PayCredit transactions

PayCredit generates two types of transactions that are applied to credit accounts:

Interest

PayCredit generates an interest transaction when interest is due to be paid on an account. Interest is posted at the end of the billing cycle.

The interest transaction is different to other transactions because the record of the debt has already been calculated and recorded in the PayCredit ledger.

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Interest transactions are always applied as a settled transaction.

Fees - Internal

PayCredit products can be configured with Fees, e.g. a late payment fee which is automatically triggered when the customer (cardholder) does not make the minimum repayment for a statement by the repayment due date.

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These types of Fee transactions are always applied as a settled transaction.

PayCredit fees are processed as follows:

1. The overnight process triggers fee processing based on account conditions, e.g. late repayment
2. A fee is generated and applied to the account
3. The authorized account balance and settled account balance are updated
4. The fee is recorded with the amount, date/time, statement id, transaction_type, transaction status
5. 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.