The following is a very basic outline of Moksha pronunciation. As literature is contradictory on some aspects of Moksha phonology, the following may contain errors.
Feoktistov calls schwa one of the "narrow vowels" (the others are i and u), according to him non-narrow vowels draw stress from narrow vowels, e.g., ingəl'dams. If all the vowels in a word are either narrow or non-narrow, then stress falls on the first syllable.
The front vowels palatalize preceding consonants. However according to Poljakov, š and ž are always hard, č, in turn, is always soft according to him.
The sequences lx, l'x, rx, r'x, jx indicate the voiceless /l̥, l̥ʲ, r̥, r̥ʲ, j̊/. The referenced literature doesn't make a mention of the sequences ix and yx, their character remains uncertain.
Unlike in Russian, in Moksha word final voiced obstruents are not devoiced before pausa.
There is simple assimilation by voicedness – ds and d's' become ts and t's'.
Judging by the comprehensive Mordwinisches Woerterbuch by Heikki Paasonen (written in UPA), a word final schwa is prohibited in Moksha, words orthographically written with a final e are always transcribed by him as ending with a low front unrounded vowel (ä in his transcription).
Russian sources are ambiguous, for example, Аннотация (..) учебного плана (..) 020208.65 «Биохимия» (PDF) "Biochemistry"] makes the following statement:
выпадение гласного звука в конце слова, если это Ъ (редуцированный гласный): панда – пантт (гора - горы), пильге – пилькт (нога – ноги)
Translated: elision of a word-final vowel , if this vowel is Ъ (reduced vowel ): panda – pantt (mountain – mountains), pil'ge – pil'kt (leg – legs).
Similar ambiguous statements can be found in other Russian descriptions of Moksha vowel values, for this reason Paasonen's phonetic transcription is assumed to be the standard reference.