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Real-Time Recurring Payments

Using Real-Time Recurring Payments Services

Real-Time Recurring Payments Services Recurring transactions are essential for subscription services, membership billing, utility payments, and B2B contracts. But outdated billing systems that rely on ACH or card debits often result in delayed settlements, payment failures, and poor cash flow visibility.

Real-Time Recurring Payments provide a modern, instant solution. By leveraging both FedNow® and RTP® (Real-Time Payments) networks, businesses can automate recurring billing cycles using secure Request for Payments (RfP) messages. With this method, the Payee sends a request to the Payer, who authorizes payment for either static or variable amounts—transferring funds in real time.

At TodayPayments.com, we help businesses set up and manage real-time recurring payments across multiple banks and credit unions in all 50 states.

Attributes of Real-Time Recurring Payments Services for your business using instant payments

How Real-Time Recurring Payments Work

Real-Time Recurring Payments are powered by Request for Payments (RfP) and instant settlement rails. Here’s how it works:

  • The Payee (your business) sends a digital RfP to the Payer (your customer)
  • The Payer receives the RfP through their bank app or portal
  • The Payer authorizes the transaction
  • Funds are transferred immediately through FedNow® or RTP®, directly to your account

This method supports both static (fixed) payment amounts and variable billing, depending on your business model.

24/7 Real-Time Billing with FedNow® and RTP®

Traditional recurring billing is limited by banking hours and cutoffs. With FedNow® and RTP®:

  • Payments can be received 24/7/365, including nights, weekends, and holidays
  • Settlement is instant, not delayed by ACH or batch processing
  • Each recurring payment includes confirmation of delivery in real time

This improves cash flow predictability and eliminates the waiting game between billing and payout.

Recurring Payments with Alias and Multi-Bank Support

TodayPayments.com enables flexible recurring billing setups, including:

  • Using cell phone numbers or email addresses as aliases for billing identifiers
  • Assigning unique Merchant Identification Numbers (MIDs) for each recurring payment stream
  • Routing recurring transactions through multiple financial institutions in all U.S. states

This setup is ideal for companies managing payments across multiple divisions, customer types, or regional offices.

Who Can Use Real-Time Recurring Payments?

Any business with repeating billing cycles can benefit from real-time recurring payments, including:

  • SaaS and software subscription platforms
  • Membership clubs and gyms
  • Healthcare and insurance providers
  • Professional services with retainers
  • Telecom, utility, and billing providers
  • Government and municipal agencies

Whether your customers pay a consistent fee or amounts that vary month-to-month, TodayPayments.com provides the tools to make billing seamless and immediate.

Hosted Payment Pages and ISO 20022-Compliant RfPs

To support customer-facing transactions, we provide:

  • Branded Hosted Payment Pages where Payers can review and approve RfPs
  • Integration with ISO 20022-based RfP messaging for secure, structured requests
  • One-click authorization flows that speed up the payment process

Customers get a consistent and easy way to pay, while your business enjoys reduced friction and faster settlements.

Real-Time Reconciliation and Accounting Integration

Every recurring transaction is automatically logged and reconciled through:

  • Real-time reconciliation dashboards
  • Integration with QuickBooks® Online (QBO)
  • Real-time tracking of receivables aging and recurring billing status

This keeps your books clean, reduces manual workload, and improves cash flow forecasting.

Enable Real-Time Recurring Payments Today

It’s time to modernize your recurring billing. With TodayPayments.com, your business can:
✅ Send Request for Payments via FedNow® and RTP®
✅ Accept static or variable payments instantly, 24/7
✅ Improve customer satisfaction and reduce late payments



Real-Time Recurring Payments Services using FedNow and RTP with Variable Recurring Payments (VRP) offer a flexible and efficient way to manage ongoing payments. Here’s an overview of how these services work and the benefits they provide:

Real-Time Recurring Payments with VRP using FedNow & RTP

Overview:

  • Variable Recurring Payments (VRP): A flexible payment model that allows for variable payment amounts and schedules, unlike fixed recurring payments.
  • Integration with FedNow and RTP: Both platforms support real-time processing, ensuring that recurring payments are executed instantly and funds are available immediately.

