Requesting For Payments
What is Requesting For Payments
Requesting For Payments is an exciting new service brought about by the Faster Payments Initiative of the FedNow ™ US Federal Reserve providing payments that are instant, final (irrevocable - "good funds") and secure.
Real-Time instant payments, are defined simply as: Irrevocably collected funds in a bank account and usable immediately by the owner of the account. Our "Good Funds" payment gateway allows for instant real-time digital payments that are immediate, irrevocable, intra-bank and/or interbank account-to-account (A2A) transfers that utilize a real-time messaging system connected to every transaction participant through all U.S.-based financial institutions. Funds are available for use by the receiver and real-time confirmation is provided to both you ("the sender") and receiver in seconds. Most Good Funds transactions are "Credit Push" versus "Debit Pull."
Recurring invoicing with a "Requesting for Payment" approach using real-time payment methods is a convenient way to automate regular payments between parties. Here's how it can be implemented:
1. Set up Recurring Invoices: The payee sets up recurring invoices specifying the details of the transaction, including the amount owed, frequency of payment (e.g., monthly, quarterly), description of goods or services, payment terms, and any other relevant information. This can typically be done through invoicing software or accounting platforms that support recurring billing.
2. Send Payment Requests: Instead of waiting for the payer to initiate the payment each time, the invoicing software automatically sends payment requests to the payer at the scheduled intervals. These payment requests can be sent via email, text message, or through the chosen invoicing platform or payment app.
3. Real-Time Payment Authorization: Upon receiving the payment request, the payer can authorize the payment in real-time using their preferred payment method. This may involve setting up a recurring payment authorization with their bank or payment provider, specifying the payment amount and frequency.
4. Real-Time Payment Processing: Once the payer authorizes the recurring payment, funds are transferred from the payer's account to the payee's account in real-time or within a matter of minutes, depending on the specific real-time payment system used. The payment is processed automatically according to the predefined schedule.
5. Confirmation and Record Keeping: Both the payer and payee receive immediate confirmation of each recurring payment transaction. The payment details are automatically recorded and reconciled by the invoicing software or accounting platform, simplifying record-keeping and financial management.
By implementing recurring invoicing with a "Requesting for Payment" approach using real-time payment methods, businesses can streamline the billing process, reduce manual intervention, and ensure timely and consistent payments. This approach is particularly beneficial for subscription-based services, membership dues, rent payments, and other recurring expenses.
About Requesting For Payments
Recurring RfP FedNow Request-For-Payment (RfP) is a convenient way for businesses to automate their recurring payment collection process. This feature allows businesses to create payment requests that are automatically generated and sent to their customers on a regular basis, such as monthly or quarterly.
To use RfP FedNow Request-For-Payment for recurring payments, businesses can set up a payment schedule and create a recurring payment request with all the relevant billing details, such as the amount due and the payment frequency. The customer can then review and approve the recurring payment request, which will automatically generate and send subsequent payment requests according to the payment schedule.
Recurring RfP FedNow Request-For-Payment can be used for a variety of payment types, including subscription-based services, installment payments, and recurring donations. By automating the payment collection process, businesses can reduce administrative costs and improve cash flow, while also providing their customers with a convenient and hassle-free payment experience.
One potential benefit of using RfP FedNow Request-For-Payment for recurring payments is the ability to easily manage payment disputes or changes in payment terms. Businesses can quickly update the payment schedule or adjust the payment amount if needed, and customers can easily review and approve any changes through the payment request interface.
Overall, recurring RfP FedNow Request-For-Payment can be a valuable tool for businesses that want to streamline their payment collection process, reduce administrative overhead, and provide a convenient payment experience for their customers.
Features & Benefits
FedNow instant payments has benefits for all parties involved in
Financial Transactions.
Benefits to your company include:
Money Transfer: Current limit of $500,000.
It's Fast: 24/7/365 access to funds anytime vs.
several days for paper checks or ACH transfers to process.
Request for Payments ( RfP ™): Mobile & Online Real-Time Bill Payments.
It's Final: All RTP and Instant Payments are Final & Irrevocable.
Software Integration: Integrate your Management
or Enterprise software with us.
Message Detail: Full 145 characters available
using ISO 20022 messaging XML format.
Online Down Payments: Don't use inconvenient
and expensive Wires & Cashier's Checks.
Online Real-Time Reporting: Configured
Dashboard with Virtual Terminal login.
Reduced calls / emails in the "Purchasing Chain": All
parties to a instant payment transaction receive immediately
text & email messaging.
The
FedNow and RTP Systems enables Participants to initiate credit transfers,
receive final and irrevocable settlement for credit transfers,
and make available to Receivers funds associated with such
credit transfers in real-time, twenty-four (24) hours a day,
seven (7) days a week, fifty-two (52) weeks a year. All instant payments are "Credit
Push" instead of "Debit Pull."
Today Payments
...continues to meet the challenge of our clients by offering cost effective "good funds", real-time, instant, credit card, ACH and e-invoice payment processing services into the electronic payment solutions banking system. Electronic banking includes the transfer of funds between companies (B2B) and/or (B2C) consumer accounts for collection and payments. Today Payments Gateway Merchant Services gives your company choices in the method of faster payments that you can accept from your customers.
Our payment processing platform is designed for simplicity and ease-of-use.
SecureQB Cloud payment processing integration for QuickBooks ® give you the Best transaction detail information, real-time, with matching error-proof through QuickBooks.
Process with the Requesting For Payments Professionals
- Automation of Accounts Receivable Collection with Real-Time Settlement & Deposit
- Automation of Accounts Payable Payments with Real-Time Settlement & Deposit
- One-Time & Recurring Real-Time Credits with Settlement & Deposit
Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.
Contact Us for Requesting For Payments payment processing
