A progress draw is where customers can get an approval for a credit limit when the final purchase amount is not known. There’s flexibility to make milestone payments progressively to merchants, so rather than paying all at once you’ll pay a merchant in instalments instead. Customers don’t need to make any repayments until the approved purchase amount is fully drawn under their contract.
A progress draw is helpful when you have been given indicative costs by your merchant initially (e.g. dentistry, home improvements) but you will be given more certainty as it progresses and are required to do service milestone based payments.
Currently this feature can only be initiated by merchants.
