Accounts represent the businesses and individuals set up to move money with Moov. When you sign up for Moov, you’re creating an account for your business, and when you add your users, you’re creating an account for each of them.
Every account has a profile with information describing the legal entity associated with it, be that a business or an individual.
Bank accounts, payment cards, and transfer activity are all associated with Moov accounts to help paint a complete picture of activity on your platform. For example, when one of your users changes their linked bank account all past activity remains associated to the Moov account.
When you sign up for the Moov Dashboard, we will create a facilitator Moov account. The facilitator account is different from other Moov accounts:
- Has capabability to facilitate money movement
- Won’t show up in your list of accounts
- Can be used as a source or destination in a transfer
- Can update your own account’s information on the settings page in the Dashboard
We refer to the accounts created by the facilitator account as connected accounts, which can can be either businesses or individuals. Moov’s requirements for businesses and individuals depends on which capabilities the account needs.
We refer to representatives as the people who make up significant ownership and control of a business. A representative is typically an individual with 25% or more ownership in the business or someone with significant responsibility to control or manage the business, like an executive officer or director. Moov must verify business representatives before a business account can send funds or collect funds from other accounts.
Your agreement with Moov may include a cost per active verified Moov account. Verified Moov accounts are accounts that have gone through KYC checks, initiated by opting into certain capabilities. Which capabilities they have selected may impact the price of each verified account. An active verified Moov account is a Moov account that:
- has been verified
- holds a balance or is party to a transfer at any time during the term