The line of credit is the amount of money you offer to the people on your account to use. The admin of the account (the admin is the person who signs up for the corporate account) pays for the LOC amount for each person. For example, if Suzy is the admin of the account and she creates a line of credit for 100 people to spend $20 next Friday, then the line of credit is a one-time budget of $20 for 100 people.
The admin's credit card gets charged every time an LOC order is placed.
The line of credit can be for a one-time event (like Suzy’s) or a recurring budget that repeats until the admin wants it to end. The duration of the line of credit can be for one day, multiple days, or a full week (7 days). The duration represents the amount of time a diner has to spend the money given to them.
The transaction fee is a 6% fee associated with the line of credit on a per transaction basis. The 6% fee is charged on the LOC amount only, so any additional money spent by your diners will not be charged to the admin’s card but to the individual’s own card. For example, if Suzy gives Mark $20 to spend next Friday but Mark actually spends $33 on his order ($20 funded by Suzy’s LOC and $11 more on his personal credit card), the transaction fee will only be charged on the $20 funded by Suzy’s LOC, which amounts to $1.20. Suzy will see a charge of $21.20 on her credit card and Mark will see a charge of $11 on his own credit card.