Pending Quote: When you send a quote by clicking the Send Quote button, this will change the status from New Quote to Pending Quote. This means that the quote has been sent and is waiting for a response from your customer.

Pending Payment: If a customer opens your quote and clicks the Accept Quote and Place Order button, two things can happen.

If the user submits payment immediately, the quote will be updated to an order with a status of Processing (which is where it will remain until you complete the order.)

However, if the customer clicks the button without submitting payment, the quote will be updated to an order with a status of Pending Payment. Your customer can click the button and return to submit payment any time before the quote expiration date. Once the customer has submitted payment, the status will be updated to Processing.