Request Of Payments
What is Request Of Payments
Request Of 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."
"Request of Payments" and "Recurring Request for Payments" essentially refer to the same concept: the ongoing process of requesting payments from customers or clients on a recurring basis. This can involve using invoicing methods and various payment systems such as ACH, RTP (Real-Time Payments), and FedNow. Let's break down how these components come together:
1. Recurring Request for Payments: This refers to the practice of regularly requesting payments from customers or clients at scheduled intervals, often for subscription services, memberships, installment plans, or other recurring charges.
2. Invoicing through ACH, RTP, and FedNow: Invoicing involves generating bills or invoices that detail the products sold or services rendered, along with the associated costs and payment terms. ACH, RTP, and FedNow are different payment systems that facilitate the transfer of funds:
· ACH (Automated Clearing House): A payment network that allows for electronic transfers of funds between bank accounts. It's commonly used for recurring payments due to its reliability and low cost.
· RTP (Real-Time Payments): A system that enables instant payment transactions between financial institutions and their customers. It's particularly useful for time-sensitive payments or situations where immediate funds availability is required.
· FedNow: A real-time gross settlement service operated by the Federal Reserve in the United States, designed to support instant payments and enhance the speed and efficiency of the payment system.
3. Integration with SecureQBPlugin: SecureQBPlugin, as mentioned earlier, is a plugin designed to enhance security and functionality within QuickBooks. It could potentially integrate with these payment systems to facilitate the invoicing and payment process securely and efficiently.
Combining these elements, businesses can set up recurring invoicing and payment requests using ACH, RTP, or FedNow through systems like QuickBooks with SecureQBPlugin. This allows for streamlined billing processes, improved cash flow management, and enhanced convenience for both businesses and their customers.
About Request Of Payments
US companies can use RfP FedNow Request for Payment to request payments from customers or clients. This service enables businesses to initiate payment requests in real-time, and the recipient can approve and complete the payment instantly using FedNow Service. The payment can be initiated by providing necessary payment details such as amount, payment date, and payment description. Additionally, RfP FedNow Request for Payment can be used for one-time and recurring payments.
To use RfP FedNow Request for Payment, companies need to enroll in FedNow Service and set up their RfP profiles. They can then generate payment requests and send them to their customers or clients via email, text, or other communication channels. Once the payment request is received, the customer or client can approve and complete the payment using their bank's FedNow Service. The payment amount is immediately credited to the payee's account.
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 Request Of 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 Request Of Payments payment processing
