Configuring Billing Cycles

Galileo offers billing cycles for both consumer and corporate credit products. Each billing cycle configuration can be configured at either the program or product level, according to your business plan and the agreement with your sponsor bank. The billing cycle date is dependent on the value you provide Galileo, which is set during product configuration.

For information on implementing billing cycles in your system, see Implementing billing cycles in the Developer Setup for Galileo Secured Credit.

Consumer credit

Consumer credit products, such as Galileo Secured Credit, have monthly and bi-weekly billing cycles options. The following billing cycle configurations are available for Metro 2 file creation.

Monthly

You can configure a monthly billing cycle at the date of account creation, the week of account creation, or set one billing cycle for all accounts.

Billing cycle based on date of account creation

With this configuration, the customer’s billing cycle date is based on the date that the account is created. The billing cycle date can be any day within the range of 1–28. For example:

• If an account is created on day 15, then the billing cycle date is the 15th.
• If an account is created on day 29, 30, or 31, then the billing cycle date is the 28th.

Billing cycle based on week of account creation

When you set this configuration, a customer is assigned a billing cycle date based on the week that the account is created. There are four possible billing cycle dates: 1, 8, 16, and 24. These dates are assigned as follows:

• Billing cycle day 1 — Assigned to accounts created between days 1–7.
• Billing cycle day 2 — Assigned to accounts created between days 8–15.
• Billing cycle day 3 — Assigned to accounts created between days 16–23.
• Billing cycle day 4 — Assigned to accounts created between days 24–31.

One billing cycle for all accounts

With this configuration, you set a date within the range of 1–28 as the billing cycle date for all accounts. All customer billing cycles start on this date, regardless of when a customer account is created. This configuration may result in a shortened first billing cycle for some customers, depending on when the account was created.

Bi-weekly

When you set a bi-weekly billing cycle configuration, the customer’s billing cycle begins on the date that the account is created and lasts for 14 days. For example, if an account is created on the 5th, the cycle will end on the 19th.

Grace period for consumer credit

There is no grace period for monthly billing cycles configurations.

Bi-weekly billing cycles offer a grace period. The grace period is defined as the length of time between the end of a billing cycle and the payment due date.

Corporate credit

Corporate credit billing cycles begin on the date the corporate credit funding account is created. All spending accounts tied to the funding account will impact the final balance due at the end of - the funding account’s billing cycle. The following billing cycle lengths are available:

• 7 Days
• 14 Days
• 30 Days
• 45 Days

Small and medium-sized businesses (SMBs) that do not use Real-Time Funding can utilize consumer credit accounts and their associated billing cycles. Please see the Corporate Credit guide for more details on this product offering.

Grace period for corporate credit

The grace period for corporate credit billing cycles is set at the account level. The grace period is the length of time between the end of a billing cycle and the payment due date.