Automated Recurring Invoices with FedNow® and RTP® via QBO

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By leveraging standing approval, businesses can allow payers to authorize future RfPs once—eliminating the need for repetitive confirmations:

• One-time payer authorization enables automated payment collection
• Applies to C2B and B2B recurring billing scenarios
• Empowers businesses to reduce churn and late payments
• Payers get the convenience of automated, worry-free billing

“Set It and Forget It” Autopay for POS, MOTO, and Ecommerce

Whether you run a POS system, operate over the phone (MOTO), or bill via an eCommerce store, our QBO-integrated real-time invoicing engine delivers:

• Immediate availability of funds
• ISO 20022 data-rich transaction records
• Seamless recurring payments with variable totals
• Smart batch processing and reconciliation into QBO

Itemized: Request for Payments (RfP) Parameters, Attributes, Benefits, and Features

Ask us How:

• Integrate Recurring Invoices with Variable Amounts into QuickBooks® Online using real-time FedNow® and RTP® A2A debit rails.
• Enable “set it and forget it” billing with standing authorization autopay for RfP messages, reducing missed payments.
• Eliminate credit card interchange and ACH delays with instant, irrevocable good funds via Request for Payments.
• Businesses can now batch and schedule digital invoices, leveraging secure real-time payment messaging with ISO 20022.
• Use alias-based payment identifiers (email, phone) for easier customer payment onboarding—no need for account/routing numbers.
• Improve your cash flow predictability and eliminate payment lag by enabling autopay billing workflows via TodayPayments.com.

Implementing Recurring Invoices Request for Payments, now referred to as "Request for Payments" (RFP), in QuickBooks Online (QBO) or QuickBooks Desktop (QBD) accounting software, with texting, email, or digital communication for ACH, credit cards, FedNow, and RTP Real-Time Payments, and utilizing "Open Banking" involves several steps tailored to the capabilities of these platforms and the integration of Open Banking APIs. Here's a guide to setting it up:

1. Enable Open Banking Integration:

• Ensure that your QuickBooks software supports Open Banking integration. QuickBooks may offer built-in features or plugins to facilitate connectivity with banks and financial institutions through Open Banking APIs.

2. Bank Account Authorization:

• Customers need to authorize QuickBooks to access their bank accounts through Open Banking APIs. Provide clear instructions for customers to link their bank accounts securely within QuickBooks.

3. Request for Payments Setup:

• Create recurring invoices or RFPs in QuickBooks, specifying the payment amount, frequency, and duration.

4. Communication Channels:

• Utilize texting, email, or digital communication platforms to send RFP notifications to customers. QuickBooks may offer built-in features or integrations to send automated notifications.

5. Payment Options:

• Offer multiple payment options including ACH, credit cards, FedNow, and RTP Real-Time Payments. QuickBooks Payments or third-party integrations can handle payment processing.

6. Open Banking Authorization:

• For ACH payments and other bank transfers, customers may need to authorize QuickBooks to initiate payments through their bank accounts using Open Banking APIs.

7. Credit Card Processing:

• For credit card payments, integrate QuickBooks with payment processors that support credit card transactions. QuickBooks Payments is an integrated solution for credit card processing.

8. FedNow and RTP Integration:

• Integrate QuickBooks with FedNow and RTP Real-Time Payments systems if available. Ensure that your bank accounts linked to QuickBooks support real-time payment processing.

9. Authorization and Consent:

• Include clear instructions for customers to authorize automated payments using Open Banking APIs. Ensure compliance with regulations regarding customer consent for recurring payments.

10. Payment Processing:

• Set up automated processes within QuickBooks to initiate payments at the scheduled intervals specified in the RFP using Open Banking APIs.

11. Confirmation and Receipts:

• Send confirmation notifications or receipts to customers via email or text message once payments are successfully processed. Include details of the transaction and any relevant information.

12. Reconciliation and Reporting:

• Regularly reconcile payments received against the RFPs issued. Use reporting tools within QuickBooks to track payment activity, outstanding balances, and financial performance.

13. Customer Support:

• Provide customer support services to assist customers with any issues related to automated payments, RFPs, or payment processing. Ensure that customers have access to support channels for assistance.

By following these steps and leveraging Open Banking integration within QuickBooks, businesses can streamline the process of automatic recurring payments from payers to payees for RFPs, ensuring efficiency, accuracy, and convenience for all parties involved.