An event is created each time your GoCardless payments, authorisations or your payouts change status. Types of events could include a subscription being created, a payment being cancelled, a mandate being submitted, or a refund being paid.

Events from GoCardless are received at your website and logged to the database. You can inspect events from your WordPress dashboard:

See the GoCardless Events documentation for more information on events.

You are unlikely to need to check GoCardless events regularly once your site is up and running so you can hide the GoCardless events menu item from the dashboard menu with this setting. The link is only ever visible to users with administrator privileges, whatever the value you set here.
Events are logged to the database. In terse mode, only the event reference and brief description are saved. In Verbose mode, all of the event information is logged. When testing, Verbose mode is recommended.
It can be useful to see what events you site has received and processed, especially when testing. You can store events for up to a month before they are automatically deleted. If things are working as you’d expect and you don’t have a need to check them, you can reduce the number of events stored by setting this to a low value.