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"See
the features
QuickBooks® ACH, Cards, FedNow and Real-Time Payments
- Payment processing for all QuickBooks desktop, Pro, Premier, Enterprise and also QBO QuickBooks Online Our software is designed for simplicity and ease-of-use.
- ~ 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.
Ask about our special:
Request for Payments
Syncing FedNow transactions into QuickBooks
Online (QBO), specifically for "Received" Request for Payments (RfP)
funding, involves handling matching, merging, clearing payments, and
addressing return codes via ISO 20022 messaging. Below is a step-by-step
guide for handling this process:
1. Integration and Configuration:
- Ensure QBO is integrated with FedNow for
seamless data synchronization.
- Configure QBO to recognize and
categorize RfP transactions as "Received" funding.
2. Handling "Received" RfP Transactions:
- Customize QBO settings to manage
"Received" RfP transactions appropriately.
3. Matching and Merging:
- Implement a matching algorithm to
automatically match incoming FedNow transactions with corresponding
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 specific income
accounts.
- Implement clearing processes to finalize
and reconcile each payment.
5. Handling Return Codes (ISO 20022):
- Establish a system to capture,
interpret, and address return codes received via ISO 20022 messaging
from either the Debtor Bank or Payer.
- Create specific categories or tags in
QBO to mark transactions associated with return codes.
6. Communication and Alerts:
- Set up alerts or notifications within
QBO to flag transactions with return codes for prompt investigation.
- Communicate effectively with relevant
stakeholders to resolve any issues related to return codes.
7. Documentation and Record Keeping:
- Maintain comprehensive documentation
within QBO for each FedNow transaction, including return codes and
resolution steps.
- Record detailed notes about the matching
and clearing process for audit purposes.
8. Automated Reconciliation:
- Leverage QBO's automated reconciliation
tools to streamline the process.
- Ensure that the reconciliation process
includes validation against ISO 20022 standards, including return
codes.
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,
return 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.
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
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.
Start using our Bank Reconciliation:
Dynamic integrated with FedNow & Real-Time Payments (RtP) Bank Reconciliation: Accrual / Cash / QBO - Undeposited Funds
Give Us A Call
(866) 927-7180