1. Guides
2. Money movement
3. Accept payments
4. Card acceptance

Partner with Moov to register eligible merchants in the participating card network incentive programs. After registration, eligible merchants can receive lower interchange fees for qualified loan repayment transactions.

Merchant eligibility & registration

To be eligible for debt repayment programs, merchants must fall into one of two MCC codes, 6012 or 6051. MCC code 6012 is a financial institution such as a bank or credit union. MCC code 6051 is a non-financial institution that deals with currency, such as currency exchanges or money ordering.

Debt collection agencies (MCC code 7322) are not eligible for debt repayment interchange incentive programs.

To have card payments qualify for debt repayment interchange incentives, business accounts must be configured with Moov and registered with Visa, Mastercard, and Discover. Moov works with you and the merchants to handle this registration, but requires specific information before the process begins. Once registration is complete, Moov will update the business account's debt repayment settings.

Debt repayment transfers

Once an account is configured for debt repayment, payments made with a debit or prepaid card will automatically be marked as debt repayment in the request to the card network.

If a credit card is provided, you'll receive the following 400 error:

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{
  "error": "unsupported card type for debt repayment"
}

Card eligibility

When a merchant account is configured for debt repayment, only consumer debit and consumer prepaid cards can be accepted. To check card eligibility, view cardType in the response object after linking a card. Eligible cards will have a debit or prepaid card type.

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{
  "cardType": "debit"
}

Check qualification

If a merchant has been registered for the network's debt repayment program, then feeProgram will reflect which program a transaction qualified for.

For merchants ineligible for the card network programs, or with a pending registration, feeProgram will reflect a standard interchange program. These transactions will not qualify for the debt repayment interchange program.

Use the retrieve a transfer GET endpoint and check source.cardDetails.feeProgram in the response object to see which debt repayment program a transaction qualified for.

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{
  "source": {
    "cardDetails": {
      "feeProgram": "Debt Repayment 2"
    }
  }
}

Interchange fee details

The main benefit of the network incentive programs is capped interchange fees. This allows you to control processing costs regardless of the size of the loan repayment transaction.

You can find a payment's calculated interchange fee by checking moovFeeDetails.interchange in the create a transfer response.

Rates

For the most up to date program rates, it's always best to check with the card networks directly.

Visa interchange program fees

*Issuers that certify to Visa their compliance with the interim fraud prevention standards will receive an additional US $0.01.

Mastercard program fees

Discover program fees