Request 4 Pay

What is Request 4 Pay

With Request for Pay, Merchants provide consumers, either business ( B2B ) or individuals a payment request, in either an Invoice or on a shopping check-out page on a website. "Request for Payment" is an exciting new service brought about by the Faster Payments Initiative of the US Federal Reserve providing payments that are instant, final (irrevocable - "good funds") and secure. A Request for Payment (RfP), through The Clearing House, is a payment-related message (ISO20022 pain.013) that is sent by the biller to the customer through their respective financial institutions, to request for an Real-Time payment in response. The payment response sent by the "consumer" is considered a Consumer Initiated Entry, CIE. The credit payment sent can be considered an ACH, Real-Time payment or Wire depending the system used to send the funds transfer. Both the Real-Time Payment or Wire Payment Order are considered Good Funds.

"In a simple Request For Payment situation, the biller sends the payer a notification via text, push notification, or email informing that the bill is due and requesting payment. The notification includes access to billing details. Upon receipt of the bill, the payer can respond by crediting the biller with funds immediately or scheduling a timeframe for the payment to be made. The payment can be made from a variety of funding sources including a checking account, debit card, credit card, or another eligible source. The biller sends confirmation data back within seconds so the consumer is assured that the bill has been paid.

RfP (Request for Payment) FedNow Request 4 Payments is a new service that allows businesses and individuals to quickly and easily request payments from others using FedNow, the Federal Reserve's real-time payment service. With RfP FedNow Request 4 Payments, you can create and send payment requests to anyone with a US bank account, and receive funds in real-time, within seconds.

Using RfP FedNow Request 4 Payments typically involves following these steps:

Create a payment request: The first step is to create a payment request that includes details such as the amount due, the due date, and the recipient's contact information. You may also want to include a description of the products or services provided.

Send the payment request: Once the payment request is created, you can send it to the recipient using the appropriate interface or API provided by your bank. The recipient will receive the payment request in real-time and can review and approve it.

Receive the payment: Once the payment request is approved, you will receive the funds in your bank account in real-time, within seconds. This allows you to receive payments quickly and easily, without having to wait for checks or other forms of payment to clear.

Monitor payment status: After the payment is processed, you can monitor its status through your bank account or using the appropriate interface or API provided by your bank.

RfP FedNow Request 4 Payments is a convenient and secure way to request payments and receive funds in real-time. It can be particularly useful for businesses that need to receive payments quickly, such as those in the retail, hospitality, and service industries. However, it's important to note that the specific steps and requirements for using RfP FedNow Request 4 Payments may vary depending on your bank's specific policies and procedures. Additionally, there may be fees associated with using this service, so it's important to work closely with your bank to understand the costs and requirements.

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."

About Request 4 Pay

Today Payments is a leader in the evolution of immediate payments. We were years ahead of competitors recognizing the benefits of Real-Time ACH funding through Real-time Direct Deposits (ACH Push) and Real-time Direct Payments (ACH Pull). Our customers 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 platform with its tools / widgets help organizations of all sizes reduce transaction costs, mitigate risk and increase efficiencies. Our system ensures proper Authentication, Authorization, Verification, Settlement, Notifications and Postings.

Our "Good Funds" Payment Platform

Process with the Request 4 Pay Professionals