Transaction Types
A summary of the different types of transactions in the Canopy system of record, including interest, fees, payments, and principal transactions, and their descriptions and effects on account balances.
In the Canopy system of record, a transaction represents a record of an activity that has occurred on a customerās account. These transactions can be created via API call (eg. POST payment, charge) or could be created via an automated action (eg. applying a late fee to an account, issuer processor voiding a transaction). See additional information regarding transaction status . Transactions can broadly be categorized into four groups:
Interest
These are different types of interest that can accrue in a customerās account.
Name | Description |
---|---|
AM_DI | Aggregated deferred interest accrued on embedded loan transactions, calculated at the end of the promotional period. |
AM_INTEREST | Interest accrued on an embedded loan transactions. |
CREDIT_OFFSET_INTEREST | An arbitrary transaction created to increase the interest balance of the account. |
CREDIT_OFFSET_DEFERRED_INTEREST | An arbitrary transaction created to increase the deferred interest balance of the account. |
DEFERRED_INTEREST | Deferred interest accrued on account from within the promotional period. |
INTEREST | Accrued interest which increases the balance of an account. |
Fees
These are various fees that can be assessed against a customer's account either manually or through a scheduled process. Most fees need to be defined for a product or account before any fees are assessed for a customer.
Name | Description |
---|---|
AM_FEE | Fee assessed on an embedded loan transaction. |
CREDIT_OFFSET_FEE | An arbitrary transaction created to increase the fee balance of the account. |
FEE | A fee assessed, which increases the balance of an account. |
LATE_FEE | A fee assessed as a result of late or missed payments, which increases the balance of an account. |
MANUAL_FEE | An arbitrary transaction created to increase the fees balance of an account. |
MONTH_FEE (Deprecated) | Deprecated and replaced by RECURRING_FEE. |
ORIG_FEE | An origination fee assessed on an account for a principal transaction. |
ORIG_FEE_FOR_AM | An origination fee assessed on an account for a LOAN transaction. |
RECURRING_FEE | A fee assessed, which increases the balance of an account, that occurs on some fixed interval (monthly, yearly, etc.) |
RETURN_CHECK_FEE | A transaction that increases fees balance of an account: assessed based on product configuration as a result of a PAYMENT_REVERSAL transaction. |
YEAR_FEE (Deprecated) | Deprecated and replaced by RECURRING_FEE. |
Payments
Payments are transactions that decreases the balance owed on an account.
Name | Description |
---|---|
DEBIT_OFFSET | An arbitrary transaction created to decrease the principal, interest, or fee balance of the account. The allocation column of this transaction determines whether this offset is applied to principal, interest, or fees. |
DI_WAIVER | Deferred interest waiver. An amount of interest, which will be reversed if a loan is paid off before promotion expiration. |
REFUND | An arbitrary transaction that decreases the account balance: this is distinct from a CHARGE_REVERSAL, which will also reverse fees and interest on the account as a result of the reversed CHARGE. |
PAYMENT | Payment created via API call |
PAYMENT_SPLIT | Transaction representing portion of payment applied to reducing a particular fee, interest, or principal transaction. See Balance Splits. |
REFINANCE_OFFSET | A transaction created when refinancing, which decreases the principal balance due in the account's current cycle. |
Principal
Principal transactions add to the principal balance of the account.
Name | Description |
---|---|
CHARGE | A simple principal transaction that increases the balance of an account. |
CREDIT OFFSET | An arbitrary transaction created to increase the principal balance of the account. |
LOAN | An embedded installment loan which increases the principal balance of an account. |
PAYMENT_REVERSAL | A transaction which reverses a PAYMENT transaction, increasing the account balance by the corresponding amount. |
Updated 5 months ago