Introduction
Zūm Wallet
Zūm wallet is a virtual account which is used to facilitate money movement from either your bank account to your users’ bank account or the opposite. You can see all activity involving your Zūm wallet through the portal, such as credit and debit transactions. Every Zūm Rails customer account comes with one Zūm Wallet.
The goal of the Zūm Wallet is to help you manage funds. You can preload the wallet for faster disbursement or collect multiple transactions and then send one aggregate transaction to your funding source, or split the funds.
Funding Source
Connect your business bank account to Virtual Wallet to move funds for all transaction types.
Add a funding source through the Portal by going to the Funding Sources > Add New Bank Account option.
Transaction Types
Zūm Rails offers 5 main methods to facilitate financial transactions, accessible through both the portal and API. When using the API, specify the transaction type with “ZumRailsType”:
FundZumWallet
WithdrawZumWallet
AccountsPayable
AccountsReceivable
UserTransfer (Only available using API)
Payment Options
Zūm Rails allows effective management and control of financial transactions by regulating the sources and destinations of funds:
Collect Money
Transfer funds from a user to a virtual wallet: easily collect payments and store them securely in your virtual wallet.
Directly transfer funds from a user to a funding source: facilitate direct deposits into a specified funding account without intermediary steps.
Send Money
Transfer funds from virtual wallet to a user: disburse payments from stored funds in your virtual wallet directly to users.
Transfer funds from a funding source to a user: send payments directly from a designated funding source to a user.
Additional Features
Schedule transactions in advance. Once a transaction is set with a future start date, it will be queued for processing.
Setup Reoccurring transactions to automatically trigger transactions with a frequency, start date, and an end up.
Setup Auto Top-up to maintain a minimum balance in your virtual Zūm wallet as per your business needs
Last updated