QuickBooks^® Request for Payment Invoicing

• ~ 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.

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Request for Payments

Integrating Real-Time Request for Payment (RfP) digital invoices in QuickBooks using ISO 20022 for both B2B (Business-to-Business) and C2B (Consumer-to-Business) transactions involves several steps. This integration ensures seamless invoicing, payment tracking, and reconciliation. Here’s a detailed guide on how to achieve this:

Integration Steps for QuickBooks

1. Set Up QuickBooks Online (QBO) for Real-Time Payments:
   • Ensure you have a QuickBooks Online account with the appropriate subscription level that supports advanced features and integrations.
   • Enable payment processing capabilities within QuickBooks. This may involve setting up accounts with payment processors that support RTP and FedNow.
2. Connect to Real-Time Payment Networks:
   • Integrate QuickBooks with payment gateways or processors that support RTP (The Clearing House) and FedNow (Federal Reserve).
   • Some of the payment processors that might support these integrations include TodayPayments.com, Real-TimePayments.com, and SecureQBPlugin.com.
3. Enable ISO 20022 Messaging:
   • Ensure that your payment processor supports ISO 20022 messaging standards. This standard allows for rich data exchange, which is crucial for detailed invoicing and remittance information.
   • Configure QuickBooks to handle ISO 20022 formatted messages for both sending and receiving payment requests and confirmations.
4. Creating Digital Invoices with RfP:
   • In QuickBooks, create digital invoices as you normally would, ensuring all necessary details (amount, due date, itemized charges) are included.
   • Utilize the RfP feature to send these invoices. QuickBooks should be configured to format these requests in ISO 20022.
5. Sending RfP to Payers:
   • Once an invoice is created, QuickBooks can generate an RfP message.
   • This message is then sent to the payer via their banking app or payment gateway. The payer will receive the RfP with all the details included in the ISO 20022 format.
6. Payer Approves Payment:
   • The payer reviews the RfP in their banking or payment application, approves it, and the payment is processed instantly through RTP or FedNow.
   • The payer’s bank communicates the approval and initiates the payment, ensuring immediate funds transfer.
7. Payment Confirmation and Reconciliation:
   • Once the payment is processed, both payer and payee receive confirmation messages, again using the ISO 20022 format.
   • QuickBooks receives the payment confirmation and automatically updates the invoice status to 'Paid'.
   • The transaction is reconciled in real-time, updating financial records instantly.
8. Record Keeping and Reporting:
   • All details of the transaction, including the rich remittance information provided by ISO 20022, are stored within QuickBooks.
   • This allows for detailed reporting and easy reconciliation, making financial management more efficient.

Benefits of Integration

1. Efficiency:
   • Speeds up the invoicing and payment process, reducing the time to receive funds.
   • Automates many steps, reducing manual intervention and errors.
2. Improved Cash Flow:
   • Immediate payment processing enhances cash flow, allowing businesses to manage their finances better.
3. Enhanced Security:
   • ISO 20022 messaging includes robust security features, reducing the risk of fraud.
4. Detailed Data Handling:
   • The ability to include extensive remittance information helps in matching payments with invoices and reduces reconciliation efforts.
5. Customer Satisfaction:
   • Provides a seamless and quick payment experience for customers, enhancing satisfaction and trust.

Example Workflow in QuickBooks

1. Generate Invoice:
   • Create a digital invoice in QuickBooks with all required details.
2. Send RfP:
   • QuickBooks formats the invoice as an RfP using ISO 20022 and sends it to the payer.
3. Payment Approval:
   • The payer receives, reviews, and approves the RfP through their bank or payment app.
4. Instant Payment:
   • The payment is processed in real-time, and QuickBooks updates the invoice status to 'Paid'.
5. Reconciliation:
   • The rich data from ISO 20022 ensures that the payment is automatically matched with the invoice in QuickBooks.
6. Record Keeping:
   • All transaction details are stored in QuickBooks for easy access and reporting.

By integrating Real-Time Request for Payment (RfP) with QuickBooks using ISO 20022, businesses can streamline their invoicing and payment processes, ensuring efficiency, security, and improved financial management.

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.

 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.