriptions of this status. What does it mean to you?
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Highlight Color
This will set a background color for this order status which it is shown in the order list in the backend.
All prices include VAT. The gross price will vary depending on the selected shipping country.