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Unit

Many enterprises and FinTechs know they can provide meaningful value to their members by offering fully-branded bank accounts, and they use a BaaS platform to achieve this. Unit is a very popular BaaS option, and Hurdlr lets you build directly on top of your Unit integration, without any back-end development required.

1. Benefits of integrating Hurdlr with Unit

By adding the Hurdlr API on top of your Unit implementation, you can:

a) Quickly add desired features that will help you acquire and retain business customers

b) Vastly decrease development resource allocation and time to market

c) Stay focused on your immediate roadmap, while knowing that the future use cases for your business finance super app are available for you when needed

2. Unified General Ledger

Many FinTechs and neobanks that leverage Unit are also leveraging data from other data sources, like Plaid, so that all of their users' financial data can reside in one place.

Combining all of that data into one source of truth is usually a tall order. Hurdlr makes this easy as its General Ledger runs behind-the-scenes for all data sources, enabling a wide gamut of use cases and requiring zero development on your team's end.

For example, if your product includes transactions aggregated from Plaid as well as transactions from Unit-powered bank account(s) that your user opened, your team can simply share access to your Plaid keys & Unit Accounts, and the General Ledger will automatically be populated with the necessary double-entry transactions from all of these accounts.

3. Customer Experience

The Hurdlr API substantially enhances your business banking customer experience, by adding functionality that speaks specifically to the following use cases:

Small business (SMB) banking

a. Fully embeddable/customizable UI

Hurdlr's embeddable user interface provides all the financial functionality that SMBs need, and it can be fully customized to match your branding. Your team can also build its own UX on top of the Hurdlr API or mix and match.

b. Transactions management (Expense tracking)

Easily display expenses with business-specific categories that get smarter over time by leveraging artificial intelligence. Expenses are also mapped to tax categories, which ultimately map to specific line items on the Form 1040 Schedule C, 1065, 1120-S, and 1120, based on the SMB's entity type. Sole Proprietorships, LLCs, LLPs, S-Corps, and C-Corps are supported.

c. Accounting (General Ledger, Reconciliation, etc.)

Hurdlr's "Invisible" Double-Entry Accounting automatically populates the proper accrual basis transactions in a General Ledger for every expense, invoice, tax payment, etc., that flows through the bank account.

d. Invoicing

Provide robust invoicing functionality with your preferred payment rails, while resting assured that bank deposit transactions will be automatically reconciled to the relevant invoice(s).

e. Financial Statements

The beauty of Hurdlr's "Invisible" Double-Entry Accounting is that businesses get all the financial statements they could ever need, without the burden of having to understand bookkeeping, including HTML, PDF, and XLS reports for:

  1. Profit & Loss
  2. Cash Flow
  3. Income by Business / Client
  4. Expenses by Business / Client / Category
  5. Balance Sheet
  6. Trial Balance

Self-employed (mixed use) banking

Self-employed individuals enjoy all of the SMB features listed above, in addition to the following SE-specific features:

a. SE-specific transaction management

The vast majority of self-employed individuals commingle their business and personal finances. Hurdlr's Deduction Finder "uncommingles" transactions by leveraging the user's business type to provide accurate predictions.

For personal transactions, Hurdlr provides embeddable personal budgeting functionality, allowing the user to easily build and track against a personal budget, while still tracking their business finances separately.

b. Self-employed taxes

The accounting backbone of the Hurdlr API allows you to provide your self-employed users with quarterly tax estimates, with zero extra labor on your team's end. Your users have the option to complete a fully-integrated DIY self-employed tax filing, which leverages all the data tracked via the Hurdlr + Unit integration, getting them 70+ percent complete on their tax filing. For users who want to submit their data to a tax filer or accountant, Hurdlr has them covered with easily exportable tax detail spreadsheets and Schedule Cs.

And, all of the above is available via the embeddable tax dashboard, saving you the time and hassle of iterating a tax experience on your own.

4. Securely sharing your Unit partner token

Email your contact at Unit to request that they grant Partner Token access to Hurdlr. Unit will then securely give Hurdlr partner token access to your Unit bank accounts for the accounts and transactions scopes.

5. Unit webhooks (real-time updates)

By subscribing the Hurdlr API to receive webhooks on your Unit dashboard, Hurdlr will be able to pull in updates to your users' transaction in real-time.

To do so, in your Unit Dashboard, click on Developer -> Webhooks.

Next, click on "Create", which will open up the "Create new webhook" form. Fill in the fields as shown in the screenshot below:

Contact us directly at [email protected] to obtain the values to replace the <apiPartnerId> and <apiPartnerWebhookToken> fields with.

6. Implementation

First, you should register your user with the Hurdlr API. Note: your user will never see Hurdlr branding.

Next, to associate a user's Unit accounts with your user's Hurdlr account, simply POST the Unit customerId to the /unitCustomerId endpoint:

curl \
  --request POST \
  --url https://sandbox.hurdlr.com/rest/v5/banks/unitCustomerId \
  --header 'Authorization: Bearer ${access_token}' \
  --header 'Content-Type: application/json' \
  --data '{
    "unitCustomerId": "${unit_customer_id}"
  }'

The Hurdlr API will automatically take care of the rest!

7. Next Steps

Now that the connection between Unit and the Hurdlr API is complete, all of Hurdlr's Expense Tracking, Invoicing, Accounting, Financial Reporting, and Tax features will immediately become available to your user, both in the Embeddable User Interface and via API.

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Whether you are building your own UX from scratch or have some existing functionality that you are looking to enhance, the Hurdlr API team is here to help. Don't hesitate to email us at [email protected], and we would be glad to help you create and complete the best next steps for your specific product and vision.

Additionally, you can take a look at the BaaS Customer Experience documentation for UX ideas.

Updated 10 days ago