Real-Time Requests

Implementing Real-Time Requests for Payments (RfP) for Business Billers (Payees)

To integrate Real-Time Requests for Payments (RfP) for a business biller using SecureQBPlugin.com with QuickBooks Online (QBO), follow these detailed steps:

Step-by-Step Guide

1. Set Up QuickBooks Online (QBO)
   • Ensure your QuickBooks Online account is set up with the appropriate subscription level to support advanced features and integrations.
   • Make sure your QBO account is properly configured for invoicing and payment processing.
2. Register with SecureQBPlugin.com
   • Create an account on SecureQBPlugin.com.
   • Complete the onboarding process, including linking your QuickBooks Online account with SecureQBPlugin.com.
   • Ensure your account is configured to support real-time payment processing through RTP and FedNow.
3. Enable Real-Time Payment Networks
   • Verify that SecureQBPlugin.com is set up to handle RTP (Real-Time Payments by The Clearing House) and FedNow (Federal Reserve).
   • Ensure your bank or payment processor supports these networks for seamless integration.
4. Configure ISO 20022 Messaging
   • Ensure that SecureQBPlugin.com supports ISO 20022, the global standard for financial messaging.
   • Configure QBO to handle ISO 20022 formatted messages for sending and receiving RfPs.
5. Create Digital Invoices in QuickBooks Online
   • Use QBO to generate digital invoices, including necessary details such as amount, due date, and itemized charges.
   • Include options for one-time or recurring payments as needed for your business.
6. Generate and Send RfPs via SecureQBPlugin.com
   • When creating an invoice in QBO, use SecureQBPlugin.com to generate an RfP.
   • SecureQBPlugin.com will format the RfP in ISO 20022 and send it to the payer through their bank’s dashboard or a link on the payee’s payment page.
7. Payer Receives and Approves RfP
   • The payer receives an RfP notification on their bank’s dashboard or the payment page.
   • The payer reviews the details of the RfP and approves the payment.
8. Instant Payment Processing
   • Once the payer approves the RfP, the payment is processed instantly through RTP or FedNow.
   • The business biller receives the funds in real-time, with immediate settlement.
9. Payment Confirmation and Reconciliation
   • Both the payer and the payee receive confirmation of the payment.
   • QBO, through SecureQBPlugin.com, updates the invoice status to 'Paid' and reconciles the payment in real-time.
10. Automate Recurring Payments (if applicable)
    • For recurring payments, set up a recurring invoice schedule in QBO.
    • SecureQBPlugin.com automatically generates and sends RfPs at the designated intervals.
    • Payments are processed and reconciled in real-time, reducing manual intervention.

Example Workflow

One-Time Payment

1. Invoice Creation:
   • Generate a one-time invoice in QuickBooks Online.
2. RfP Generation:
   • Use SecureQBPlugin.com to generate an RfP formatted in ISO 20022.
3. RfP Sending:
   • Send the RfP to the payer’s bank dashboard or the payee’s payment page.
4. Payer Approval:
   • The payer reviews and approves the RfP.
5. Instant Payment:
   • Payment is processed instantly, and the invoice status in QuickBooks is updated to 'Paid'.
6. Reconciliation:
   • Payment details are automatically reconciled in QuickBooks.

Recurring Payment

1. Recurring Invoice Setup:
   • Set up a recurring invoice schedule in QuickBooks Online.
2. Automatic RfP Generation:
   • SecureQBPlugin.com automatically generates RfPs at each billing cycle.
3. RfP Sending:
   • RfPs are sent to the payer’s bank dashboard or payment page at regular intervals.
4. Payer Approval:
   • The payer reviews and approves each RfP.
5. Instant Payment:
   • Payments are processed instantly each time, and invoice statuses are updated in QuickBooks.
6. Reconciliation:
   • Each payment is reconciled in QuickBooks with detailed remittance information.

Benefits of Real-Time RfP Integration

1. Efficiency:
   • Reduces delays in payment processing by enabling instant payments.
2. Improved Cash Flow:
   • Enhances cash flow management with quicker payment receipts.
3. Security:
   • Provides robust security with ISO 20022 messaging and real-time payment networks.
4. Convenience:
   • Simplifies the payment process for both payers and payees.
5. Automation:
   • Automates the invoicing and payment process for recurring transactions, reducing manual tasks.

By integrating Real-Time Request for Payment (RfP) using SecureQBPlugin.com with QuickBooks Online, businesses can streamline their invoicing and payment processes, improve cash flow, and enhance overall efficiency. This integration ensures that payments are processed in real-time, providing a seamless experience for both payers and payees.

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