Payments
Overview
Transactions via the Direct Student Loan Connection allow partners, employers, and end-users to enable ACH Debits from their servicer to the pre-defined bank account for any amount given as apart of the paymentRequest.
paymentRequests are made by the partner/end-user, which then get picked up for processing to be scheduled with the specified student loan servicer. Once the transaction gets created, it follows a general transactional status flow with the student loan servicer in the following order:
- SCHEDULING
- PROCESSING or SCHEDULING_RETRY or SCHEDULING_RETRY_ALLOCATION_OVERRIDE
- SCHEDULED or SCHEDULED_REVIEW_REQUIRED
- APPLIED or FAILED
- CANCELLED
Payment Requests
Next up are payments, and in order to make those payments, you need to first define your payerType (userPayer, partnerPayer, or employerPayer).
Your v1/payments/requests endpoint gets you started and out the door with some love from your useOfFunds model you would like to assert on the user, which allows you to custom allocate funds to the student loan servicer's specific loan layout (as there may be multiple loans within a given loan account).
paymentRequests can be either returned in a list format, or one by one via a specific single paymentRequestId. Requests may also be deleted within a given timeframe and certain stages of the transaction process.
Transactions
Once the paymentRequest gets created, you can follow along with the v1/payments/transactions (and it is strongly recommened to subscribe to any and all webhooks, but especially the UserPaymentStatusWebhook).
| Transaction Statuses | Status Definition |
|---|---|
| SCHEDULING | When a Transaction has been received by Spinwheel but not is yet in the process of being scheduled |
| PROCESSING | When a Transaction is in the process of being scheduled with the loan servicer by Spinwheel |
| SCHEDULING_RETRY | When a Transaction was unable to be SCHEDULED, and must be assessed by Spinwheel to determine further action |
| SCHEDULING_RETRY_ALLOCATION_OVERRIDE | When a transactions was specified at the loan level, but can only be processed at the loanAccount level |
| SCHEDULED | Once a Transaction has been successfully confirmed as scheduled with a loan servicer |
| SCHEDULED_REVIEW_REQUIRED | When a Transaction is SCHEDULED but we are unable to determine if it was APPLIED or not (User interaction required) |
| APPLIED | Once a Transaction has been successfully applied with a loan servicer |
| FAILED | When a Transaction was not able to be successfully scheduled with a loan servicer |
| CANCELLED | When a Transaction has been cancelled and will not be completed because the payment request was deleted or the transaction is in an unrecoverable state |
| RETURNED | If a transaction has been returned to the partner's FBO account |
To learn more about our debt APIs and 1-click solutions, visit spinwheel.io.
Updated 5 months ago