Peach Payments

Installment payment is a convenient method for spreading the cost of goods or services through fixed, periodic payments over a set time frame. Instead of a single upfront payment, the total amount is divided into manageable segments, with regular payments made, typically on a monthly or quarterly basis, until the entire sum is paid off.

In this process, the acquiring bank settles the full purchase amount to the merchant, usually within 1-2 business days after the API request submission or the customer's debit. This transaction follows an agreement between the customer and their bank, specifying a timeframe for completing the payment. Please note that this method is applicable exclusively to credit card transactions.

To initiate the process, the merchant makes the first payment using an API request, specifying key parameters. This can be seamlessly executed through both Copy and Pay and Server-to-Server integration methods. The essential parameters in the API request include:

• standingInstruction.type = INSTALLMENT
• standingInstruction.mode = INITIAL
• standingInstruction.source = CIT
• standingInstruction.frequency = {N4} // For MasterCard: If not sent by the customer, the platform adds default value 0001 in authentication message.
• standingInstruction.expiry = {yyyy-MM-dd} // For MasterCard: If not sent by the customer, the platform adds default value 9999-12-31
• standingInstruction.numberOfInstallments={N3} // Allowed values for this parameter are: 0 default if not filled and will indicate a straight debit to the card, 3, 6, 9, 12, 18, 24, 36