Requests for Payments
What is Requests for Payments
FedNow 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.
"Requests for Payments" can be set up as recurring transactions, accommodating both variable and stable pricing, and can be facilitated through real-time payment systems. Here's how:Send
- Recurring Requests for Payments:Send
- Recurring Requests for Payments involve initiating payment requests on a regular basis, whether it's daily, weekly, monthly, or according to a custom schedule.Send
- These requests are automatically generated and sent out to the payer at predefined intervals, reducing the need for manual intervention and ensuring timely payments.Send
- Recurring Requests for Payments can be established for various purposes, such as subscription services, membership dues, rent payments, or installment plans.Send
- Variable Pricing:Send
- In some cases, the payment amount for recurring requests may vary over time. This could be due to changes in usage, consumption, or pricing structures.Send
- For example, a utility bill may have variable pricing based on usage, or a subscription service may offer different tiers with varying monthly fees.Send
- When setting up recurring requests for variable pricing, the payment amount is adjusted accordingly for each billing cycle, ensuring accuracy and reflecting any changes in pricing.Send
- Stable Pricing:Send
- Alternatively, recurring requests may involve stable pricing, where the payment amount remains consistent from one billing cycle to the next.Send
- This is common for services with fixed monthly fees or subscription plans with standardized pricing tiers.Send
- With stable pricing, the payment amount for each recurring request remains the same, providing predictability for both the payer and payee.Send
- Real-Time Payment Systems:Send
- Real-time payment systems, such as RTP (Real-Time Payments) or FedNow, facilitate instant fund transfers between bank accounts, enabling fast and efficient payment processing.Send
- Recurring Requests for Payments can leverage these real-time payment systems to ensure prompt settlement of transactions, allowing funds to be transferred instantly or within minutes from the payer's account to the payee's account.Send
- The use of real-time payment systems enhances the speed, reliability, and convenience of recurring payments, benefiting both payers and payees.Send
By combining recurring requests for payments with real-time payment systems, businesses can streamline their billing processes, improve cash flow management, and provide a seamless payment experience for their customers. Whether the pricing is variable or stable, real-time payment systems ensure that payments are processed swiftly and securely, meeting the needs of businesses and their clients alike.Send
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 data for completed 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. If Merchants has created an existing A/R 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.
Fees = $57 monthly, including Activation, Support Fees and Batch Fee, Monthly Fee, User Fee, Additional Payment Method 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) Payer Routing Transit and Deposit Account Number is NOT required to import with your bank. We add your URI for each separate Payer transaction.
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
