Requesting Payments
What is Requesting Payments
Requesting 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."
In B2B (business-to-business) transactions in the United States, requesting payments typically involves the payee (seller or service provider) sending payment requests to their clients or customers (payers). Here's how this process generally works:
1. Invoice Generation: The payee generates an invoice detailing the products sold or services rendered, along with the corresponding costs, payment terms, and any other relevant information.
2. Sending Payment Requests: The payee then sends the invoice or payment request to the payer, either electronically (via email or through an invoicing platform) or through traditional mail.
3. Payment Authorization: Upon receiving the payment request, the payer reviews the invoice and authorizes the payment. This can involve various payment methods, including bank transfers, checks, Automated Clearing House (ACH) payments, wire transfers, or electronic payment platforms.
4. Payment Processing: Once the payer authorizes the payment, funds are transferred from the payer's account to the payee's account through the chosen payment method. Depending on the payment method used, processing times may vary from immediate (e.g., real-time payments) to a few business days (e.g., ACH transfers or check processing).
5. Confirmation and Record Keeping: Both parties receive confirmation of the payment transaction, which serves as a record of the payment for accounting and reconciliation purposes. This confirmation may be in the form of a payment receipt, email notification, or transaction statement from the payer's bank.
6. Follow-Up and Reminders: In cases where payments are not received by the due date, the payee may send reminders or follow-up communications to prompt the payer to fulfill their payment obligation. This helps ensure timely receipt of funds and facilitates effective cash flow management for the payee's business.
Throughout this process, effective communication and clear invoicing terms are crucial to facilitate smooth payment transactions between B2B entities in the United States. Additionally, leveraging digital invoicing platforms or payment processing solutions can streamline the invoicing and payment process, improving efficiency and reducing administrative overhead for both parties involved.
About Requesting Payments
To approve a RfP (Request for Payment) FedNow payment request, the recipient of the payment request needs to have a bank account with a participating bank that supports the RfP FedNow service. The recipient will receive a notification, either by email or text message, alerting them that a payment request has been sent to them.
The recipient can then log into their bank's online or mobile banking app to review the payment request and approve or decline it. If approved, the payment will be processed in near real-time and the funds will be transferred to the recipient's bank account.
The approval process for RfP FedNow payments is designed to be simple and user-friendly, with most participating banks offering a streamlined interface for reviewing and approving payment requests. In addition, the RfP FedNow service is highly secure, using advanced encryption and authentication measures to protect against fraud and unauthorized access.
Overall, RfP FedNow Request for Payment is a fast, secure, and convenient payment solution that simplifies the process of requesting and receiving payments for businesses and individuals alike.
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 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 Requesting Payments payment processing
