FedNow Instant Payments Billing

Integrating TodayPayments.com "Good Funds Gateway" with QuickBooks Online (QBO) for recurring subscription billing using "Request for Payment" (RfP) invoicing through FedNow Real-Time Payments can provide significant advantages for both B2B and C2B businesses. This setup ensures instant payments, streamlines recurring billing processes, and enhances financial management. Here’s a step-by-step guide to implement this effectively.

Steps to Integrate TodayPayments.com "Good Funds Gateway" with QBO for Recurring Subscription Billing

1. Set Up TodayPayments.com "Good Funds Gateway"

• Register and Subscribe: Visit TodayPayments.com, register for an account, and subscribe to their "Good Funds Gateway" service that supports FedNow Real-Time Payments.
• API Access: Obtain the necessary API keys and credentials from TodayPayments.com to enable integration with QBO.

2. Integrate TodayPayments.com with QBO

• Plugin Installation: Follow the instructions provided by TodayPayments.com to install the Good Funds Gateway plugin into your QBO account. This may involve adding the plugin through the QBO App Store or directly integrating it via API.
• Configuration: Configure the plugin settings to enable FedNow Real-Time Payments. Enter the API keys and credentials obtained from TodayPayments.com.
• Test Integration: Perform a few test transactions to ensure that the integration works seamlessly and that payments are correctly processed and recorded in QBO.

3. Set Up RfP Invoicing for Recurring Subscriptions in QBO

• Enable RfP Invoicing: In QBO, navigate to the invoicing section and enable the RfP invoicing feature provided by TodayPayments.com.
• Create Recurring Templates: Set up recurring invoice templates in QBO, specifying the frequency (e.g., monthly, quarterly) and the details of the subscription service.
• Configure Payment Requests: Ensure that each recurring invoice includes a Request for Payment via FedNow. Customize the invoices with your business branding, payment details, due dates, and clear instructions for customers on how to make instant payments via FedNow.

4. Manage and Send Recurring RfP Invoices

• Automatic Invoice Generation: Use QBO to automatically generate and send recurring RfP invoices to customers based on the subscription cycle.
• Payment Notifications: Notify customers of upcoming payments and provide them with the necessary details to complete the transaction via FedNow.

5. Receive and Reconcile Payments

• Instant Payment Confirmation: Once the customer makes the payment using FedNow, you receive immediate confirmation.
• Automatic Recording: The Good Funds Gateway ensures that the payment is automatically recorded in QBO, updating your financial records and reconciling the transaction.
• Monitor Transactions: Regularly monitor your transactions in QBO to ensure all payments are processed and recorded accurately.

Benefits of Using TodayPayments.com with QBO for Recurring Subscription Payments

For Businesses

1. Enhanced Cash Flow:

• Immediate Fund Availability: Real-time payments ensure quick access to funds, improving liquidity and reducing delays.
• Predictable Revenue: Recurring payments provide a steady and predictable revenue stream, aiding in financial planning.

2. Operational Efficiency:

• Automated Processes: Integration with QBO automates invoicing and payment reconciliation, reducing manual tasks and errors.
• Streamlined Billing: RfP invoicing simplifies the recurring billing process, making it easier to manage and track payments.

3. Improved Security:

• Secure Transactions: Real-time payment verification through TodayPayments.com enhances transaction security, reducing the risk of fraud.
• Compliance: Ensure compliance with financial regulations and standards for secure payment processing.

For Customers

1. Convenience:

• Easy Payment Process: Customers can make instant payments through a secure and user-friendly interface.
• Automated Payments: Customers can set up automatic payments, ensuring timely and hassle-free transactions.

2. Transparency:

• Clear Invoices: Detailed RfP invoices ensure customers understand payment details and due dates.
• Reduced Disputes: Immediate payment records reduce the likelihood of disputes or confusion.

3. Security:

• Secure Payments: FedNow Real-Time Payments and TodayPayments.com ensure secure transactions, protecting customer data.

Example Use Case

Scenario:

• A software as a service (SaaS) company offers a monthly subscription for their platform.
• The company sets up recurring RfP invoices in QBO using TodayPayments.com's Good Funds Gateway, specifying the subscription details and payment terms.
• Each month, QBO automatically generates and sends an RfP invoice to subscribers with instructions for instant payment via FedNow.
• Subscribers receive the invoice, complete the payment instantly via FedNow, and the SaaS company receives immediate payment confirmation.
• QBO automatically records the payment, updates financial records, and reconciles the transaction.

Summary

Integrating TodayPayments.com "Good Funds Gateway" with QuickBooks Online for recurring subscription billing using FedNow Real-Time Payments and RfP invoicing offers significant advantages for both B2B and C2B businesses. This setup enhances cash flow, operational efficiency, and security while providing a seamless and convenient payment experience for customers. By following the steps outlined above, businesses can effectively implement this integration, streamline their recurring billing processes, and improve overall financial management.