Payment methods

Overview

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 isn’t linked to a verified bank account, you won’t have the ability to send funds with the ach-debit-fund payment method. 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. There are a few different ways you can see what payment methods are available:

  • Payment methods via Moov.js, a browser client that collects PII so you don’t have to be responsible for handling and storing sensitive customer information.

  • The payment methods endpoint

Sending to a bank account

After linking a bank account, the corresponding Moov account will automatically have the following payment methods:

  • ach-credit-standard: Can only be the destination of a transfer, taking between 3-4 business days
  • ach-credit-same-day: Can only be the destination of a transfer, receiving funds within 1 business day
  • rtp-credit: Can only be the destination of a transfer, receiving funds in near real-time

In other words, any Moov account with a connected bank account can receive funds. However, until that bank account has been verified via micro-deposits or instant account verification, it cannot be debited.

Funding from a bank account

Once the sender party Moov account has the send-funds capability enabled and a verified bank account, the following payment method will be available:

  • ach-debit-fund: Can only be the source of a transfer

The ach-debit-fund payment method indicates ACH funding of a payout, or adding funds to a Moov wallet.

Collecting funds from a bank account

You can also use a verified bank account to fund a collection transfer (e.g., a bill payment). Moov accounts with verified bank accounts and the transfers capability will receive the following payment method:

  • ach-debit-collect: Can only be the source of a transfer

The ach-debit-collect payment method indicates destination entity pulling funds (e.g., a bill payment where the utility company is pulling funds from someone else’s account).

Collecting funds from a card

Cards can be linked to a Moov account to be charged one time or multiple times. Once a card is linked to a Moov account, the following payment method will be available:

  • card-payment: Can only be the source of a transfer

Moov wallet

Any account with the wallet capability will receive a Moov wallet, which can be used to store money, or as a funding source for transfers. If an account has a Moov wallet, it will also have the moov-wallet payment method.

tip
Read our guide on capabilities to learn more about our data requirements for Moov accounts.