Remember the time you first used Uber? It was like magic when it came time to pay; it just worked. Every software company wants that moment inside their product. They realize the power of owning the entire user experience, including the way people pay and get paid.
The money rails
There are numerous ways to send and receive money regarding payments. Each method can be considered its own “rail.” Each rail operates with its own network rules, such as the amount of time it takes for the money to move from point A to B. The primary rail in the US is ACH (Automated Clearing House), which is a network that allows for the electronic transfer of funds between accounts. In 2020 alone, ACH processed $61.9 trillion in transactions through its network. The total cost of accepting ACH payments varies depending on several factors, such as the volume of transactions. Still, ACH fees are often much cheaper than the fees associated with other rails, such as RTP.
RTP (real-time payments) is a network owned by The Clearing House that enables 24/7 real-time electronic payments in the US. User behavior has shown that people are usually willing to pay a small fee to send or receive their money faster. These moments are where services like RTP come into play.
We could go on and on about the different rails, but that’s not the point. The point is that software companies don’t have the time and resources to become payment experts or build their own payment infrastructure. They just want to add money movement functionality into their product. And their end-users don’t care about ACH, RTP, or any other industry acronym—they just want to move money.
How we put it together
That’s where Moov comes in.
Moov makes it simple for developers and product managers at software companies to build embedded financial experiences without ever talking to a bank. We’ve built direct connections to the various rails, so you don’t have to. When new payment options become available, we add them to our platform, and your end-users can immediately make payments with them. And the best part is that you control the options that make sense for your business and your users. Want to charge a small fee for RTP? You can. Want to make RTP default and have no cost because it’s a better user experience? You can do that, too. The flexibility is up to you. We also handle program management, licensing, data collection, risk, and anti-money laundering. Those are just a few areas to consider when adding payments to your software. With Moov, you can rest easy knowing that everyone coming into your product is getting a smooth and fast experience backed by the highest compliance standards.