Online payments

Credit Installment

You can offer consumers a credit installment plan with a selection of the number of installments, subject to the ABS terminal's issuer parameters.

• The customer will provide the number of installments
• This installment type carries interest fees
• The payment terms (period, fees, etc.) are between the cardholder and the issuer (Verifone is not part of it)
• Verifone does not manage the following installments

Standard installments 

You can offer consumers an installment plan with a selection of the number of installments and an option to set the first installment amount.

• The first installment amount and the number of payments will be decided by the merchant and consumer
• The amount of the following installments is the quotient of the total purchase amount minus the first amount, divided by the number of remaining installments. No interest fees are charged.
• Verifone does not need to manage the following payments

Virtual Terminal

If you are using a Virtual terminal and you select instalments the values selected will be visible in a second step as follows.

Set up installment transactions via Checkout API

Additional information can be reviewed in the Checkout API documentation located here. 

1. Configure credit_term schema based on the table. Combinations of fields that are not described in the table will be rejected.

   Transaction type	credit_term	authorization_type	capture_now	AV (amount=0)	3DS	shopper_interaction
   Installments with different first payment	INSTALMENT_STANDARD	FINAL_AUTH PRE_AUTH	true no	no	NO	MAIL, TELEPHONE
   Installments with equal payments	INSTALMENT_STANDARD	FINAL_AUTH PRE_AUTH	true no	no	YES	ECOMMERCE
   Installment credit	INSTALMENT_CREDIT	FINAL_AUTH PRE_AUTH	true no	no	NO	MAIL, TELEPHONE

2. Configure number_of_instalments <= configurations.card.max_number_of_instalments.

   • If number_of_instalments = 1: perform transaction with credit_term=SALE
   • If number_of_instalments > 1: perform transaction with credit_term=INSTALMENT_STANDARD + installment object 

Installment standard example:

"configurations": {
        "card": {
            "payment_contract_id": "{{ppc_contract_id_abs}}",
            "dynamic_descriptor": "SNEAKERS DELUXE",
            "cvv_required": false,
            "capture_now": false,
            "authorization_type": "PRE_AUTH",
            "shopper_interaction": "ECOMMERCE",
            "credit_term": "INSTALMENT_STANDARD",
             "instalment": {
                "max_number_of_instalments": 2,
                "down_payment_amount": 10
            }
        }
    }

Installment credit example:

"configurations": {
        "card": {
            "payment_contract_id": "{{ppc_contract_id_abs}}",
            "dynamic_descriptor": "SNEAKERS DELUXE",
            "cvv_required": false,
            "capture_now": false,
            "authorization_type": "PRE_AUTH",
            "shopper_interaction": "TELEPHONE",
            "credit_term": "INSTALMENT_CREDIT"
        }
    }