Credit Accounts
Credit Accounts are accounts that represent an amount loaned to an end customer. Credit Accounts have a:
Credit limit, the maximum amount the customer can be loaned at any given time
Balance, the amount the customer currently owes
Hold, the amount of authorizations pending
Available Credit Limit, the current maximum amount the customer can be further loaned. This is calculated by subtracting the Balance and Hold from the Credit Limit.
Currently credit accounts on Unit support Business Charge Cards.
Credit Terms
When creating a credit account, you are required to select the Credit Terms for the account. The Credit Terms defines the set of terms that are applied to the account:
- Billing cycle
- Repayment terms
- Fees
- APR [in later versions]
- Daily account spending limit
You may utilize as many credit terms as you need to make your product work, and there are many use cases for multiple credit terms products:
- Manage fees and limits to represent different customer tiers (regular / VIP).
- Offer multiple different credit solutions (e.g. charge cards and loans)
You may move an account between different credit terms that serve the same purpose (e.g. move an account from "regular" to "VIP" credit terms) by updating the account.
Credit Terms are created and updated by Unit's compliance team, to ensure any changes are in line with relevant regulation. Similarly, only Unit's compliance team can change the Credit Terms associated to a Credit Account.