Request Payments

What is Request Payments

Request 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."

Implementing recurring "Request Payments" from payers to payees through real-time payment systems can streamline billing processes and ensure timely transactions. Here's how it can be done using digital, texting, or paper invoicing methods:

  1. Digital Invoicing and Payment Requests for Recurring Payments:
    • The payee sets up recurring invoices using digital invoicing software or accounting platforms, specifying the payment amount, frequency (e.g., weekly, monthly), and duration.
    • Recurring invoices are automatically generated and sent to the payer via email or through the invoicing platform at scheduled intervals.
    • The invoice includes instructions for payment, such as a link to initiate payment through a payment gateway supporting real-time payment systems.
    • The payer receives the digital invoice and authorizes recurring payments by setting up automatic payments or manually initiating payments through the provided link.
    • Real-time payment systems, such as RTP or FedNow, facilitate instant fund transfers from the payer's account to the payee's account for each recurring payment cycle.
  1. Texting Payment Requests for Recurring Payments:
    • The payee sends recurring payment requests to the payer via text message at scheduled intervals, specifying the payment amount and frequency.
    • The payment request includes instructions for payment, such as a link to a payment portal supporting real-time payment systems.
    • The payer receives the text message and follows the instructions to authorize recurring payments.
    • Real-time payment systems process each payment request instantly or within minutes, transferring funds from the payer's account to the payee's account for each recurring payment.
  1. Paper Invoicing with Real-Time Payments for Recurring Payments:
    • The payee generates recurring paper invoices detailing the payment amount, frequency, and duration of recurring payments.
    • The paper invoices are sent to the payer via mail or handed over in person at scheduled intervals.
    • The payer reviews the invoice and initiates recurring payments through their preferred method, such as online banking or mobile payment apps, leveraging real-time payment systems.
    • Real-time payment systems facilitate instant fund transfers for each recurring payment, ensuring timely and efficient transactions between the payer and payee.

In all these scenarios, leveraging real-time payment systems for recurring payments enhances convenience, efficiency, and reliability for both payers and payees, regardless of whether the payment request is initiated digitally, via text message, or through traditional paper invoicing methods.

 


About Request Payments

Recurring mobile RfP FedNow Request Payments can be set up by following these steps:

Choose a payment provider that offers recurring payment options with RfP FedNow Request Payments.

Create a billing plan or subscription plan for your customers. This will include the frequency of the payments (e.g. weekly, monthly), the amount to be paid, and the start and end dates for the payments.

Set up the plan in your payment provider's system and link it to the customer's account.

Notify the customer that you are setting up a recurring payment plan and provide them with the details of the plan, including the amount, frequency, and start and end dates.

Obtain the customer's authorization to set up the recurring payments. This can be done through a signed agreement, an electronic authorization, or other methods that comply with legal requirements.

Process the recurring payments through your payment provider's system on the scheduled dates.

Monitor the payments to ensure that they are processed correctly and address any issues that arise.

It is important to comply with all legal and regulatory requirements when setting up recurring mobile RfP FedNow Request Payments, including obtaining proper authorization from customers and providing them with clear and accurate information about the payment plan.


Features & Benefits

FedNow instant payments has benefits for all parties involved in Financial Transactions.
Benefits to your company include:
Text Mobile Request for Payment 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."


Our Real-Time Payment Platform Hub


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 Payments Professionals

hand shake
  • 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 Payments payment processing