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Credit accounts

Overview​

Credit accounts offer a convenient solution to manage loans and credit lines within your application. These accounts store information, including the amount of credit owed and the credit limit, making it easy to track and manage outstanding balances. Once you've created a customer or business, you can open a credit account for them by creating and submitting a credit application.

Credit applications​

In order to determine whether your user is eligible for a secured charge card, you need to create and submit a credit application on their behalf containing their personal details.

After creating the application, you need to submit it. Submitting a credit application triggers the following:

  • KYC process to ensure that the customer information is genuine
  • Creation of a secured deposit account once the KYC process is approved

Once the customer has passed the KYC checks, a secured charge card can be issued but the limit on the card is $0 until funds are deposited in the security account. Creation of a card not only creates the card, but also creates an associated credit account.

If the KYC process fails, you can retrieve the failure reason using the the reason for the failure can be retrieved using the using the GetAdverseActions endpoint.

Supported operations​

The Credit API provides a set of endpoints for you to manage credit accounts:

EndpointDescription
CreateCreditApplicationStart a credit application.
ListCreditApplicationsRetrieve a list of credit applications.
GetCreditApplicationRetrieves the details of a specific credit application by ID.
UpdateCreditApplicationUpdate a credit application.
SubmitCreditApplicationSubmit a credit application.
GetAdverseActionsGet adverse actions for a credit application if applicable.

Show credit account data​

This guide provides an overview of leveraging Atelio's credit account data to create account summary views for your customers with secured charge cards. Integrating Atelio's APIs allows you to seamlessly retrieve and display account information, empowering your customers to manage their secured charge card accounts effectively.

Retrieving credit account data​

To display account information for secured charge card customers, you'll need to call GetAccount to fetch the relevant credit account data, including the account balance, credit limit, and account numbers.

Example credit account​

The following JSON example illustrates the basic structure of a credit account:

{
    "account_id": "8a543f24-90af-420e-be48-c3e651d8332b",
    "program_id": "e618458e-f4bd-4870-9244-d7e062794e58",
    "customer_id": "6ad049b3-108e-4a35-b743-0a875542dbb6",
    "date_updated": "2022-09-06T21:36:26.376769Z",
    "date_created": "2022-07-01T15:59:13.924400Z",
    "type": "credit",
    "status": "active",
    "routing_number": "084106768",
    "account_number": "9501118375993606",
    "cards": [\
        "4da1f1ff-95c4-412b-9dd1-8addb4dc6c99"\
    ],
    "balance": {
        "current_balance": -500,
        "available_balance": -1700,
        "previous_statement_balance": 0,
        "locked_balance": 0,
        "currency": "USD"
    },
    "credit": {
        "credit_limit": 15242,
        "security_deposit_account_id": "d574e241-3745-493f-a784-8e3108cec5d7"
    },
    "description": ""
}

Useful Fields​

The table below defines a few of the key fields you will use to display account information to customers with secured charge cards:

FieldDescription
balance.current_balanceThe amount the cardholder owes on their account minus any pending purchases or payments. This is typically a negative value and will differ from balance.available_balance when there are pending transactions.
balance.available_balanceThe amount the cardholder owes on their account, including any pending purchases or payments. This is typically a negative value.
balance.previous_statement_balanceThe balance owed on the statement for the previous billing cycle.
credit.credit_limitThe balance of the security deposit account linked to this credit account.
credit.security_deposit_account_idThe account_id of the security deposit account linked to this credit account.

When displaying these in an account summary, you can simply access the fields directly from the credit account object.

Calculating available to spend​

One useful piece of information to present is the amount that is available to spend on the secured charge card. To calculate this, add the values for balance.available_balance and credit.credit_limit.

When a new credit account is created alongside a new secured charge card, the available_balance and current_balance both start at 0. As the customer makes more purchases, available_balance and current_balance take on greater negative values as they increase.

By adding the available_balance to the credit_limit, you will get the amount of available credit that the customer has left to use.

👍 Available to Spend

available_to_spend = balance.available_balance + credit.credit_limit