Loan servicing

Onboard borrowers

As you move through the onboarding process to create Moov accounts, some data is required while other data is optional. To view our full onboarding guides, visit the Dashboard or main onboarding guides.

Capabilities determine what each Moov account can do, such as receiving transfers, or sending money to others. For risk and fraud protection purposes, we require detailed information when requesting capabilities. For example, we’ll request more details if an account wants to collect funds than we would for an account receiving funds.

• Transfers: Authorize debit transfers
• Wallet: Store funds with Moov
• Send funds: Send funds to another account
• Collect funds (Business accounts only): Collect funds from another account

Pricing & fee plans can be assigned to one merchant or reused for many merchants. Merchants must agree to and accept the fee plan before it can go into effect. Moov offers two types of plans:

• Cost plus: With a cost plus plan, card networks’ interchange fees and Moov’s processing markup are passed along to the merchant. Cost plus plans are beneficial for merchants with a high and varied transaction volume that prefer to have more control over fees. Fees are broken down into a more digestible and transparent format.
• Flat rate: With a flat rate plan, you can lump all the processing fees together with a flat rate customized for each merchant. Flat plans are beneficial for merchants with a low transaction volume that prefer a predictable solution over lowering cost as much as possible.

Scopes are used to determine what can be done with the account once it’s onboarded. For example, the /accounts.read scope provides access to view all connected user accounts and the /accounts/{accountID}/files.read scope provides access to view or upload files associated with a Moov account.

Read more on required data in our documentation:

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curl --X POST "https://api.moov.io/onboarding-invites" \
  -H "Authorization: Bearer {token}" \
  --data-raw '{
    "returnURL": "https://mycompany.com/account",
    "termsOfServiceURL": "https://mycompany.com/terms-of-service",
    "scopes": [
     "accounts.read"
    ],
    "capabilities": [
      "transfers",
      "wallet"
    ],
    "feePlanCodes": [
      "merchant-direct"
    ],
    "prefill": {
      "mode": "production",
      "accountType": "business",
      "profile": {
        "business": {
          "legalBusinessName": "LBM Lenders LLC",
          "doingBusinessAs": "LBM Lenders",
          "businessType": "llc",
          "address": {
            "addressLine1": "123 Main Street",
            "addressLine2": "Apt 302",
            "city": "Boulder",
            "stateOrProvince": "CO",
            "postalCode": "80301",
            "country": "US"
          },
          "phone": {
            "number": "8185551212",
            "countryCode": "1"
          },
          "email": "amanda@classbooker.dev",
          "website": "www.lbmlenders.com",
          "description": "Financial institution for personal lending",
          "taxID": {
            "ein": {
              "number": "123-45-6789"
            }
          },
          "industryCodes": {
            "naics": "522291",
            "sic": "6141",
            "mcc": "6141"
          },
          "primaryRegulator": "FDIC"
        }
      },
      "metadata": {
        "property1": "string",
        "property2": "string"
      },
      "termsOfService": {
        "token": "kgT1uxoMAk7QKuyJcmQE8nqW_HjpyuXBabiXPi6T83fUKRJkA3dsFID6fzitMpm2qrOh4"
      },
      "foreignID": "4528aba-b9a1-11eb-8529-0242ac13003",
      "customerSupport": {
        "phone": {
          "number": "8185551212",
          "countryCode": "1"
        },
        "email": "amanda@classbooker.dev",
        "address": {
          "addressLine1": "123 Main Street",
          "addressLine2": "Apt 302",
          "city": "Boulder",
          "stateOrProvince": "CO",
          "postalCode": "80301",
          "country": "US"
        },
        "website": "www.lbmlenders.com"
      },
      "settings": {
        "cardPayment": {
          "statementDescriptor": "LBM Lenders"
        },
        "achPayment": {
          "companyName": "LBM Lenders"
        }
      }
    }
  }'\

