Real-Time Recurring
What is Real-Time Recurring Transactions
Recurring billing is the financial backbone of many modern businesses—from memberships and subscriptions to services and B2B contracts. However, traditional recurring payments often come with delays, failed transactions, and lack of control for both the business and the customer.
Real-Time Recurring payments powered by RTP® (Real-Time Payments) and The FedNow® Service deliver a smarter, faster solution. With Request for Payment (RfP) via digital invoicing, businesses can request authorization from the Payer in real time. Once approved, funds are instantly moved from the Payer’s bank to the Payee’s bank, with full support for static or variable payment amounts.
At TodayPayments.com, we help businesses enable this powerful real-time billing solution—streamlining cash flow, reducing payment friction, and improving the customer experience.
Real-Time Recurring for your business using Real-Time Payments
When setting up a real-time recurring payment system using Real-Time Payments (RTP), several attributes are essential to ensure smooth and efficient processing. Here are the key attributes:
1. Frequency: Define the frequency at which payments will recur, such as daily, weekly, monthly, or custom intervals. Specify how often the payments should be made within the RTP® system.
2. Amount: Specify the amount of each payment in the recurring series. Define whether the payments will be fixed amounts or variable based on conditions set within the RTP system.
3. Start Date: Set the start date for the recurring payments. Determine when the payment series will commence, ensuring that the RTP system initiates payments accordingly from the specified date.
4. End Date or Duration: Decide whether the recurring payments will have an end date or continue indefinitely. Specify whether there is a set duration for the recurring payments or if they will continue until manually stopped.
5. Authorization: Implement a secure authorization mechanism to ensure that the payer consents to the recurring payments. Obtain explicit consent from the payer within the RTP system to initiate recurring payments.
6. Payment Method: Specify the preferred payment method for processing the recurring payments within the RTP system. Determine whether payments will be made via bank transfers, electronic funds transfers (EFT), or other methods supported by RTP.
7. Integration with Financial Systems: Integrate RTP with your financial systems, such as banking platforms or payment gateways, to facilitate real-time payment processing and reconciliation. Ensure seamless communication between RTP and your internal systems.
8. Error Handling: Implement robust error handling mechanisms to address any issues that may arise during payment processing, such as insufficient funds or technical errors. Define protocols for handling errors within the RTP system.
9. Security Measures: Ensure that RTP adheres to strict security standards to protect sensitive financial information and prevent fraud. Utilize encryption, tokenization, and other security measures to safeguard payment data.
10. Notification and Confirmation: Provide timely notifications and confirmations to both the payer and payee for each recurring payment transaction. Ensure that notifications are sent instantly when payments are processed within the RTP system.
11. Customer Support: Offer dedicated customer support channels to assist users with setting up, managing, and troubleshooting recurring payments within the RTP system. Provide guidance and assistance as needed to ensure a positive user experience.
By considering these attributes and leveraging RTP effectively, you can create a real-time recurring payment system that meets your business needs and enhances efficiency in managing payments.
Creation Request for Payment Bank File
Call us, the .csv and or .xml Real-Time Payments (RTP) 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.
Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.
Contact Us for Request For Payment payment processing
