Biller's login - Hosted Payments Page
Real-Time Payments Gateway


Payments Requests

What is Payments Requests

Real-Time 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 and secure. FedNow, Payments Requests and 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 and text messaging system connected to every transaction participant through all U.S.-based financial institutions.

To set up and manage recurring periodic "Payments Requests" using Open Banking (Variable Recurring Payments or VRP) with FedNow and Real-Time Payments, follow these steps:

1. Understanding VRP (Variable Recurring Payments)

VRPs allow customers to authorize third parties to make payments on their behalf within predefined limits. This is particularly useful for recurring payments where the amount or date might vary.

2. Integration with QuickBooks Online (QBO)

Ensure your QBO is integrated with the necessary plugins or services that support FedNow and Real-Time Payments (RTP). SecureQBPlugin.com is one such service that facilitates this integration.

3. Setting Up Recurring Payment Requests

a. Authorize VRP

  • Ensure that your customers have authorized VRP through their bank. This often involves setting up a mandate where the customer specifies limits on the amount, frequency, and purpose of the payments.

b. Configure Payment Plugin

  • Use SecureQBPlugin or a similar service to configure your payment requests. These plugins typically allow you to set up recurring payments with variable amounts.

c. Create Recurring Invoices

  • In QBO, set up recurring invoices. When creating an invoice, choose the option to make it recurring.
  • Specify the frequency (e.g., weekly, monthly) and any other parameters that align with the VRP authorization.

d. Automate Payment Requests

  • Configure your payment plugin to automatically send payment requests to customers based on the recurring invoices. The plugin should support sending these requests through FedNow or RTP.

4. Managing VRP in QBO

a. Tracking Payments

  • Monitor payments in QBO to ensure they are received on time and match the amounts specified in the invoices.
  • Use QBO reports to track and reconcile these payments.

b. Handling Payment Variability

  • If the amount varies, ensure your system can handle this. The payment request should reflect the exact amount due for each period.
  • Adjust the recurring invoice in QBO if there are changes in the service or product costs.

5. Ensuring Security and Compliance

a. Secure Transactions

  • Ensure all transactions are encrypted and comply with relevant financial regulations.
  • Mask payment details to protect customer information.

b. Compliance with FedNow and RTP

  • Stay updated with the compliance requirements for using FedNow and RTP.
  • Ensure that your payment plugin and banking partner are compliant with these regulations.

6. Customer Communication

a. Notifications

  • Send notifications to customers when a payment request is made, approved, or rejected.
  • Provide clear instructions on how to manage their VRP mandates if they need to make changes.

b. Customer Support

  • Offer support for customers to address any issues with payment requests or mandates.

Implementation Example

  1. Set up SecureQBPlugin for integrating FedNow and RTP with QBO.
  2. Authorize VRP with customer banks.
  3. Create a recurring invoice in QBO:
    • Go to Sales > Recurring Transactions.
    • Click New, select Invoice, and set it to Recurring.
    • Specify the interval and any variable parameters.
  4. Automate payment requests through SecureQBPlugin:
    • Configure the plugin to send requests at the specified intervals.
  5. Track and reconcile payments in QBO:
    • Use Reports to monitor and reconcile payments.

This setup will help you efficiently manage recurring variable payments using the latest real-time payment technologies.

 

Features & Benefits

FedNow instant payments has benefits for all parties involved in Financial Transactions.
Benefits to your company include:
Text Mobile Request for Real-Time Payment Money Transfer: Current limit of $500,000.
It's Final: All RTP and Instant Payments are Final & Irrevocable.
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.
Software Integration: Integrate your A/R & A/P 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."

Creation Request for Payment Bank File

Call us, the .csv and or .xml FedNow or Request for Payment (RfP) file you need while on your 1st phone call! Our system will Validate your upload data payment files. We guarantee our reports work to your Bank and Credit Union. We were years ahead of competitors recognizing the benefits of RequestForPayment.com. We are not a Bank. Our function as a role as an "Accounting System" in Open Banking with Real-Time Payments to work with Billers to create the Request for Payment to upload the Biller's Bank online platform. U.S. Companies need help to learn the RfP message delivering their bank. Today Payments' ISO 20022 Payment Initiation (PAIN .013) shows how to implement Create Real-Time Payments Request for Payment File up front delivering a message from the Creditor (Payee) to it's bank. Most banks (FIs) will deliver the message Import and Batch files for their company depositors for both FedNow and Real-Time Payments (RtP). Once uploaded correctly, the Creditor's (Payee's) bank continues through a "Payment Hub", will be the RtP Hub will be The Clearing House, with messaging to the Debtor's (Payer's) bank. Request for Payment

... easily create Real-Time Payments RfP files. No risk. Test with your bank and delete "test" files before APPROVAL on your Bank's Online Payments Platform. Today Payments is a leader in the evolution of immediate payments. We were years ahead of competitors recognizing the benefits of Same-Day ACH and Real-Time Payments funding. Our business clients receive faster availability of funds on deposited items and instant notification of items presented for deposit all based on real-time activity. Dedicated to providing superior customer service and industry-leading technology.

Pricing with our Request For Payment Solutions

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 1) Free ISO 20022 Request for Payment File Formats, for FedNow and Real-Time Payments (The Clearing House) .pdf for you manually create "Mandatory" (Mandatory .csv or .xml data for completed ISO 20022 file) fields, start at page 4, with "yellow" highlighting. $0.0 + No Support


2) We create .csv or .xml formatting files using your Bank or Credit Union. Using your invoice information database to create an existing Accounts Receivable file, we CLEAN, FORMAT to FEDNOW or Real-Time Payments into CSV or XML. Create Multiple Templates. You can upload or "key data" into our software for File Creation of "Mandatory" general file. Use either the Routing Number and Account Number for your Customers or use "Alias" name via Mobile Cell Phone and / or Email address.

Fees = $57 monthly, including Activation, Support Fees and Batch Fee, Monthly Fee, User Fee. We add your URI for each separate Payer transaction for additional Payment Methods on "Hosted Payment Page" (Request for file with an HTML link per transaction to "Hosted Payment Page" with ancillary payment methods of FedNow, RTP, ACH, Cards and many more!) + $.03 per Transaction + 1% percentage on gross dollar file,


3) Add integrating QuickBooks Online "QBO" using FedNow Real-time Payment using our Payments Requests system.

Fees Above 2) plus $29 monthly additional QuickBooks Online "QBO" formatting, and "Hosted Payment Page" and WYSIWYG


4) Above 3) plus Create "Total" (over 600 Mandatory, Conditional & Optional fields of all ISO 20022 Pain .013) Price on quote.

Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.

Contact Us for Real-time Payments processing