Real-Time Payments at the speed of life ™ ~


Requests Payments

What is Requests Payments

Requests 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 Requests for Payments (RFPs) for both B2B and B2C transactions with real-time payment systems can offer efficiency and convenience. Here's how it works:

  1. Recurring Requests for Payments:
    • RFPs are established for regular, scheduled payments, whether it's daily, weekly, monthly, or based on a custom frequency.
    • These recurring requests are automatically generated and sent to the payer at the designated intervals, reducing manual effort and ensuring prompt payments.
  1. Variable Pricing:
    • For transactions with variable pricing, such as utility bills or usage-based services, RFPs can accommodate fluctuating payment amounts.
    • Each billing cycle, the RFP reflects the current amount owed based on usage, consumption, or any other variable factors.
  1. Stable Pricing:
    • In contrast, RFPs with stable pricing involve fixed payment amounts that remain consistent from one billing cycle to the next.
    • This is common for subscription services, memberships, or installment plans with standardized fees.
  1. Real-Time Payment Systems:
    • Leveraging real-time payment systems like RTP (Real-Time Payments), FedNow, or instant payment platforms ensures swift and secure fund transfers between payer and payee accounts.
    • When the payer receives the RFP, they can authorize the payment through their preferred method, with funds transferred instantly or within minutes.
  1. B2B and B2C Transactions:
    • Recurring RFPs can be tailored for both B2B and B2C transactions, catering to the needs of businesses and individual consumers alike.
    • B2B transactions may involve recurring payments for services, subscriptions, or contractual agreements.
    • B2C transactions may include recurring payments for utilities, rent, mortgage, or subscription-based services.
  1. Digital, Texting, or Paper Invoicing:
    • RFPs can be initiated through various channels, including digital invoicing platforms, text message notifications, or traditional paper invoices.
    • Regardless of the communication method, the payment process remains seamless and efficient, with real-time payment systems facilitating instant fund transfers.

By implementing recurring RFPs with real-time payment systems, businesses can streamline their billing processes, improve cash flow management, and enhance customer satisfaction by providing a convenient and reliable payment experience. Whether the pricing is variable or stable, real-time payment systems ensure that payments are processed swiftly and securely, benefiting both businesses and consumers.

 


About Requests Payments

RfP FedNow Request for Payment is designed to handle individual payment requests in real-time, but it does not support batch processing. Therefore, each payment request needs to be initiated and processed individually. However, it is possible to set up recurring payment requests, which can be scheduled to occur at specific intervals, such as weekly or monthly. This can be useful for businesses that need to collect recurring payments from their customers, such as subscription services or utility companies.

To set up a recurring RfP FedNow Request for Payment, you would need to create a payment request with the required payment details, including the amount, payment due date, and payment reference. Then, you can set up a schedule for the payment to recur, specifying the start date, frequency, and duration of the recurring payment. The payment schedule can be saved and managed within your RfP FedNow Request for Payment account, and payments will be automatically processed according to the schedule you have set up.


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 Requests Payments Professionals

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  • 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 Requests Payments payment processing