Request To Pay Software

What is Request To Pay Software

Request To Pay Software 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.

How to use QBO The FedNow Service is a real-time payments system that enables financial institutions in the United States to clear and settle payments 24/7, 365 days a year. It allows businesses and individuals to send and receive payments instantly, with funds typically made available within seconds.

To receive billing using RfP FedNow Request To Pay Services, you will need to enroll in the FedNow Service through a participating financial institution. Once enrolled, you can use the FedNow Service to receive payments from other businesses or individuals who are also enrolled in the service.

To receive payments, you will need to provide the payer with your FedNow Service alias, which can be an email address, phone number, or other unique identifier that you have registered with the service. The payer can then use this alias to send a payment to you, which will be settled in real-time through the FedNow Service.

Note that QuickBooks Online (QBO) is a cloud-based accounting software that can integrate with various payment processors, including those that support the FedNow Service. To use QBO with the FedNow Service, you will need to set up the integration with a participating payment processor that supports the FedNow Service. Once set up, you can create invoices in QBO and include a "Pay Now" button that allows your customers to pay instantly using the FedNow Service. The payment will be processed and settled in real-time, with the funds typically made available within seconds.

Integrating Real-TimePayments.com's platform with multiple payment rails such as FedNow, RTP, and ACH can provide a comprehensive solution for Request to Pay (RTP) software. Here's how such software might function:

  1. Invoice Generation:
    • Businesses generate invoices within the RTP software, specifying details such as the amount, due date, and payment terms.
    • The software allows businesses to select the desired payment rails for the invoice, including FedNow, RTP, and ACH.
  1. Notification to Payers:
    • Once the invoice is created, the RTP software sends notifications to the designated payers via various channels such as email, SMS, or push notifications through the Real-TimePayments.com app.
    • The notification includes details of the invoice and instructions for payment, along with options to choose from multiple payment rails.
  1. Payer Response:
    • Payers receive the notification and review the invoice details through the Real-TimePayments.com app or other channels provided by the RTP software.
    • Payers select their preferred payment rail (FedNow, RTP, or ACH) based on factors such as speed, convenience, and cost.
  1. Payment Initiation:
    • Upon selecting a payment rail, the payer initiates the payment process directly within the Real-TimePayments.com app or through the RTP software's interface.
    • For FedNow payments, funds are transferred instantly between the payer's and payee's accounts.
    • For RTP payments, funds are also transferred in real-time through the RTP network.
    • For ACH payments, transactions are initiated and processed through the ACH network, typically taking 1-2 business days for settlement.
  1. Confirmation and Settlement:
    • Once the payment is successfully processed, both the payer and payee receive confirmation through the Real-TimePayments.com app or the RTP software.
    • The RTP software updates the invoice status and records the transaction details, ensuring accurate reconciliation and accounting.
  1. Integration with Business Systems:
    • The RTP software integrates seamlessly with businesses' accounting and ERP systems, allowing for automated invoice generation, payment processing, and reconciliation.
    • Businesses can access comprehensive reporting and analytics through the RTP software, providing insights into payment trends and cash flow management.

By leveraging Real-TimePayments.com's app and APIs, along with multiple payment rails such as FedNow, RTP, and ACH, businesses can offer a versatile Request to Pay solution that meets the diverse needs of payers and payees, while also streamlining the invoicing and payment process.

 


About Request To Pay Software

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.


Features & Benefits

FedNow instant payments has benefits for all parties involved in Financial Transactions.
Benefits to your company include:
Text Mobile Request for Payment 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."


Our Real-Time Payment Platform Hub


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 Pay Software Professionals

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  • 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 Pay Software payment processing