Your First Product

Understanding The Role Products Play In Canopy#

In Canopy, you will often have a set of general rules that applies to an entire category of accounts. For instance, you may want a group of accounts to have a six month zero-payment promotional period with 1 month-long cycles. The combination of this set of rules is a product into which you can enroll any account.

Once enrolled, the account will implement the policies of the product. Its statement cut dates will be scheduled per the one-month rule, its minimum payments will apply the six-month promotion, and so on. In addition, you may onboard the account with its own additional ruleset - such as an interest rate that makes sense for your risk-based pricing model.

As such, accounts enrolled in the same product can have different rules โ€“ they can have their own credit limits, interest rates, statuses, fee structure, and more.

In general, you create a product in Canopy just once, and you may enroll accounts into it on an ongoing basis thereafter.



Structuring Your First Product#

Creating a product in Canopy is as simple as one API call; however, the parameters used in that API call will require some thoughtfulness as to what general product construct makes the most sense for your business call. You can find a full list of parameters and their descriptions in the products section of our API Reference.

Let's take a quick look through the four key section in the API call structure:

product_overview#

These fields do not drive any logic within our SOR, but they are useful for categorizing and organizing products for reporting and UI rendering. As they are fairly self-evident, we will not explore them further in this walkthrough.

product_lifecycle_policies#

These consist of a set of policies that will apply to the entire product lifecycle - regardless of whether the product is in a promotional period or not. These policies are further subdivided into payment_due_policies, fee_policies, billing_cycle_policies, interest_policies, and default_attributes.

cycle_interval#

Note: a 1 month setup will prioritize cutting the cycle in exactly the next month. So if the account is effective on the 15th, the statement will cut on the 15th of the next month. However, if this month's cycle cuts on the 31st, the next cycle will cut on the 30th (or 28th) to stay within the appropriate month window, sticking to the "last day of the month".

Default Attributes#

Unlike the remainder of the policies, are default values that can be overridden for any accounts enrolled in the product.

promotional_policies#

These consist of policies to be applied for a promotional period. One of these, of course, is the length of the promotional period. If the length is set to zero, none of these policies will apply to the product. The timer on the promotional period starts from the moment of account creation.

post_promotional_policies#

These consist of post-promotional policies. At the end of the promotional period, the account will automatically roll into the post-promotional period.

Let's explore this setup deeper with a few examples.



Configuration Guides#

We've created step-by-step instructions on how to configure and launch specific types of products in Canopy. Take a look at the Configuration Guides section in the main navigation.