Introduction

Wallets offer your customers a simple way to move and store money for use cases that don’t require a traditional bank account.

They’re a new type of account on the Unit platform, alongside Deposit Accounts and Credit Accounts. Each of these account types can carry a balance (example: $50) and support transactions (example: two ACH credits of +$25 each).

Many people are already familiar with wallets from apps like Uber. When an end-customer loads $50 onto their Uber Cash account, those funds are stored in a wallet rather than a traditional bank account.

Why choose Wallets over traditional bank accounts?

1. Depending on the use case, they can be faster and easier to set up, with streamlined onboarding flows (subject to bank approval).

2. They can be a good fit for customers who don’t need the full suite of services that come with a traditional bank account.

3. They can be a good fit for use cases that limit how and where the money can be spent (e.g., closed-loop payments, FSA accounts).

Similar to an embedded bank account, Wallets also allow companies to improve customer retention and engagement by keeping funds on the platform.

note

All Wallets use cases and onboarding requirements are subject to approval by your bank partner.

Use Cases for Wallets

Business bill payments

Certain kinds of bill-pay solutions can be enabled using Wallets.

For example, companies like BILL that help small-business customers pay vendors can use wallets to simplify their outgoing payment operations. Imagine a customer, ABC Kitchen, who needs to pay two grocery suppliers. ABC Kitchen could send a single $2,000 payment into a wallet and, from there, make two subsequent payments of $1,000 to the grocers.

This structure would enable small businesses to manage vendor payments more efficiently—without needing to debit an external bank account for each transaction.

Stored-value wallets

Marketplaces or platforms can enable end-customers to store funds that can only be spent with businesses on their platform.

Uber Cash is a great real-world example. End-customers can add funds to Uber Cash and use them towards purchases on Uber, like rides, packages, and food deliveries.

By keeping end-customer funds within the ecosystem, platforms like Uber can increase revenues, reduce payment processing costs, and even build an on-ramp to embedded bank accounts.

Benefits

Employee-benefits platforms can enable their customers to offer benefits like Flexible Savings Accounts (FSAs) via wallets. This enables employers to set up and offer certain benefits programs without needing to open an additional bank account.

For example, Rippling enables small businesses to offer FSA wallets to their employees, who can use them to pay for eligible medical expenses.

Using Wallets can streamline the management of employee benefits and make it easier for users to access and use their funds in their FSA.

How to build with Wallets

Wallet Terms

When creating a Wallet, you will need to specify the Wallet Terms. These terms define the features and policies that apply to the Wallet, including:

• Fees
• Limits
• Card settings
• Clearing periods for various payments (e.g. check deposit)

Supported Features

Currently, Wallet supports the following features and payment types:

• Originate ACH (both credit and debit)
• Receive ACH (both credit and debit)
• Book Payments
• Prepaid and benefits-related cards (e.g., FSAs, HRAs)

Additional functionality is coming soon; check the roadmap for updates.

Tech Integration

Depending on your program, the Wallet configuration process may differ.

For example, if you’re offering Wallets to new customers, you’ll need to create an application and customer before creating a wallet. If you’re offering Wallets to your existing customers who have already applied, you will simply create a Wallet for them.

Creating Wallets for New Customers

If you’re offering Wallets to new customers, you’ll need to configure and create applications for those customers to apply, and upon approval, create customers and wallets for them.

1. Wallet configuration
   • Configure the Wallet Terms by selecting the Default Wallet Terms.
   • In sandbox, the default Wallet Terms will be created with the name walletDefault
2. Create Business Application
3. Create Wallet
   • When calling the endpoint, you will need to include an id of the BusinessCustomer that was created successfully as a result of the Create Business Application call.
   • An attempt to create a Wallet using a businessWalletCustomer that was not created as a result of an approved application will fail.
   • You will need to include a walletTerms name when calling the endpoint
   • In sandbox, use walletDefault as the value in the walletTerms field that the endpoint expects to receive.
   • Contact Unit to enter the other Wallet Terms configurations under your organization.
   • In case you have multiple Wallet Terms configuration options, make sure that you are using the right Wallet Terms name.
4. The Wallet’s supported functionality will be in accordance with the configuration of the Wallet Terms.

info

If a certain Wallet functionality is not supported as expected, contact Unit in order to troubleshoot and resolve the issue.

Creating Wallets for Existing Customers

If you’re offering wallets to existing customers on Unit, you will simply need to create Wallets for these customers that are tied to the existing customer entity.

1. Wallet configuration was completed:
   • A Default Wallet Terms is created.
   • In sandbox, the default Wallet Terms will be created with the name walletDefault
2. Create Wallet
   • When calling the endpoint, you will need to include an id of the existing BusinessCustomer
   • You will need to include a walletTerms name when calling the endpoint
   • In sandbox, use walletDefault as the value in the walletTerms field that the endpoint expects to receive.
   • Contact Unit to enter other Wallet Terms configurations under your organization.
   • In case you have multiple Wallet Terms configuration options, make sure that you are using the right Wallet Terms name.

Currently, Wallets only support business use cases. Ready to get started? Contact your Success Manager for more details.