QuickBooks® Request for Payment Invoicing

The Best Solution for Payment Processing in QuickBooks®

Today Payments is an Authorized Reseller of Intuit offering a highly robust app that supports both QuickBooks’ desktop and online customers, provide merchants with the tools they need so they can focus more time on their customers and businesses, and less time on data entry.
"Our Integrated payment solutions can save a typical small business owner more than 180 hours each year"
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  • ~ Automate Account Receivable Collection
  • ~ Automate Account Payable Payments
  • ~ One-time and Recurring Debits / Credits

Secure QB Plugin payment processing through QuickBooks ® specializes in the origination of moving money electronically.

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Request for Payments

Syncing FedNow transactions into QuickBooks Online (QBO), especially for Request for Payments (RfP) related to "Received" funding, involves careful consideration of reconciliation, matching, merging, and clearing payments. Additionally, handling reject codes via ISO 20022 messaging requires attention to detail. Below is a step-by-step guide:

1. Enable FedNow Sync in QBO:

  • Check if QBO has built-in integration or third-party apps to sync with FedNow.
  • Ensure that the integration supports ISO 20022 messaging for comprehensive transaction details.

2. Configure RfP Transactions:

  • Customize QBO to recognize and categorize RfP transactions as "Received" funds.

3. Matching and Merging:

  • Implement a matching algorithm to automatically match incoming FedNow transactions with corresponding RfP entries in QBO.
  • Merge duplicate transactions to maintain a clean and accurate ledger.

4. Clearing Payments:

  • Utilize QBO's clearing accounts to handle the transition from "undeposited funds" to appropriate income accounts.
  • Implement clearing processes to finalize and reconcile each payment.

5. Handling Reject Codes (ISO 20022):

  • Establish a system to capture and interpret reject codes received via ISO 20022 messaging.
  • Create specific categories or tags in QBO to mark transactions associated with reject codes.

6. Communication and Alerts:

  • Set up alerts or notifications within QBO to flag transactions with reject codes for prompt investigation.
  • Communicate effectively with relevant stakeholders to resolve any issues related to reject codes.

7. Documentation and Record Keeping:

  • Maintain comprehensive documentation within QBO for each FedNow transaction, including reject codes and resolution steps.
  • Record detailed notes about the matching and clearing process for audit purposes.

8. Automated Reconciliation:

  • Explore QBO's automated reconciliation tools to streamline the process.
  • Ensure that the reconciliation process includes validation against ISO 20022 standards.

9. Security Measures:

  • Implement robust security measures within QBO to protect sensitive transaction data.
  • Regularly review and update access permissions.

10. Compliance Checks:

  • Stay informed about ISO 20022 standards and make sure your integration and processes comply with any updates.
  • Conduct periodic compliance checks to ensure adherence to industry regulations.

Note:

  • Continuous Monitoring: Regularly monitor your integration and reconciliation processes to identify any discrepancies promptly.
  • Training: Train relevant staff members on the handling of FedNow transactions, reject codes, and reconciliation processes.
  • Customization: Depending on your business needs, you may need to customize QBO settings or seek additional plugins to enhance functionality.

Always consider consulting with financial professionals and keeping up-to-date with the latest features and standards in both QBO and FedNow to ensure optimal and compliant financial management processes.

 
Request for Payment

Call us, the .csv and or .xml 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) show how to implement Create Real-Time Payments Request for Payment File up front delivering 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 continuing through a "Payment Hub", will be the RtP Hub will be The Clearing House, with messaging to the Debtor's (Payer's) bank.

Our in-house QuickBooks payments experts are standing ready to help you make an informed decision to move your company's payment processing forward.

Pricing with our Request For Payment Professionals
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 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 data for completed file) fields, start at page 4, with "yellow" highlighting. $0.0 + No Support


2) We create .csv or .xml formatting using your Bank or Credit Union. Create Multiple Templates. Payer/Customer Routing Transit and Deposit Account Number may be required to import with your bank. You can upload or "key data" into our software for File Creation of "Mandatory" general file.

Fees = $57 monthly, including Support Fees and Batch Fee, Monthly Fee, User Fee, Additional Payment Method 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) Payer Routing Transit and Deposit Account Number is NOT required to import with your bank. We add your URI for each separate Payer transaction.

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.

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Request for Payment Bank Reconciliation

 Dynamic integrated with FedNow & Real-Time Payments (RtP) Bank Reconciliation: Accrual / Cash / QBO - Undeposited Funds



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Today Payments Merchant Services
2305 Historic Decatur Road, Suite 100
San Diego, CA 92106
(866) 927-7180
Copyright © Today Payments, Inc. All Rights Reserved.
Request For Payment is a website owned by Today Payments, Inc.
RfP ™ is a Trademark of Today Payments, Inc.
Trademark of The Clearing House RTP®
Trademark of U.S. Federal Reserve FedNow ®
Today Payments, Inc., is an Elavon Payments Partner & Registered Partner/ISO of Elavon, Inc. Georgia, [a wholly owned subsidiary of U.S. Bancorp, Minneapolis, MN]