Lithic Introduces Commercial Revolving Credit API, Offering Unmatched Flexibility for Business Credit Card Programs
Lithic, a prominent financial technology platform known for empowering businesses with custom card solutions and seamless money movement, has announced the launch of its Commercial Revolving Credit API. This new addition to its suite of credit products is designed to give businesses and fintechs the ability to quickly deploy and scale commercial credit card programs with greater flexibility and control.
The new API infrastructure opens up new possibilities for organizations to design and manage sophisticated revolving credit products that cater to a range of commercial needs. Whether it’s for small and medium-sized businesses (SMBs), expense management, bill payment, or disbursements, Lithic’s Commercial Revolving Credit API enables companies to tailor credit card solutions to suit their unique requirements. This innovation builds upon Lithic’s existing Commercial Charge capabilities, rounding out its offering as a comprehensive solution for businesses with credit card needs.
Empowering SMBs and Entrepreneurs
One of the first major adopters of Lithic’s new API is Novo, a leading digital banking platform designed specifically for entrepreneurs and small business owners. Novo has partnered with Lithic to create its Novo Business Credit Card, issued by Continental Bank. The card is aimed at self-employed professionals, such as consultants, accountants, IT experts, and health practitioners. By leveraging Lithic’s new infrastructure, Novo is able to offer a credit solution that addresses the unique needs of entrepreneurs.
The Novo Business Credit Card combines cash flow flexibility with robust fraud protection and integrated financial management tools. According to Jackson Barnes, Vice President of Credit at Novo, traditional business credit cards often fail to meet the needs of solopreneurs, who have distinct financial requirements. “Our solopreneur segment has unique financial needs that traditional business credit cards often overlook,” Barnes stated. “By using Lithic’s Commercial Revolving Credit API, we’ve been able to develop a product that truly serves our community’s needs, offering not only attractive cashback rewards and partner perks but also the kind of financial flexibility that growing businesses need.”
Building Tailored Credit Solutions
Lithic’s new Commercial Revolving Credit API empowers businesses with the tools to create tailored credit solutions that are suited to specific use cases. Whether a company needs to offer expense management, bill payment solutions, or flexible credit for SMBs, the API provides a streamlined approach to building revolving credit programs. By integrating sophisticated credit capabilities into a single platform, Lithic ensures that businesses have all the functionality they need to create high-quality financial products.
“We are thrilled to deepen our partnership with Novo,” said Bo Jiang, co-founder and CEO of Lithic. “Our new Commercial Revolving Credit API represents a major advancement in our commercial credit infrastructure. It gives businesses the tools to build exactly what they need, whether they want a fully managed solution or prefer to retain control over specific aspects of their program.”
Key Features of Lithic’s Commercial Revolving Credit API
Lithic’s Commercial Revolving Credit API offers a wide range of features that enable businesses to fine-tune every aspect of their credit card programs. Some of the key capabilities include:
- Flexible APR and Billing Period Configurations: This includes support for different interest rates on purchases, fees, cash advances, and balance transfers.
- Comprehensive Transaction Management Tools: Lithic provides tools for posting fees, voiding transactions, and resolving disputes, offering businesses more control over the financial operations of their credit programs.
- Advanced Interest Calculation Methods: The API supports various interest calculation methods, including the average daily balance method, as well as customizable accrual approaches tailored to the needs of specific business models.
A Modular Approach to Credit Program Management
What distinguishes Lithic’s solution is its modular approach to program management. Unlike other solutions that require companies to adhere to rigid frameworks, Lithic offers flexibility by allowing businesses to choose between a fully managed service or maintaining control over specific program elements. This level of customization makes it possible for companies to maintain autonomy while still benefiting from the power of Lithic’s infrastructure.
Lithic’s modularity extends to a number of key functions, including:
- Automated Credit Limit Management and Underwriting Integration: This allows businesses to quickly assess creditworthiness and set appropriate credit limits.
- Configurable Billing Cycles and Statement Generation: Companies can tailor billing periods and generate statements that align with their specific business operations.
- Flexible Payment Options and Grace Periods: Businesses can define payment options that fit their customers’ cash flow needs, including adjustable grace periods.
- Real-Time Ledger Management and Transaction Tracking: Lithic’s API enables businesses to track transactions and manage ledgers in real time, ensuring transparency and accurate financial reporting.
Expanding Opportunities for Businesses
Lithic’s launch of its Commercial Revolving Credit API represents a significant expansion of its capabilities, providing businesses with the tools to design customized, scalable credit card programs. By offering a flexible, modular infrastructure, Lithic helps companies avoid the constraints of rigid, one-size-fits-all solutions and instead gives them the freedom to build products that meet the specific needs of their customer base.
For companies looking to create business credit products that stand out in the competitive fintech landscape, Lithic’s new API represents an opportunity to provide innovative, tailored solutions that empower both businesses and their customers. Whether businesses are looking for a comprehensive managed solution or prefer to maintain control over key aspects of the program, Lithic’s Commercial Revolving Credit API offers the flexibility and functionality they need to succeed.
