Request To Payments
What is Request To Payments
Request To 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. RfP (Request for Payment) FedNow is a new instant payment service offered by the Federal Reserve in the United States. This service enables consumers and businesses to send and receive instant payments 24/7/365 using a mobile phone number or an email address. To use RfP FedNow, US banks and credit unions must enroll in the service and meet the necessary technical requirements. Once enrolled, they can offer the RfP FedNow service to their customers who can then use it to make instant payments to anyone with a mobile phone number or email address. To enroll in RfP FedNow, banks and credit unions must first become a participant in the Federal Reserve's Fedwire Funds Service or the Fedwire Securities Service. They must also have a clearing account with the Federal Reserve Banks, a connection to the Federal Reserve Banks' FedLine Direct or FedLine Advantage, and a secure way to transmit payment instructions to the Federal Reserve Banks. Once enrolled, banks and credit unions can offer RfP FedNow as a value-added service to their customers. Customers can then make instant payments to anyone with a mobile phone number or email address, even if the recipient's bank is not a participant in RfP FedNow.
Implementing Request to Payment (RTP) functionality with Real-TimePayments.com can greatly enhance invoicing and payment processes for both Business-to-Business (B2B) and Business-to-Consumer (B2C) transactions. Here's how Request to Payments might work for both scenarios:
- B2B Transactions:
- Invoice Creation: Businesses create invoices within Real-TimePayments.com's platform, specifying details such as the amount, due date, and payment terms.
- Request to Pay Notification: The invoice includes a "Request to Pay" option, which triggers a notification sent to the recipient business via email or through Real-TimePayments.com's secure portal.
- Recipient Response: Upon receiving the RTP notification, the recipient business reviews the invoice details and selects their preferred payment method, such as real-time payments or ACH transfers.
- Payment Initiation: The recipient business initiates the payment through Real-TimePayments.com's platform, with options for real-time settlement or traditional ACH transfers.
- Confirmation and Reconciliation: Once the payment is made, both parties receive confirmation, and Real-TimePayments.com automatically updates the invoice status and reconciles the payment, providing real-time visibility into transaction status.
- B2C Transactions:
- Invoice Creation: Businesses create invoices for consumers within Real-TimePayments.com's platform, similar to B2B transactions.
- Request to Pay Notification: The invoice includes a "Request to Pay" option, triggering a notification sent to the consumer via email, SMS, or through Real-TimePayments.com's consumer portal.
- Consumer Response: Upon receiving the RTP notification, the consumer reviews the invoice details and selects their preferred payment method, such as credit/debit card, digital wallets, or bank transfers.
- Payment Initiation: The consumer initiates the payment through Real-TimePayments.com's platform, using their chosen payment method.
- Confirmation and Reconciliation: Once the payment is made, both the business and the consumer receive confirmation, and Real-TimePayments.com updates the invoice status and reconciles the payment accordingly.
In both B2B and B2C scenarios, implementing Request to Payments with Real-TimePayments.com streamlines invoicing and payment processes, offering flexibility in payment methods and enhancing efficiency for businesses and consumers alike. Additionally, Real-TimePayments.com's secure platform ensures safe and reliable transaction processing, instilling confidence in both parties involved.
About Request To Payments
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.
Our system ensures proper
Authentication, Authorization, Verification, Settlement, Notifications and Postings.
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 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 To Payments payment processing
