Request To Pay
What is Request To Pay
FedNow, Request To Pay 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 messaging system connected to every transaction participant through all U.S.-based financial institutions.
"Request to Pay" (RTP) is a digital payment service that enables businesses and individuals to request payments from customers, clients, or other businesses in a structured and secure manner. It can be utilized in various scenarios like mobile texting, B2B (Business-to-Business), C2B (Consumer-to-Business), and online billing using digital invoicing. Here's a brief overview of how RTP can be integrated and utilized across these use cases:
1. Mobile Texting (P2P and C2B)
- Consumer-to-Business (C2B): Businesses can send an RTP via SMS to customers, allowing them to make payments directly from their mobile phones. The SMS can include a link to a secure payment portal where the customer can complete the transaction using preferred payment methods.
- Peer-to-Peer (P2P): Individuals can request payments from other individuals via SMS or messaging apps. For example, someone can send an RTP for a shared bill or rent to another person, who can then pay using a mobile wallet or banking app.
2. Business-to-Business (B2B)
- Invoicing: Companies can send digital invoices to other businesses with an integrated RTP option. This streamlines the payment process, as the recipient can review the invoice and make the payment from the same platform.
- Automated Workflows: RTP can be integrated into enterprise resource planning (ERP) systems, enabling businesses to automatically generate and send RTPs as part of their accounts receivable process.
3. Consumer-to-Business (C2B)
- Online Billing: Businesses can send digital invoices with an RTP link via email or other digital channels. Customers can review the invoice details and make the payment through a secure payment gateway.
- Recurring Payments: For subscription services, RTP can be used to send recurring payment requests, making it easy for customers to authorize and make payments for their subscriptions.
4. Online Billing Using Digital Invoicing
- Integration with Payment Gateways: Digital invoices can include an RTP link that directs payers to a secure payment page. This page can be customized to support various payment options, including credit cards, bank transfers, and digital wallets.
- Tracking and Reconciliation: Digital invoicing platforms can provide real-time tracking of RTPs, showing when they have been viewed, accepted, and paid. This helps in automating the reconciliation process.
Benefits of Request to Pay:
- Convenience: It simplifies the payment process for both the requester and the payer.
- Reduced Errors: Pre-populated payment information reduces the chances of errors.
- Faster Payments: Streamlined process leads to quicker payments.
- Flexibility: Supports various payment methods and can be adapted to multiple use cases.
Implementation Considerations:
- Security: Ensure all RTP communications are encrypted and comply with financial regulations.
- Integration: Seamlessly integrate RTP with existing billing, ERP, or CRM systems.
- User Experience: Design RTP messages and interfaces to be user-friendly and clear.
Request to Pay is a versatile solution that can improve payment efficiency across different sectors and use cases.
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."
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! 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.
... 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.
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 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 Request To Pay 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 Request For Payment payment processing
