Transactions

The credit platform receives transactions through APIs or from the Sprint card processing plantform.

Debit transactions

Debit transactions are authorisation requests which are approved based on available funds in an account and any applicable product rules. Transactions can have a status of Pending or Settled.

• Pending: typically a network transaction is initially processed as being pending, before later being updated to settled once a clearing record is received. Pending transactions are approved based on Balance Authorised.
• Settled: pending transactions can be updated to settled or some debit transactions can be processed as being already settled. Settled transactions update Balance Settled. Interest is only charged on settled transactions.

Credit transactions

Credit transactions include repayment of debt from the customer or refunds on merchant transactions. Credit transactions update both Balance Authorised and Balance Settled.

Reversals

Pending transactions can be 'reversed' for a number of reasons including technical issues and merchant processing, e.g. merchant reversing a transaction due to a delivery problem with an order. A Reversal updates the status of a transaction and makes changes to the account, e.g. adjust balance or delete accrued interest.

Chargebacks

A Chargeback results where a customer disputes a previous transaction, typically because they claim the transaction was never made. The chargeback dispute process is managed with the payment scheme, but needs to result in updates to the customer account, including crediting the account to update balances and adjusting for accrued interest and any posted interest.