Client transactions

There are four main types of client transactions, these are:

Repayment

When a repayment is made by your customer (cardholder), you are required to send notification of this repayment so that PayCredit can update the account.

Repayments need to be sent as settled transactions to update the PayCredit ledger.

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Repayment notifications

When sending notification of repayment to PayCredit, you must include a unique transaction reference, the description and post the transaction as settled.

• The unique transaction reference ensures reconcilation.
• The description means the purpose of the repayment is recorded accurately.
• To post the transaction as settled. Insert Y in the settled request field of the API
• For repayment notifications transaction_type_id = 51

Repayment notifications are performed by calling the the Create transaction API.
You can read more on repayment collection here.

PayCredit processes repayments as follows:

1. Checks valid account_id exists
2. The authorized account balance and settled account balance are updated
3. The repayment is recorded with the amount, date/time, description and unique transaction reference
4. As the repayment is settled it triggers a Repayment Event
   1. This Repayment Event calculates allocation of repayment and creates a record to update the PayCredit ledger
   2. The PayCredit ledger is updated and recorded
   3. A record is also created to record allocation of repayment against debt, i.e. interest, fees, principal, instalments.

Fees - External

PayCredit allows you to send Fee transactions to be added to your customers account. These types of fees are defined as external fees as they are not generated by PayCredit.

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Applying external fees

When applying an external fee to PayCredit, you must include a unique transaction reference, the description and post the transaction as settled.

• The unique transaction reference ensures reconcilation.
• The description means the purpose of the fee is recorded accurately.
• To post the transaction as settled. Insert Y in the settled request field of the API
• For external fees transaction_type_id = 16

External fees are performed by calling the the Create transaction API.

PayCredit processes external fees as follows:

1. Checks valid account_id exists
2. The authorized account balance and settled account balance are updated
3. The fee is recorded with the amount, date/time, statement id, transaction_type, transaction status and unique transaction reference
4. As the fee is settled it triggers a Settlement Event
   1. This Settlement Event creates a record to update the PayCredit ledger
   2. The PayCredit ledger is updated and recorded.

Credit adjustments

PayCredit allows you to send credit adjustments to update customer (cardholder) accounts.

Credit adjustments are processed in the same way as a repayment, as the credit amount is allocated to debt based on the repayment priorites configured for the product.

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Sending credit adjustments

When sending a credit adjustment to PayCredit, you must include a unique transaction reference, the description and post the transaction as settled.

• The unique transaction reference ensures reconcilation.
• The description means the purpose of the credit adjustment is recorded accurately.
• To post the transaction as settled. Insert Y in the settled request field of the API
• For credit adjustments transaction_type_id = 32

Credit adjustments are performed by calling the the Create transaction API.

PayCredit processes credit adjustments as follows:

1. Checks valid account_id exists
2. The authorized account balance and settled account balance are updated
3. The credit adjustment is recorded with the amount, date/time, transaction_type, transaction status and unique transaction reference
4. As the credit adjustment is settled it triggers a Repayment Event
   1. This Repayment Event calculates allocation of repayment and creates a record to update the PayCredit ledger
   2. The PayCredit ledger is updated and recorded
   3. A record is also created to record allocation of the credit adjustment against debt, i.e. interest, fees, principal, instalments.

Debit adjustments

PayCredit allows you to send debit adjustments to update customer (cardholder) accounts.

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Sending debit adjustments

When sending a debit adjustment to PayCredit, you must include a unique transaction reference, the description and post the transaction as settled.

• The unique transaction reference ensures reconcilation.
• The description means the purpose of the debit adjustment is recorded accurately.
• To post the transaction as settled. Insert Y in the settled request field of the API
• For debit adjustments transaction_type_id = 12

Debit adjustments are performed by calling the the Create transaction API.

PayCredit processes debit adjustments as follows:

1. Checks valid account_id exists
2. The authorized account balance and settled account balance are updated
3. The debit adjustment is recorded with the amount, date/time, transaction_type, transaction status and unique transaction reference
4. As the debit adjustment is settled it triggers a Settlement Event
   1. This Settlement Event creates a record to update the PayCredit ledger
   2. The PayCredit ledger is updated and recorded.