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Instant Payments That Drive More Sales

In today’s fast-paced digital economy, businesses and individuals need instant and secure payment options. FedNow®, a groundbreaking real-time payment service, allows users to send and receive funds 24/7/365. However, businesses often compare FedNow® with other payment methods, including credit cards, QuickBooks® Online (QBO) payments, RTP® (Real-Time Payments), and Same-Day ACH. Let’s break down these options.

1. FedNow® – The Future of Instant Payments

FedNow® is the Federal Reserve’s real-time payment network, offering instant fund transfers between banks. Unlike traditional ACH transfers that take days, FedNow® ensures that payments clear and settle within seconds.

Key Benefits of FedNow®:

• Instant Transactions – Funds transfer in real time, 24/7.
• Bank-to-Bank Payments – Direct transfers between U.S. financial institutions.
• Security & Compliance – Built with fraud protection and regulatory oversight.
• No Credit Risk – Unlike credit card payments, FedNow® transactions settle immediately.

Best for: Businesses that need real-time payment settlement and instant cash flow.

2. Credit Cards – Traditional but Costly

Credit cards remain one of the most widely used payment methods, especially for consumer transactions. However, they come with processing fees and settlement delays.

Pros & Cons of Credit Cards:

✔️ Widespread acceptance – Consumers are familiar with and trust credit cards.
✔️ Chargebacks & fraud protection – Banks provide dispute resolution.
❌ Processing fees – Costs range from 1.5% to 3% per transaction.
❌ Delayed settlements – Funds typically take 1–3 days to clear.

Best for: Businesses that want broad customer adoption but can handle processing fees.

3. QuickBooks® QBO – Integrated Payments for Businesses

QuickBooks® Online (QBO) is a popular accounting tool that also offers payment processing via ACH, credit cards, and invoicing. It’s a great choice for small businesses looking for automated financial management.

Why Use QuickBooks® QBO Payments?

• Invoicing & Recurring Payments – Automate billing for clients.
• Credit Card & ACH Payments – Flexible payment options.
• QuickBooks® Integration – Sync transactions directly into accounting software.
• Processing Times – ACH takes 1–5 business days, while credit cards settle in 1–3 days.
• Best for: Businesses that rely on QuickBooks® for accounting and need automated invoicing.

4. RTP® (Real-Time Payments) – Bank-Led Instant Transfers

RTP® (Real-Time Payments) is an instant payments network operated by The Clearing House. Like FedNow®, it supports 24/7 real-time transactions but requires financial institutions to be enrolled in the network.

RTP® vs. FedNow®:

• Both offer instant transactions.
• RTP® is private-sector-led, while FedNow® is government-backed.
• FedNow® is accessible to more banks, including smaller financial institutions.
• RTP® has been around longer but is primarily used by larger banks.

Best for: Businesses working with banks that support RTP® transactions.

5. Same-Day ACH – Faster but Not Instant

Same-Day ACH allows businesses to send payments faster than traditional ACH, but it still doesn’t settle in real-time like FedNow® or RTP®.

Same-Day ACH vs. FedNow®:

• Processing Time – Same-Day ACH clears within the same business day, while FedNow® is instant 24/7.
• Cost – Same-Day ACH is cheaper than FedNow®, but not as fast.
• Availability – Only operates on business days, unlike FedNow®.

Best for: Companies that need faster payments but don’t require instant settlement.

Final Thoughts: Choosing the Right Payment Option

If your business needs instant, secure, and reliable transactions, FedNow® is the best choice. However, depending on your needs, you might also consider credit cards for customer payments, QuickBooks® QBO for invoicing, RTP® for bank-driven instant transfers, or Same-Day ACH for expedited but cost-effective payments.

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Creation Request for Payment Bank File

Enhance Your Send Request FedNow Payment Requests with FedNow’s ISO 20022 Messaging

Streamline Payments with Advanced Request for Payment Options:

Harness the power of FedNow's Request for Payment system to transform how you manage invoices and remittances. Our platform supports diverse data integration options, allowing payees to incorporate detailed invoice data directly within the RfP message or link to a comprehensive Merchant Page.

Flexible Invoice Details with ISO 20022 Messaging:

Leverage the flexibility of ISO 20022 messaging standards in our RfP system. You can choose to display crucial payment details directly in the message with a concise 140-character description, or through a dynamic "Hyper-Link" leading to a detailed Merchant Page. This Merchant Page can be hosted either on your website or TodayPayments.com/HostedPaymentPage.html through our seamless integration solution.

Customizable Merchant Pages for Enhanced Customer Experience:

Create a Merchant Page that not only details all the MIDs you own but also presents these options attractively to your customers through the RfP. This customization ensures that whether your payer opts for Real-Time Payment, Same-Day ACH, or Card transactions, they can easily navigate and complete their payments through a simple click on the hyperlink provided on your Merchant Page.

Call us today and receive the .csv or .xml FedNow® or Request for Payment (RfP) file you need—all during your very first phone call! We guarantee that our comprehensive reports integrate flawlessly with your bank or credit union. As pioneers in recognizing the benefits of RequestForPayment.com, we have stayed years ahead of our competitors. Although we are not a bank, our role as an "Accounting System" within the Open Banking ecosystem enables us to work with billers to create effective RfP files that seamlessly upload to the biller's online banking platform. U.S. companies rely on our expertise to learn how to deliver the RfP message directly to their bank with precision.


Our advanced solution, Today Payments' ISO 20022 Payment Initiation (PAIN.013), demonstrates how to create a Real-Time Payments Request for Payment file that sends a clear message from the creditor (payee) to its bank. Most financial institutions support the import of messaging and batch files for both FedNow® and Real-Time Payments (RtP), ensuring smooth processing. Once the file is correctly uploaded, the creditor’s bank processes the payment through a secure "Payment Hub"—with The Clearing House serving as the RtP Hub—and relays the message to the debtor's (payer's) bank. This streamlined approach not only accelerates transaction processing but also enhances transparency and reliability for all parties involved.

... easily create Instant 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.