Requesting For Payment
What is Requesting For Payment
Requesting For Payment 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."
Invoicing with a "Requesting for Payment" approach using real-time payment methods leverages the immediacy and efficiency of modern payment systems to streamline transactions. Here's how it typically works:
1. Generate Invoice: The payee (seller or service provider) generates an invoice specifying the details of the transaction, including the amount owed, description of goods or services, payment terms, and any other relevant information.
2. Request Payment: Instead of waiting for the payer (buyer or client) to initiate the payment, the payee sends a payment request to the payer electronically. This request can be sent via email, text message, or through a specialized invoicing platform or payment app.
3. Real-Time Payment: Upon receiving the payment request, the payer can authorize the payment in real-time using their preferred payment method. Real-time payment methods include bank transfers via systems like Faster Payments (in the UK), Immediate Payment Service (IMPS) in India, or instant payment systems offered by various banks and financial institutions worldwide. Other options may include digital wallets, peer-to-peer payment apps, or payment cards linked to real-time payment networks.
4. Confirmation and Settlement: Once the payer initiates the payment, both parties receive immediate confirmation of the transaction. The payment is processed swiftly, and 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 payment system used.
5. Record Keeping and Reconciliation: Both the payer and payee can maintain records of the transaction for accounting and reconciliation purposes. Invoicing platforms or accounting software often automate this process by syncing with bank accounts and categorizing transactions accordingly.
By leveraging real-time payment methods for invoicing with a "Requesting for Payment" approach, businesses can expedite the payment process, improve cash flow, and enhance overall efficiency in financial transactions. Additionally, the immediacy of real-time payments reduces the risk of late payments and helps maintain stronger business relationships between payers and payees.
About Requesting For Payment
RfP FedNow Request-For-Payment (RfP) can also be used for billing, providing businesses with a streamlined way to manage their accounts receivable.
To use RfP FedNow Request-For-Payment for billing, businesses can create a payment request for their customers, which includes all the relevant billing details, such as the invoice number, the amount due, and the payment due date. The payment request can be sent through a variety of channels, including email, text message, or through a dedicated online portal.
The customer can then easily review the payment request and make the payment using their preferred payment method, such as a credit card or bank transfer. Once the payment is made, the business will receive a notification that the payment has been received, and the funds will be transferred to the designated account in real-time.
Using RfP FedNow Request-For-Payment for billing provides several benefits, including faster payment processing, reduced administrative costs, improved cash flow, and increased customer satisfaction. By automating the billing process, businesses can free up time and resources that can be better spent on growing their business. Additionally, customers benefit from the convenience of being able to pay their bills quickly and easily, while also having the peace of mind that their payment is secure and efficient.
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 Payment 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 Payment payment processing
