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Concepts

You don’t have to be a payments expert to integrate with Moov. Here’s an overview of some of Moov’s key concepts so you can get on your way.

Moov accounts

The Moov account represents a legal entity in our platform, whether that’s an individual or a business. Each Moov account has information describing the account holder. You can create Moov accounts in two ways:

  • Sign up with Moov directly
  • Onboard your own platform’s users

Moov account


Applications

We use the word applications to describe the platforms developers are building and integrating with Moov. Your application will be the home for your API keys, and any accounts created through your API keys will be automatically linked to your Moov account.

Access tokens


Capabilities

Each Moov account has capabilities determining what the account can do, such as receive transfers or send money to others. For risk and fraud protection, we require more detailed information depending on the account’s capabilities. For example, we require more details on an account that wants to collect funds from other accounts than we would for someone simply receiving funds. Here’s a list of our existing capabilities:

Capability Description
transfers Account contains minimum requirements to participate in a transfer
send-funds Account can be source of a payout transfer
collect-funds Account can be destination of an ACH debit transfer
wallet-balance Account can top up balance or use as a source for another transfer
receive-1099-nec Account has necessary information for 1099-NEC reporting. If requirement not met before $600 in payouts, transfers is disabled.
receive-1099-k Account has necessary information for 1099-K reporting. If requirement not met before $20K in collected funds, transfers is disabled.

Capabilities


Payment methods

Payment methods represent all the ways an account can move funds to another Moov account. The payment methods available for a given Moov account depend on the linked funding source as well as the capabilities on that account. For example, if your account doesn’t have a linked bank account, the only payment method available to you would be the Moov wallet. Once you’ve added a bank account or card and it’s been verified, your account will automatically be updated with the new payment methods available to you.

Payment methods


Transfers

In the Moov platform, money moves through transfers. For example, you can transfer money from one Moov account to another, or from your Moov wallet to your linked bank account. Every transfer has a source (where the money is coming from) and a destination (where the money is ending up). To orchestrate a transfer, Moov needs just four pieces of information:

  • Source payment method
  • Destination payment method
  • $ Amount
  • Brief description

If you want to see what payment methods are available for a certain transfer, you can provide the two accounts you are moving money between and the $ amount of the transfer to get a list of all the possible payment methods.

Transfers


Wallet

Each Moov account automatically comes with a wallet, where the account holder can store funds. The wallet allows for flexibility on when and how you’d like to move funds. Using the wallet as a funding source is an option for faster payouts. Some examples of what you can accomplish with the wallet:

  • Transfer funds from one Moov wallet to another person’s Moov wallet
  • Transfer funds out of your Moov wallet to your own bank account
  • Add money from your bank account to your Moov wallet

Wallet