Read more about accounts and onboarding in our documentation:

Use form shortening

Use the enrichment API to find publicly available information to autofill form fields based on an email address. With the enrichment API you can:

• Autocomplete addresses
• Get avatars
• Look up bank by routing number
• List industries
• Enrich business profile

If you’re using a Moov.js integration, you can use Moov’s pre-built Drops UI for form shortening. Read more in the Moov.js documentation:

Set up payment methods

Moov enables lenders to instantly send money to borrowers from a Moov wallet. After an account is linked to Moov, we’ll check its eligibility to send and receive payments on the RTP, ACH and card networks and we’ll automatically create the payment methods for the account.

Every account that meets the wallet capability requirements will automatically have the wallet enabled.

RTP & ACH

Link an eligible bank account through the Dashboard or API for access to instant RTP and fast ACH payment methods.

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curl -X POST "https://api.moov.io/accounts/{accountID}/bank-accounts" \
  -H "Authorization: Bearer {token}" \
  --data-raw '{
    "account": {
      "accountNumber": "0004321567000",
      "bankAccountType": "checking",
      "holderName": "Jules Jackson",
      "holderType": "individual",
      "routingNumber": "123456789"
    }
  }'\

Cards

Link a card through the API for access to the instant pull and push card payment methods (note, not all cards are eligible for instant payments).

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curl -X POST "https://api.moov.io/accounts/{accountID}/cards" \
  -H "Authorization: Bearer {token}" \
  -H "X-Wait-For: payment-method" \
  --data-raw '{
    "billingAddress": {
      "addressLine1": "123 Main Street",
      "city": "Denver",
      "stateOrProvince": "CO",
      "postalCode": "80301",
      "country": "US"
    },
    "cardCvv": "123",
    "cardNumber": "4111111111111111",
    "expiration": {
      "month": "01",
      "year": "28"
    },
    "holderName": "Jules Jackson"
  }'\

Read more about payment methods in our documentation:

Configure interchange incentives

To have card payments qualify for debt repayment interchange incentives, business accounts must be configured with Moov and registered with Visa, Mastercard, and Discover. After configuration and registration, eligible merchants can receive lower interchange fees for qualified loan repayment transactions.

When you link a card, you can check the response object to see if it qualifies. Qualifying cards will have card type debit or prepaid.

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{
  "cardType": "debit"
}

Payments made with a debit or prepaid card will automatically be marked as debt repayment in the request to the card network. To see what debt repayment program a transaction qualifies for, use the retrieve transfer GET endpoint and check the fee program.

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

Read more about interchange incentives in our debt repayment documentation:

Set up recurring payments

Recurring payments will collect from borrowers on a regular basis, without the need for a borrower to initiate a new payment each time. An initial payment is required before establishing a recurring schedule. Unscheduled payments which occur outside the set schedule can also be processed.

Use the transfers API to set up recurring payments.

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{
  "amount": {
    "value": 5000,
    "currency": "USD"
  },
  "source": {
    "paymentMethodID": "ec7e1848-dc80-4ab0-8827-dd7fc0737b43",
    "cardDetails": {
      "transactionSource": "first-recurring"
    },
    "destination": {}
  }
}

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{
  "amount": {
    "value": 5000,
    "currency": "USD"
  },
  "source": {
    "paymentMethodID": "ec7e1848-dc80-4ab0-8827-dd7fc0737b43",
    "cardDetails": {
      "transactionSource": "recurring"
    },
    "destination": {}
  }
}

Moov also provides a card account updater (CAU) service. CAU automatically updates payment information when a card has expired or been replaced, eliminating the need to contact cardholders to obtain new information.

Read more about recurring payments and CAU in our documentation:

Manage borrowers

The easiest way to manage borrowers is in the Dashboard. Within the Dashboard you can view all accounts, create new accounts, upload documents, update fee plans, view transfers, and more.

Read more about managing accounts in the Dashboard and API: