Using Request for Payments (RfP) via SMS, Text, and QRC for FedNow® and RTP® Real-Time Payments

Real-Time Payment Parameters

• Payment Rails: RTP® (The Clearing House) and FedNow® (Federal Reserve)
• Messaging Format: ISO 20022 with RfP and Remittance Data
• Trigger Methods: Digital SMS, Text, QR Code (QRC), Email, In-App Invoices
• Transaction Speed: Real-Time (Instant Settlement, 24/7/365)
• Transaction Types: A2A Credit & Debit for B2B, C2B, B2C
• Sales Channels: POS, MOTO, Auto-Bill Pay, Recurring, Remote Invoicing
• Surcharge Compliance: Payer covers fees; merchant receives full invoice total
• Legal Framework: Non-prohibited at the federal level; allowed in most states
• Funds Status: Irrevocable “Good Funds” with no chargebacks or non-authorizations

Attributes of RfP Real-Time Payments via Text & QR

• Good Funds Finality – All RTP® and FedNow® payments are final, cleared, and settled instantly with no reversals.
• Full Revenue Capture – Merchants receive the full invoice amount as the payer covers any processing surcharge.
• No Chargebacks – Since these are A2A transactions, there’s zero risk of disputes or chargebacks.
• Instant Access – Funds are posted to your bank account within seconds of payer approval.
• Omnichannel Support – Works across mobile, desktop, POS terminals, invoices, and recurring billing environments.
• Surcharge Transparency – Customers are presented with clear surcharges upfront and must approve before payment.
• 100% Legal & Compliant – Real-time payments with surcharging are permitted by federal regulation and compliant in most states.
• Enhanced Data – ISO 20022 provides full remittance and metadata for audit-ready records and automatic reconciliation.

Ask us How:

• Merchants can now send Request for Payment (RfP) digital invoices via SMS, text message, or QR code and receive FedNow® or RTP® real-time payments instantly with no deduction.
• TodayPayments.com enables small businesses and enterprises to integrate RfP payments into their POS, phone sales, and invoicing workflows using surcharge-enabled RTP® and FedNow® transactions.
• When customers pay using real-time payment links delivered via mobile text or QR code, the transaction is settled immediately with irrevocable Good Funds and no chargeback risk.
• Unlike ACH or credit cards, FedNow® and RTP® Real-Time Payments with surcharge support allow merchants to keep 100% of their sales receipts while remaining legally compliant.
• This mobile-first solution is perfect for field services, delivery drivers, contractors, consultants, subscription billing, and any business needing fast, reliable payment.
• The future of business payments lies in ISO 20022 Request for Payment messaging with real-time A2A settlement and surcharge logic—offered seamlessly by TodayPayments.com.

Why Real-Time Surcharging Is Better Than Cash Discounting

Cash discounting inflates pricing and complicates accounting. It’s often misunderstood and can cause friction with customers. In contrast, RfP invoicing with RTP® and FedNow® surcharge transparency is straightforward, compliant, and customer-approved. It keeps your price structure clean and your accounting books accurate, while delivering real-time, irrevocable funds.

To incorporate multiple payment options including VIRTUAL CARD, surcharging, service fee, and convenience fee while promoting free real-time payments through FedNow for various types of merchants (POS, eCommerce, and MOTO), here's a comprehensive guide:

1. Understanding Different Fees and Payment Options

• VIRTUAL CARD: A digital card used for online transactions, often provided by virtual card services.
• Surcharge: An additional fee applied to cover credit card transaction processing costs.
• Service Fee: A fee charged for providing a specific service, which may include handling or processing.
• Convenience Fee: A fee charged for the convenience of paying through a particular channel that is not the standard payment method.

2. Setting Up FedNow Payments in QuickBooks Online (QBO)

1. Ensure Bank Compatibility:

• Confirm that your bank supports FedNow and integrates with QBO.

2. Connect Bank Account to QBO:

• Go to Banking > Link Account and follow instructions to connect your FedNow-enabled bank account.

3. Creating Fee and Discount Items in QBO

1. Create a Cash Discount Item:

• Go to Sales > Products and Services > New > Service.
• Name it “Cash Discount” and set the rate to a negative percentage (e.g., -2%).

2. Create a Surcharge Item:

• Go to Sales > Products and Services > New > Service.
• Name it “Credit Card Surcharge” and set the rate to a positive percentage (e.g., 2%).

3. Create a Service Fee Item:

• Go to Sales > Products and Services > New > Service.
• Name it “Service Fee” and set a fixed amount or percentage.

4. Create a Convenience Fee Item:

• Go to Sales > Products and Services > New > Service.
• Name it “Convenience Fee” and set a fixed amount or percentage.

4. Implementing for Different Business Types

A. Point of Sale (POS) Systems

1. Configure POS System:

• Integrate FedNow as a payment option and ensure the system can handle different fees.

2. Apply Discounts and Fees:

• For FedNow payments, apply the “Cash Discount” item.
• For credit card payments, apply the “Credit Card Surcharge” item.
• For specific services, apply the “Service Fee” item.
• For non-standard payment methods, apply the “Convenience Fee” item.

3. Customer Communication:

• Display clear signage about payment options, discounts, and fees.
• Example: “Save 2% by paying with FedNow. A 2% surcharge applies to credit card payments. Additional fees may apply for other services.”

4. Train Staff:

• Ensure staff can explain and apply these fees and discounts correctly.

B. eCommerce Platforms

1. Update Platform:

• Ensure your eCommerce platform accepts FedNow payments and integrates with QBO.

2. Set Up Discount and Fee Rules:

• Configure rules to automatically apply discounts for FedNow payments and various fees based on the payment method.

3. Communicate with Customers:

• Clearly display information about payment options, discounts, and fees on the payment page.
• Example: “Pay with FedNow and receive a 2% discount. Credit card payments will include a 2% surcharge. Additional service and convenience fees may apply.”

4. Checkout Process:

• Ensure the total amount updates dynamically based on the payment method selected by the customer.

C. Mail Order/Telephone Order (MOTO)

1. Payment Handling:

• Train staff to inform customers about the payment options, discounts, and fees.

2. Invoice Processing:

• Apply the appropriate discount or fee item in QBO based on the payment method.

3. Customer Communication:

• Include details about payment options, discounts, and fees in your order forms and catalogs.
• Example Script for Phone Orders: “You can save 2% by paying with FedNow. If you use a credit card, a 2% surcharge will be added. Additional fees may apply for certain services or payment methods.”

5. Monitoring and Optimization

1. Review Transactions:

• Regularly review transactions to ensure discounts and fees are applied correctly.

2. Gather Feedback:

• Collect customer feedback to understand their experience and make necessary adjustments.

3. Compliance Check:

• Ensure that your practices comply with state and federal regulations regarding surcharges, service fees, and convenience fees.

Example Implementation Scenarios

POS Example

• Product Price: $100
• FedNow Payment: Apply a 2% “Cash Discount” (final price $98).
• Credit Card Payment: Apply a 2% “Credit Card Surcharge” (final price $102).
• Service Fee: Add $5 for a specific service.
• Convenience Fee: Add $3 for using a non-standard payment method.

eCommerce Example

• Product Price: $100
• Checkout Page:

• FedNow Payment: Automatically apply a 2% discount (final price $98).
• Credit Card Payment: Automatically add a 2% surcharge (final price $102).
• Additional Service Fee: $5
• Convenience Fee: $3

MOTO Example

• Order Form:

• Include notes about payment options, discounts, and fees.
• Example: “Save 2% by paying with FedNow. A 2% surcharge applies to credit card payments. Additional fees may apply for certain services.”

• Invoice Adjustment:

• Manually adjust the final amount to reflect the discount or fees based on the payment method.

By following these steps, businesses can effectively use QBO to implement a range of fees and discounts while promoting free real-time payments through FedNow, optimizing their payment processing across POS, eCommerce, and MOTO channels.