Real-Time Invoicing
What is Real-Time Invoicing
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, Real-Time Invoicing 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.
Using texting or digital real-time invoicing for real-time payments offers significant benefits for businesses and customers. Here's how it can be implemented and its advantages:
Implementation
- Texting for Real-Time Payments:
- Integration with Payment Platforms: Integrate with payment platforms like FedNow or RTP (Real-Time Payments) that support real-time payment processing.
- Digital Invoicing System: Use a digital invoicing system that can generate and send invoices via text messages to customers.
- Payment Links in Text Messages: Include secure payment links in the text messages, allowing customers to click and pay instantly.
- Confirmation and Receipts: After payment, send a confirmation text and digital receipt to the customer.
- Digital Real-Time Invoicing:
- Automated Invoicing Software: Utilize software like QuickBooks Online (QBO) or QuickBooks Enterprise that supports digital invoicing and can integrate with FedNow or RTP.
- Email or SMS Invoices: Send invoices via email or SMS with embedded payment links.
- Real-Time Payment Options: Offer customers real-time payment options via FedNow or RTP directly from the invoice.
- Instant Payment Confirmation: Ensure that the system provides instant payment confirmation and updates the accounting records in real-time.
Benefits
- Speed and Convenience:
- Instant Payments: Payments are processed instantly, reducing the time it takes to receive funds.
- Convenient for Customers: Customers can pay directly from their mobile devices, enhancing the user experience.
- Efficiency and Accuracy:
- Automated Processes: Automation reduces manual data entry and the likelihood of errors.
- Real-Time Updates: Payments are recorded in real-time, ensuring up-to-date financial records.
- Cash Flow Improvement:
- Faster Access to Funds: Businesses can access funds immediately, improving cash flow management.
- Reduced Late Payments: Real-time invoicing and payments can reduce the incidence of late payments.
- Cost Savings:
- Lower Transaction Fees: Real-time payment systems like FedNow or RTP often have lower transaction fees compared to traditional methods.
- Reduced Paperwork: Digital invoicing eliminates the need for paper invoices, reducing costs associated with printing and mailing.
- Security:
- Secure Payment Links: Payment links in text messages or digital invoices are secure, protecting customer data.
- Fraud Reduction: Real-time payments reduce the risk of fraud associated with checks or delayed payments.
- Enhanced Customer
Relationships:
- Transparent Communication: Real-time invoicing and payment confirmation improve transparency with customers.
- Customer Satisfaction: Quick and easy payment options enhance customer satisfaction and loyalty.
Example Use Case
A business using QuickBooks Online (QBO) can integrate with SecureQBPlugin.com to send digital invoices via text message or email. The invoice includes a secure payment link that directs customers to a FedNow or RTP payment portal. Once the customer completes the payment, the transaction is instantly recorded in QBO, and both the business and customer receive immediate confirmation.
Conclusion
Using texting or digital real-time invoicing for real-time payments streamlines the payment process, enhances efficiency, and improves customer satisfaction. By leveraging modern payment platforms like FedNow and RTP, businesses can ensure fast, secure, and cost-effective transactions.
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 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! 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 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 Real-Time Invoicing 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
