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 own bank account
- Add money from your bank account to your Moov wallet
If you’re collecting payments or facilitating payment collection for your users, you can set a wallet as the transfer destination. You may then choose to cash out those aggregated funds to a bank account or even transfer between wallets of other Moov accounts.
Each wallet has a balance which represents the funds currently available for that Moov account. You can set up a webhook to receive wallet balance change events.
If you’re making a transfer between two Moov wallets, the timing of the transfer is immediate and the balances should instantly reflect the update in value.
If you’re transferring from a bank account to a wallet, the funds won’t be available in the wallet balance until the funds are received.
Transferring from a wallet will instantly decrease the wallet’s balance.
Moov will automatically create a payment method when the
wallet capability is enabled for a Moov account.
||Can hold funds in a wallet and use the wallet as a source and destination for transfers||