Request For Payments
What is Request For Payments
Request 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."
Request-for-Payments (RfP) is a mechanism through which payees can initiate requests for funds from payers. It's a feature within various payment systems that allows businesses or individuals to generate payment requests and send them to their customers or counterparties. Here's how Request-for-Payments works for receiving funds:
- Initiation of Payment Request:
- The payee, which could be a business or an individual, generates a payment request indicating the amount owed, the due date, and any other relevant information.
- This request can be generated through various channels, including invoicing software, payment platforms, or directly through a banking interface.
- Transmission of Payment Request:
- Once the payment request is generated, it is transmitted to the payer. This transmission can occur via email, text message, or through an integrated payment system.
- Payment Authorization by Payer:
- Upon receiving the payment request, the payer reviews the details and decides whether to authorize the payment.
- Depending on the payment system used, the payer may have different options for fulfilling the payment request, such as initiating a bank transfer, using a credit card, or utilizing a digital wallet.
- Payment Execution:
- Once the payer authorizes the payment, the funds are transferred from the payer's account to the payee's account through the chosen payment method.
- In real-time payment systems, such as FedNow or other instant payment networks, the transfer of funds occurs immediately, providing instant settlement.
- Notification and Confirmation:
- Both the payee and the payer receive notifications confirming the successful execution of the payment request.
- These notifications may include details such as the transaction amount, the transaction reference number, and the timestamp of the transaction.
- Reconciliation and Record-Keeping:
- The payee reconciles the received payment with the corresponding payment request to ensure accuracy.
- Records of the payment transaction, including invoices, payment requests, and transaction confirmations, are maintained for accounting and auditing purposes.
Request-for-Payments streamlines the process of receiving funds by allowing payees to proactively initiate payment requests, reducing the need for manual invoicing and follow-up. It provides a convenient and efficient way for businesses and individuals to collect payments from their customers or counterparties, enhancing cash flow management and reducing the risk of late payments.
About Request For Payments
RfP FedNow Request-For-Payments is a new real-time payment service offered by the US Federal Reserve. It allows businesses and individuals to send and receive instant payments 24/7/365, enabling faster and more efficient payments than traditional payment methods.
To use RfP FedNow Request-For-Payments, you must first enroll in the service with your bank or financial institution. Once enrolled, you can use RfP FedNow Request-For-Payments to send payment requests to other individuals or businesses, and receive payment requests from others.
Here are the general steps for using RfP FedNow Request-For-Payments:
Enroll in RfP FedNow Request-For-Payments with your bank or financial institution.
Create a payment request in your bank's or financial institution's RfP FedNow Request-For-Payments system. Include all relevant details such as the payment amount, the due date, and any other information that the recipient needs to know.
Send the payment request to the recipient's RfP FedNow Request-For-Payments account using their mobile number or email address.
The recipient will receive a notification about the payment request and can use their RfP FedNow Request-For-Payments account to make the payment.
Once the payment is made, you will receive instant notification and receive the payment in your account via RfP FedNow Request-For-Payments.
It's important to note that the specific steps for using RfP FedNow Request-For-Payments may vary depending on your bank or financial institution. Be sure to check with them for any specific instructions or requirements.
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 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 Request For Payments payment processing
