Credit Limits and Terms
Configure the terms of your charge card program
Lithic's commercial charge card product allows you to configure the terms of the card by business client. This gives customers the flexibility to set custom billing and payment period for each of their business clients, all within the same program.
With Lithic, you can customize the following configurations for each enrolled business:
- Billing Period: number of days between statements
- Payment Period: when payment for a statement is due
- Credit Limit: maximum amount that a business can borrow for spend across all their employees' cards
- External Bank Account: the external bank account that Lithic will auto-collect from when payment is due
Credit Configuration Schema
{
"collections_configuration": {
"billing_period": Integer,
"external_bank_account_token": String,
"payment_period": Integer,
},
"credit_limit": Integer,
"token": String,
}
| billing_period | Number of days between billing statements |
| external_bank_account | External bank account that Lithic will collect repayment from |
| payment_period | Number of days after the billing period ends that repayment will be due |
| credit_limit | Maximum credit extended to the account holder for spend |
| token | Globally unique identifier for the credit configuration |
API Endpoints
Lithic supports the following endpoint to retrieve and post data to Credit Configurations:
- GET Credit Configurations: retrieve the credit configurations a given
account_token - PATCH Credit Configurations: update the credit configurations for a given
account_token - GET Credit Details: retrieve information on the total amount of credit your program is allowed to extend and how much credit has already been extended by your program
Updated 10 months ago