Schedule Repayments

If you offer credit or lending card products, it's important to provide your customers with the ability to make payments toward any outstanding balance or debt. Recurring payments, which occur automatically on a regular basis, as well as one-time payments, are both options for Card Products that require payment from the Account Holder at a specific cadence.

The Automated Clearing House (ACH) is an electronic funds transfer network that facilitates interbank transfers. Highnote utilizes ACH to send money from an Account Holder’s external bank account to their Highnote Financial Account when scheduling payments. The movement of funds using ACH typically takes three to five business days.

This guide will walk you through how to set up one-time and recurring payment schedules for your Account Holders. You must link an Account Holder’s external bank account to their Highnote Account to create a payment schedule. See Connecting External Bank Accounts for more information.

Depending on the Card Product you offer or the needs of your Account Holder, one-time or recurring payments can be scheduled on a Financial Account. If a payment is scheduled before 11:00 PM EST, it will be considered initiated on the same calendar day. If a payment is scheduled before 3:00 PM EST, it will be processed by the bank on the same day. However, if you schedule a payment on a Saturday, Sunday, or Bank holiday, it will be recognized as initiated on that day, but the bank will not process it until the next business day.

After initiating a payment, a credit for the payment's amount will be recorded as pending on the Account Holder's Financial Account. To be considered on time, the payment must be initiated on or before the due date. However, the payment will not be posted to the Financial Account until the funds have cleared, which usually takes three to five business days from the day the bank for ACH processes the payment. Depending on your program's credit policies, the Account's available credit may not be released until the payment has been posted.

To ensure proper management of payments, a Financial Account should have only one recurring payment scheduled or a maximum of three scheduled payments (including both recurring and one-time payments) at any given time. One-time payments cannot be scheduled more than 90 days from the current date. It is possible for a payment to be rejected if any of the following conditions are met:

• The outstanding balance of the Financial Account is equal to or less than $0.
• The payment amount exceeds the credit limit of the Financial Account.
• The payment amount exceeds the maximum payment amount limit set by your program.

Scheduled Payments are initiated by the Account Holder, we do not allow the creation of a Scheduled Payment from the Dashboard in the Live Environment.

Recurring payments can be scheduled based on the outstanding balance or current amount due, and occur on a set frequency. In the Test Environment, a transfer ID will be generated within five minutes of scheduling a payment on the current date. You can use the findScheduledTransferEvent query to find a transfer event ID and simulate changing the transfer status:

Scheduled Payments are initiated by the Account Holder, we do not allow the creation of a Scheduled Payment from the Dashboard in the Live Environment.

One-Time Payment Schedules occur a single time, and can be scheduled based on a balance amount or custom amount. A scheduled payment will not be initiated if the Financial Account has an OUTSTANDING_BALANCE less than or equal to $0.

In the Test Environment, a transfer ID will be generated within 5 minutes of scheduling a payment for today. You can use the findScheduledTransferEvent query to find a transfer event ID and simulate changing the status of the transfer.

Both one-time and recurring payment schedules can be cancelled. If a change to the payment schedule is required (e.g. date, amount, or external bank account) you will need to first cancel the original scheduled payment and then create a new one-time or recurring payment schedule.

Note: Payments must be cancelled by 9:00 AM ET the day the payment is scheduled to ensure the payment is not initiated. If a cancellation is attempted on a recurring payment that has already been initiated, all future payments on the recurring schedule will be cancelled.

You can search for a specific scheduled payment to find the transfer details.

You can also find scheduled payment events to search for the status or details of a transfer. If the scheduled payment was set for today, a transfer event will be generated within 5 minutes of scheduling the payment. Using the Transfers ID of the associated schedule payment event, you can simulate changing the status of the ACH transfer using the SimulateProcessingIntegratorInitiatedStatusChange and SimulateProcessedIntegratorInitiatedStatusChange mutations.

In the Test Environment you can simulate changing the status of a fund in transfer from NEW to PROCESSING using the Transfer ID. The simulation will allow you to view the impacts to ledgers from initiating a transfer.

In the Test Environment you can simulate changing the status of a fund in transfer from PROCESSING to PROCESSED using the Transfer ID. The simulation will allow you to view the impacts to ledgers from processing a transfer.