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Schedule Repayments

Overview

When offering credit or other lending card products, you’ll need to provide your customers the ability to make payments towards their outstanding balance or debt. Recurring payments (or automatic payments) and one-time payments are used for Card Products which require a payment to be made by the Account Holder on a regular cadence.

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

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

Payment Schedules

Based on your Card Product offering or your Account Holder’s needs, one-time or recurring payments may be scheduled on a Financial Account. Payments scheduled before 11:00 PM EST will be recognized as initiated on the same calendar day. Payments scheduled before 3:00 PM EST will be initiated for same-day bank processing. Payments scheduled on Saturdays, Sundays, or Bank holidays will recognized as initiated on those calendar days but will not be processed by the bank until the next business day.

Once a payment is initiated, a pending credit for the payment amount will be recorded on the Account Holder’s Financial Account, and the payment will be considered on-time if it was initiated on or before their due date. Payments will not post to the Financial Account until the funds have cleared (typically three to five business days from the day the payment is processed by the bank for ACH), and the Account’s available credit may not be released until the payment has posted (depending on your program’s credit policies).

A Financial Account cannot have more than one recurring payment scheduled or three scheduled payments (including recurring and one-time payments) at any given time. One-time payments cannot be scheduled more than 90 days from today’s date. Additionally, a payment may be rejected if:

  • The Financial Account has an outstanding balance less than or equal to $0
  • The payment amount is greater than the Financial Account’s credit limit
  • The amount is greater than your program’s maximum payment amount limit

Create Recurring Payment Schedule

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 Payment schedules occur on a set frequency, and can be scheduled based on the OUTSTANDING_BALANCE or the statement balance due, currentAmountDue as of the scheduled date of the transfer. In Prod Test, 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.

Create One-Time Payment Schedule

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.

Cancel a Payment Schedule

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.

Find a Scheduled Payment

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

Find a Scheduled Transfer Event

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.

Simulate Initiating Transfer

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.

Simulate Processing 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.

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