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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 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

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 automatically link to your Moov account.

Access tokens


Capabilities

The capabilities of each Moov account can determine what the account can do, such as receiving transfers or sending money to others. For risk and fraud protection, we require more detailed information depending on the account’s capabilities. For example, we need 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 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.

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 and the capabilities of 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 verified, your account will automatically update 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 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 ends). 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 specific transfer, you can provide the two accounts you are moving money between and the transfer amount to get a list of all the possible payment methods.


Wallet

Each Moov account can request 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 bank account
  • Add money from your bank account to your Moov wallet