Fees

There are three Fee types in the PayCredit system:

1. Credit product Fees: These are Fees that are configured on your credit product during product creation.
2. APIFees: These are Fees that are triggered via API by you.
3. Transaction Fees: These are Fees that are configured on Banking.Live also referred to as Authorization Fees.

Credit product Fees

Credit product Fees are configured and set in PayCredit during product creation. These types of Fees are defined by you on the PSF and input by Paymentology.

These types of Fees include:

• Late Payment Fee: these are Fees incurred on an account when the minimum payment due has not been paid before the payment due date.
• Periodic Fee: these are Fees that are incurred based on a specific periodic event, such as an annual credit card fee.

Late Payment Fee conditions

The event to charge a Late Payment Fee is when the paid amount is less than the minimum due amount by the due date.

This type of Fee can be defined as a fixed value, a percentage or a combination of fixed and percentage:

• Apply only fixed amount
• Apply only percentage amount
• Apply both the fixed amount and the percentage amount
• Apply the greater of the fixed amount and the percentage amount
• Apply the lesser of the fixed amount and the percentage amount

Periodic Fee conditions

The event to charge a Periodic Fee is defined by a specific date.

This type of Fee can be defined as a fixed value, a percentage or a combination of fixed and percentage:

• Apply only fixed amount
• Apply only percentage amount
• Apply both the fixed amount and the percentage amount
• Apply the greater of the fixed amount and the percentage amount
• Apply the lesser of the fixed amount and the percentage amount

Charging interest on Credit Product Fees

Any Credit Product Fee can have a specific interest rate ID applied to it. This means that Credit Product Fee A could have a different interest rate than Credit Product Fee B.

Interest on these types of Fees is configured at the product level.

You can also choose to not charge interest on Credit Product Fees.

External Fees

External Fees are fees that are triggered by you. You can apply an External Fee by calling the Create transaction API.

transaction_type_id value 16 = external fee

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You can read more on how API fees are applied and processed here.

Transaction Fees

Transaction Fees can be applied based on different transaction type occurrences. This is done as an action to a rule being triggered, as the rule is used to identify different types of transactions. An example of this is an ATM fee.

These types of fees are applied at the group level through Banking.Live.

• Fee amount can be defined as a fixed value or percentage.
  If defined as percentage, then amount referenced can be the transaction amount (DE4) or the billed amount (DE6).

When a transaction fee is triggered in Banking.Live the FAST message that is sent to PayCredit will include the calculated fee amount in the total_fee_bill field of the SUMMARY node.

As part of processing the FAST message, if the total_fee_bill field is populated, PayCredit will trigger a separate fee transaction to be added to the customer's credit account and to the PayCredit ledger. This separate fee transaction will re recorded as an external fee (transaction_type_id = 16).

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Learn more

• You can learn more on Banking.Live Transaction Fees here and Banking.Live's FAST interface here.