Mobile Deposit
What is Mobile Deposit
Real-Time Payments is an exciting new service brought about by the Faster Payments Initiative of the FedNow ™ US Federal Reserve providing payments that are instant, final and secure. FedNow, Mobile Deposit and 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 and text messaging system connected to every transaction participant through all U.S.-based financial institutions.
Here's how the process of receiving payments via mobile deposit works, initiated by a payee (recipient) who sends a Request for Payment (RfP) invoice to the payers:
1. Set Up RfP Invoicing: The payee (business or individual) sets up Request for Payment (RfP) invoicing through their banking app or financial institution. RfP invoicing allows them to create and send electronic invoices to their customers or clients.
2. Generate Invoice: Using the RfP feature, the payee generates an invoice specifying the amount owed, payment due date, and any other relevant details such as invoice number, description of goods or services, and payment instructions.
3. Send RfP Invoice: The payee sends the RfP invoice to the payers (customers or clients) via email, text message, or other electronic means. The invoice contains a link or instructions for the payer to initiate the payment.
4. Payer Receives Invoice: The payer receives the RfP invoice and reviews the details. They may click on the provided link or follow the instructions to make the payment.
5. Initiate Mobile Deposit: The payer initiates the payment using mobile deposit through their banking app. This typically involves opening the app, selecting the mobile deposit option, and entering the payment amount and any other required information.
6. Capture Check Image: The payer captures an image of the check (if applicable) using their smartphone camera. They ensure that the entire check, including all four corners, is visible and that the image is clear and legible.
7. Confirm Payment Details: The payer confirms the payment details, including the payee's account information and the payment amount, before finalizing the mobile deposit transaction.
8. Submit Payment: The payer submits the mobile deposit payment. The funds are deducted from their account, and the payment is processed for deposit into the payee's account.
9. Confirmation of Payment: Once the mobile deposit payment is successfully processed, both the payee and the payer receive confirmation notifications from their respective banking apps or financial institutions. The payee sees the payment reflected in their account balance, confirming receipt of funds.
10. Payment Reconciliation: The payee reconciles the payment received with the corresponding RfP invoice in their accounting records. They mark the invoice as paid and update their financial records accordingly.
Overall, the use of Request for Payment (RfP) invoicing and mobile deposit offers a convenient and efficient way for payees to receive payments from payers, streamlining the invoicing and payment process for both parties.
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 Final: All RTP and Instant Payments are Final & Irrevocable.
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.
Software Integration: Integrate your A/R & A/P 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."
Creation Request for Payment Bank File
Call us, the .csv and or .xml FedNow or 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) shows how to implement Create Real-Time Payments Request for Payment File up front delivering a 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 continues through a "Payment Hub", will be the RtP Hub will be The Clearing House, with messaging to the Debtor's (Payer's) bank.
... easily create Real-Time Payments RfP files. No risk. Test with your bank and delete "test" files before APPROVAL on your Bank's Online Payments Platform.
Today Payments is a leader in the evolution of immediate payments. We were years ahead of competitors recognizing the benefits of Same-Day ACH
and Real-Time Payments funding. Our business clients 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.
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 .csv or .xml data for completed ISO 20022 file) fields, start at page 4, with "yellow" highlighting. $0.0 + No Support
2) We create .csv or .xml formatting files using your Bank or Credit Union. Using your invoice information database to create an existing Accounts Receivable file, we CLEAN, FORMAT to FEDNOW or Real-Time Payments into CSV or XML. Create Multiple Templates. You can upload or "key data" into our software for File Creation of "Mandatory" general file. Use either the Routing Number and Account Number for your Customers or use "Alias" name via Mobile Cell Phone and / or Email address.
Fees = $57 monthly, including Activation, Support Fees and Batch Fee, Monthly Fee, User Fee. We add your URI for each separate Payer transaction for additional Payment Methods 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) Add integrating QuickBooks Online "QBO" using FedNow Real-time Payment using our Mobile Deposit system.
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.
Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.
Contact Us for Real-time Payments processing
