Requesting Pay
What is Requesting Pay
Requesting Pay 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.
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. Funds are available for use by the receiver and real-time confirmation is provided to both you ("the sender") and receiver in seconds. Most Good Funds transactions are "Credit Push" versus "Debit Pull."
"Requesting Pay" is indeed the action where a party, typically the payee, initiates a request for funds from the payer. This can be done through various means such as invoicing platforms, payment apps, or direct communication channels like email or messaging.
In this process:
- The payee generates a payment request specifying the amount owed, the reason for payment, and any other necessary details.
- The request is then sent to the payer, who has the option to review and approve the payment.
- Upon approval, the payer initiates the payment through their chosen payment method, transferring funds to the payee.
This approach is particularly useful in scenarios where the payer may not have initiated the payment yet, but the payee needs to ensure timely receipt of funds. It can also facilitate transactions where the payer might need a reminder or prompting to fulfill their payment obligation.
About Requesting Pay
RfP FedNow Requesting Pay is a real-time payment service offered by the US Federal Reserve, which enables individuals and businesses to make and receive payments instantly. While it does not offer a specific feature for recurring billing, you can set up recurring payments by sending regular payment requests to your customers using RfP FedNow Requesting Pay.
To set up recurring billing with RfP FedNow Requesting Pay, you can follow these steps:
Identify your recurring billing customers: Determine which customers require regular billing and what the billing frequency is.
Create a payment schedule: Based on the frequency, set up a payment schedule for each customer, which includes the payment amount, payment date, and payment frequency.
Generate payment requests: Using RfP FedNow Requesting Pay, generate payment requests for each payment due.
Automate payment requests: If you have a large number of customers or payments, consider automating payment requests using software or services that integrate with RfP FedNow Requesting Pay.
Follow up on overdue payments: Keep track of overdue payments and follow up with customers as necessary to ensure timely payment.
By following these steps, you can set up a recurring billing system using RfP FedNow Requesting Pay to help streamline your payment process and improve cash flow.
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 Requesting Pay 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 Requesting Pay payment processing
