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A sweep automatically initiates daily transfers to external bank accounts. Sweeps can be used to:

• Payout funds from a wallet
• Pull funds to cover fees or chargebacks
• Automatically collect fees or other payments your account has received

Sweeps help ensure funds move predictably and efficiently based on your configuration.

Configure sweeps

To set up a sweep, you must first add and verify a bank account. Bank account verification can take a few days during onboarding, depending on the verification method. For faster setup, we recommend instant micro-deposit verification.

You can configure sweeps in one of two ways:

• From the Dashboard
• Use the create a sweep configuration endpoint

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curl -X POST "https://api.moov.io/accounts/{accountID}/sweep-configs" \
  -H 'Authorization: Bearer {token}' \
  --data-raw '{
    "walletID": "UUID",
    "status": "enabled",
    "pushPaymentMethodID": "UUID",
    "pullPaymentMethodID":"UUID",
    "minimumBalance": "150.00"
  }'\

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mc, _ := moov.NewClient()

minBalance := "150.00"
mc.CreateSweepConfig(ctx, moov.CreateSweepConfig{
  AccountID:           "UUID",
  WalletID:            "UUID",
  Status:              moov.SweepConfigStatus_Enabled,
  PushPaymentMethodID: "UUID",
  PullPaymentMethodID: "UUID",
  MinimumBalance:      &minBalance,
})

To update an existing sweep configuration, use the PATCH endpoint.

Choose your preferred payment methods for payouts via the pushPaymentMethodID. We currently support ach-credit-same-day, ach-credit-standard, or rtp-credit. If you select same-day ACH or RTP, Moov will attempt to send funds using that rail. If the transfer amount exceeds rail limits ($500,000 for same-day ACH or $1,000,000 for RTP) the transfer will automatically fall back to standard ACH. Fees are applied according to the account’s fee plan.

To remediate negative balances, you must configure an ach-debit-fund for the pullPaymentMethodID. Bank accounts used for push (payouts) and pull (debits) sweeps can be different.

Maintain a daily balance

Optionally, you can specify a minimum daily wallet balance to support ongoing operations or protect against refunds, disputes, and fees. If set, Moov ensures this balance is maintained when calculating sweep amounts. If not set, the default maintained balance is $0.

Default statement descriptor

By default, Moov uses the companyName from your account’s ACH settings for sweep transfers. You may customize the ACH statement descriptor in the sweep configuration. The default descriptor is a 10 character ID, that is also available on each sweep for reconciliation (swp_xxxxxx).

Payout timing

As you process payments, funds accrue into a sweep. A sweep’s accrual period closes daily at 4:00 PM ET. Once a sweep period is closed, a corresponding transfer is created and a new sweep is immediately created and begins accruing. Moov does support alternative close times, please contact us if you would to adjust timing. Since sweeps are not processed on weekends or banking holidays, funds will be paid out the next business day.

Card payment funds are typically credited to the Moov wallet by 1:00 PM ET the next banking day following the card payment. You can refer to card brand timetables for details on specific brand cut-off times to know what is included in the next day funding. ACH processing speeds can vary, but funds are generally available the morning of the second banking day after the transfer is created.

For daily payouts, you can expect the funds to be received based on the following schedule:

Sweep transfers will assess a fee based on your pricing schedule.

Reconciliation

The accruedAmount represents the amount typically expected to transfer for a sweep period. In certain cases, such as when a sweep is first enabled or when a minimum balance is newly applied, the transferred amount may differ. In those one-off cases, Moov calculates the amount to transfer accordingly:

transferAmount = availableBalance at sweep close - minimumBalance

The get sweep and list sweeps endpoints include subtotals grouped by transactionType. These breakdowns help you:

• Reconcile sweep activity
• Track payout sources
• Report totals such as sales, fees, and refunds to end users

A sweepID is assigned to all debit or credit sweep transactions in a Moov wallet and can be used to access all sweep activity. For detailed reporting and reconciliation of sweeps, we recommend supplying the sweepID as a query parameter with the list wallet transactions GET endpoint. Using the returned list, you can match the amount received in the bank account with the corresponding transactions.

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  "subtotals": [
    {
      "amount": {
        "currency": "USD",
        "valueDecimal": "50.00"
      },
      "count": 1,
      "type": "moov-fee"
    },
    {
      "amount": {
        "currency": "USD",
        "valueDecimal": "50.00"
      },
      "count": 1,
      "type": "account-funding"
    }
  ],

Negative sweeps

In some cases, you can accrue a negative balance. For example, if you receive $100, but also receive a refund request for a previous payment of $200, the wallet balance would be -$100. Moov allows for a one-day grace period to account for any incoming payments. If the balance remains negative, a debit is initiated the following day.

Negative sweeps are not initiated for amounts less than $10. There is a two-day hold on ACH debit transactions, so payouts will only resume once the debit transfer completes.

Failures

When a payout can’t be completed, a sweep.updated webhook event will be sent:

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{
  "eventID": "14980a04-2e32-4921-a771-4959a36534a6",
  "type": "sweep.updated", 
  "data": {
    "sweepID": "51015d0d-8dca-49a0-ba70-abfed073f785",
    "walletID": "50f31cfa-6e41-412b-9935-655e58127583", 
    "status": "failed",
    "transferID" : "0a958eb7-4384-41d6-8bd9-ba1cf9e2f5d2"
  },
  "createdOn": "2021-09-02T13:57:50Z"
}

The transfer's failureReason indicates the reason for the failure and may also disable the associated bank account. A bank account becoming disabled will trigger a bankaccount.Updated webhook event.

While awaiting a resolution, the sweep continues accruing with a status of action-required. Once a valid payment method is configured, payouts resume on the normal sweep schedule.