Just launched: Monetizing transfers
I learned a valuable lesson as a young product manager years ago that transitioning your product from a cost center to a profit center for your customers changes the dynamic of your relationship with them. It seems obvious, but it’s often lost on software and service providers that their product offering impacts the business model for its customers. That’s why at Moov, we’re focused on ways to help our customers grow their business with new revenue streams and simplifying the workflows of money movement.
Introducing facilitator fees.
Moov now includes a simple way to programmatically collect fees at the time of a transfer. If you’re looking for a straightforward but flexible way to monetize the payments you facilitate with your users, look no further.
How it works: the facilitator fee
We make it easy for you to monetize your payment flows by collecting a facilitator fee when creating a transfer. Setting a facilitator fee allows you to implement your own customer-facing fee structure or pass along your costs. You can apply a facilitator fee to any type of transfer, and the amount you specify will be deducted from the transfer. The destination will receive the transfer amount minus the fee, and your Moov wallet will be credited with the fee amount once the transfer is completed.
Fee options
When setting up fees, you have the option to collect a flat fee or a markup based fee.
Flat fees: A flat fee will be taken from the destination and will be credited towards your own Moov wallet. In the API, this is set as a total fee amount under the facilitatorFee field:
// Moov Node SDK:
moov.transfers.create({
"amount": {
"currency": "usd",
"value": 10000
},
"source": {},
"destination": {},
"facilitatorFee": {
"total": 400, // oneOf markup or total
}
})
Markup fees: You can pass on any Moov fees incurred at the time of the transfer, plus any additional fee you’d like to collect on top of your cost. If you choose to just pass along the cost of the Moov processing fee, your markup would be equal to 0. After the transfer completes, the markup fee amount will be credited to your Moov wallet.
// Moov Node SDK:
moov.transfers.create({
"amount": {
"currency": "usd",
"value": 10000
},
"source": {},
"destination": {},
"facilitatorFee": {
"markup": 100, // oneOf markup or total
}
})
Monetize away
With the ability to set fees on transfers, you’re now able to unlock new revenue and growth opportunities. Set fees on any type of transfer you want, as long as the total fee amount doesn’t exceed the transfer amount. You don’t have to worry about accidentally charging fees if a payment fails, since fees aren’t charged until the transfer successfully reaches a destination. At your convenience, you can access the fees you’ve been collecting in your Moov wallet.
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