Request To Pay Services
What is Request To Pay Services
Request To Pay Services 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 to Pay (RTP) services facilitate digital communication between payees (businesses or individuals issuing invoices) and payers (those responsible for settling the invoices). These services enable streamlined invoicing and payment processes, primarily through digital channels such as online platforms, mobile applications, and SMS messaging. Here's how Request to Pay services work for both B2B and B2C scenarios:
- B2B Request to Pay:
- Invoice Generation: The payee (business) generates an invoice through the Request to Pay service, specifying details such as the amount owed, due date, and payment terms.
- Notification to Payer: The payee sends a notification to the payer (another business) via the Request to Pay platform, typically through email or an online portal. The notification informs the payer about the invoice and provides a link to view and settle it.
- Payer Response: Upon receiving the notification, the payer reviews the invoice details and decides how to proceed with payment. They may choose to pay immediately or schedule payment for a later date.
- Payment Initiation: The payer initiates the payment process through the Request to Pay platform, selecting their preferred payment method (e.g., bank transfer, credit card).
- Confirmation and Settlement: Once the payment is made, both the payee and payer receive confirmation of the transaction. The payment is settled, and the invoice status is updated accordingly.
- B2C Request to Pay:
- Invoice Generation: The payee (business) generates an invoice for the consumer through the Request to Pay service, similar to B2B invoicing.
- Notification to Consumer: The payee sends a notification to the consumer (individual) via the Request to Pay platform, typically through SMS messaging or email. The notification includes details of the invoice and instructions for payment.
- Consumer Response: The consumer reviews the invoice details and decides how to proceed with payment. They may click on a payment link provided in the SMS message or follow instructions to access the invoice and make payment through an online portal.
- Payment Initiation: The consumer initiates the payment process, selecting their preferred payment method and providing necessary payment details.
- Confirmation and Settlement: Once the payment is successfully processed, both the payee and consumer receive confirmation. The payment is settled, and the invoice status is updated accordingly.
Overall, Request to Pay services offer efficient and convenient communication between payees and payers, enabling seamless invoicing and payment processes for both B2B and B2C transactions.
About Request To Pay Services
The FedNow Service is a real-time payments system that enables financial institutions in the United States to clear and settle payments 24/7, 365 days a year. It allows businesses and individuals to send and receive payments instantly, with funds typically made available within seconds.
To receive billing using RfP FedNow Request To Pay Services, you will need to enroll in the FedNow Service through a participating financial institution. Once enrolled, you can use the FedNow Service to receive payments from other businesses or individuals who are also enrolled in the service.
To receive payments, you will need to provide the payer with your FedNow Service alias, which can be an email address, phone number, or other unique identifier that you have registered with the service. The payer can then use this alias to send a payment to you, which will be settled in real-time through the FedNow Service.
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 To Pay Services 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 To Pay Services payment processing
