A wallet allows for flexibility on when and how you’d like to move funds. Some examples of what you can accomplish with the wallet:
- Accumulate collected payments
- Transfer funds between Moov wallets for instantly available funds
- Pre-fund your wallet for faster payouts
- Cash out from your wallet at any time
Moov also utilizes wallets for processing ACH exceptions. Depending on when a return occurs, funds can be added to or deducted from the source or destination’s wallet, which may result in a negative wallet balance.
Each wallet has a balance that represents the funds currently available for that Moov account. Transferring from a wallet will instantly decrease the wallet’s balance. You can subscribe to wallet balance change events using webhooks.
Moov will automatically create a payment method when the wallet capability is enabled for a Moov account. You can then use the
moov-wallet payment method as a part of any transfer involving a wallet.
||Can hold funds in a wallet and use the wallet as a source and destination for transfers||