You can perform an end-to-end simulation of funds flow in the Test Mode. Once confident that the integration is working as expected, switch to the Live Mode and start accepting payments from customers. However, make sure that you swap the Test API Key with the Live Key.
Watch this video to generate an API Key in Live Mode.
After payment is authorized, you need to capture it to settle the amount to your bank account as per the settlement schedule. Payments that are not captured are auto-refunded after a fixed time.
Auto-capture payments (recommended) Authorized payments can be automatically captured. You can auto-capture all payments using global settings on the Razorpay Dashboard.
Payment capture settings work only if you have integrated with Orders API in your server side. Know more about the Orders API.
Manually capture payments Each authorized payment can also be captured individually. You can manually capture payments: