Request For Payment

What is Request For Payment

Request For Payment 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."

About Request For Payment

RfP FedNow Request For Payment is a real-time payment system in the US that allows users to send and receive payments instantly. As a mobile merchant, you can use RfP FedNow Request For Payment to bill your customers and receive instant payments. Here are the steps to use RfP FedNow Request For Payment as a mobile merchant:

Enroll in the RfP FedNow Request For Payment service with your bank or financial institution. This will involve providing your business information and agreeing to the terms and conditions of the service.

Once enrolled, you can generate payment requests or bills for your customers using your mobile device or a billing software that is integrated with the RfP FedNow Request For Payment service.

The payment request or bill will include information such as the payment amount, the due date, and the invoice details. You can also include a link or a QR code in the bill, which will allow your customers to easily pay the bill using their own mobile devices.

Once the payment request or bill is sent, your customer will receive a notification on their mobile device with the details of the payment request. They can then review the details and make the payment instantly using their own mobile device.

Once the payment is made, you will receive a notification confirming the payment, and the funds will be deposited into your account instantly through the RfP FedNow Request For Payment system.

Overall, using RfP FedNow Request For Payment as a mobile merchant can provide an efficient and convenient way to bill your customers and receive instant payments. However, it's important to ensure that you are enrolled in the service and that you follow the specific procedures and requirements of your bank or financial institution for using the service.

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."

Process with the Request For Payment Professionals