Request To Payment
What is Request To Payment
Request To 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."
Implementing a Request to Pay (RTP) functionality with Real-TimePayments.com can streamline the invoicing and payment process for businesses, offering efficient and convenient payment options for both payers and payees. Here's how Request to Pay might work within the Real-TimePayments.com ecosystem:
- Creation of Invoice and Request to Pay:
- Businesses create invoices within Real-TimePayments.com's invoicing platform, specifying the details such as the amount owed, due date, and payment terms.
- The invoice includes a "Request to Pay" option, which triggers the RTP process.
- RTP Delivery:
- The RTP notification is sent to the recipient via email, SMS, or through Real-TimePayments.com's secure portal.
- The RTP contains details of the invoice and instructions on how to make the payment, including available payment methods and timing.
- Recipient Response:
- Upon receiving the RTP notification, the recipient reviews the invoice details and selects their preferred payment method.
- Real-TimePayments.com offers various payment options, including real-time payments, ACH transfers, and other supported methods.
- Payment Initiation:
- If the recipient selects real-time payments, the payment is initiated instantly through the Real-TimePayments.com platform, ensuring immediate funds availability to the payee.
- If ACH transfer is chosen, the payment is processed through the ACH network, typically taking 1-2 business days for funds to settle.
- Confirmation and Reconciliation:
- Once the payment is made, both the payer and payee receive confirmation of the transaction.
- Real-TimePayments.com automatically updates the invoice status and reconciles the payment with the corresponding invoice, providing real-time visibility into payment processing.
- Integration with Business Processes:
- Real-TimePayments.com's RTP functionality integrates seamlessly with businesses' invoicing and accounting systems, streamlining the payment reconciliation process.
- Businesses can track and manage RTP transactions within their existing workflows, enhancing efficiency and reducing manual efforts.
By leveraging Real-TimePayments.com's Request to Pay functionality, businesses can offer recipients a streamlined and flexible payment experience, with options for real-time payments, ACH transfers, and other payment methods. This enhances cash flow management and accelerates receivables processing, ultimately improving the overall efficiency of the invoicing and payment process.
About Request To Payment
Enrolling in mobile, digital, and email transmission for RfP FedNow Request To Payment will depend on the specific requirements of the financial institution or service provider that you are using. However, in general, the process may involve the following steps:
Contact your financial institution or service provider: Reach out to your bank or service provider and ask if they offer mobile, digital, or email transmission options for RfP FedNow Request To Payment. If they do, they will provide you with the necessary information and instructions to enroll.
Complete the enrollment form: The financial institution or service provider may require you to complete an enrollment form or application to sign up for mobile, digital, or email transmission options for RfP FedNow Request To Payment. This form may ask for your personal or business information, contact details, and other relevant information.
Provide necessary documentation: You may be required to provide additional documentation to support your enrollment, such as identification documents, business licenses, tax identification numbers, or other legal documents.
Set up your account: Once your enrollment is approved, you will need to set up your account to enable mobile, digital, or email transmission for RfP FedNow Request To Payment. This may involve setting up passwords, security codes, or other authentication measures to protect your account and ensure secure transmission.
Start using the service: Once your account is set up, you can start using the mobile, digital, or email transmission option to send and receive RfP FedNow Request To Payment.
It is important to note that the specific steps and requirements for enrolling in mobile, digital, or email transmission for RfP FedNow Request To Payment may vary depending on the financial institution or service provider. Therefore, it is important to consult with your bank or service provider and follow their instructions closely.
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 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 Request To Payment payment processing
