Create instalment plans
About instalment plan
The instalment plan is a way to repay credit card transactions by dividing them into smaller equal payments called instalments. You can customise these plans according to your preferences by setting the repayment time (instalment period), the interest and fees, and determining which transactions are eligible for the particular plan. This feature is also known as buy now pay later (BNPL).
Instalment plan features
Main instalment plan features are as follows:
Preview the instalment schedule beforehand to see what the user needs to pay for each monthly instalment.
Open multiple plans within a single contract.
Send invoices at a contract level for each instalment plan and its components.
Configure the plan to free up the credit limit when a purchase is moved into a plan.
Cancel the plan at any time - The remaining plan balance is set back to the credit account and will accrue interest at the current annual interest rate for credit account purchases.
Creation process
The process to set up card instalments is as follows:
Create receivables formation and line rules for contract invoicing (via API).
Create instalment plan types for the different credit products (via API and BackOffice).
Create instalment plans for specific transactions (via API and BackOffice).
Related privileges
You need the following privileges:
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