Key Features:

  1. Flexibility:
    • Variable Amounts: Payments can vary in amount based on usage, consumption, or other factors.
    • Dynamic Scheduling: Payments can be scheduled at variable intervals, allowing for more tailored payment plans.
  2. Instant Processing:
    • Real-Time Settlement: Payments are processed and settled instantly, ensuring immediate availability of funds.
    • 24/7/365 Availability: Payments can be processed at any time, including weekends and holidays.
  3. Enhanced Security:
    • Robust Security Measures: Advanced encryption and authentication methods protect transactions.
    • Control and Authorization: Customers can set limits and approve changes to recurring payments, providing additional security and control.
  4. Seamless Integration:
    • Accounting Systems: Integrates with QuickBooks Online (QBO) and QuickBooks Enterprise for automatic reconciliation and record-keeping.
    • Payment Platforms: Compatible with platforms like SecureQBPlugin.com, TodayPayments.com, and Real-TimePayments.com for comprehensive real-time payment solutions.

Benefits for Payees (Recipients of Payments):

  1. Improved Cash Flow Management:
    • Consistent Revenue: Regular payments improve predictability of cash flow.
    • Instant Fund Access: Immediate availability of funds enhances liquidity.
  2. Operational Efficiency:
    • Automation: Reduces manual intervention, minimizing errors and saving time.
    • Simplified Reconciliation: Automatic updates in accounting systems streamline financial management.
  3. Customer Satisfaction:
    • Convenience: Customers enjoy the flexibility and convenience of VRP, enhancing their overall experience.
    • Transparency: Real-time notifications and updates provide transparency and build trust.
  4. Reduced Costs:
    • Lower Transaction Fees: Real-time payments often come with lower fees compared to traditional methods.
    • Efficiency Gains: Automation reduces administrative costs and errors.

Benefits for Billers (Issuers of Payment Requests):

  1. Enhanced Revenue Assurance:
    • Reduced Delinquencies: Automated payments reduce the risk of late or missed payments.
    • Consistent Income: Regular payments provide a steady revenue stream.
  2. Increased Efficiency:
    • Streamlined Processes: Automation and real-time processing reduce the need for manual follow-ups and administrative work.
    • Better Financial Control: Real-time tracking and reporting provide enhanced control over financial operations.
  3. Customer Retention:
    • Flexible Payment Options: Offering VRP can improve customer retention by providing more flexible and convenient payment options.
    • Enhanced Experience: Real-time payments and transparency enhance the overall customer experience.
  4. Cost Savings:
    • Lower Operational Costs: Automation and real-time processing reduce the need for manual intervention and associated costs.
    • Reduced Fees: Real-time payments typically incur lower transaction fees compared to traditional methods.

Implementation Steps:

  1. Select a Provider: Choose a provider like SecureQBPlugin.com, TodayPayments.com, or Real-TimePayments.com that supports VRP with FedNow and RTP.
  2. Integration Setup: Integrate the chosen provider with your accounting system (e.g., QuickBooks Online or QuickBooks Enterprise) for seamless operation.
  3. Configure VRP Options: Set up VRP options based on your business needs, including variable amounts and dynamic scheduling.
  4. Ensure Security: Implement robust security measures to protect transactions and comply with regulatory requirements.
  5. Customer Communication: Inform customers about the benefits and setup process of VRP, and provide support as needed.
  6. Monitor and Optimize: Regularly review the performance of your VRP system and make necessary adjustments to optimize efficiency and customer satisfaction.

By leveraging real-time recurring payments using VRP with FedNow and RTP, businesses can enhance their financial operations, improve cash flow management, and provide a superior experience for their customers.

 

Creation Recurring Request for Payment

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-TimePayments.com to work with Billers to create the Request for Payment to upload the Biller's Bank online platform. 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", either FedNow or RTP, will be the RtP Hub will be The Clearing House, with messaging to the Debtor's (Payer's) bank. Request for Recurring Payment

ACH and both Instant and Real-Time Payments Request for Payment ISO 20022 XML Message Versions
The versions that NACHA recommends for the Request for Payment message and the Response to the Request are pain.013 and pain.014 respectively. Version 5 for the RfP messages, which The Clearing House Real-Time Payments system has implemented, may also be utilized as there is no material difference in the schemas. Predictability, that the U.S. Federal Reserve, via the FedNow ® Instant Payments, will also use Request for Payment. The ACH, RTP ® and FedNow ® versions are Credit Push Payments.


Payees ensure the finality of Instant Real-Time Payments (IRTP) and FedNow using recurring Requests for Payments (RfP), Payees can implement certain measures:

1.     Confirmation Mechanism: Implement a confirmation mechanism to ensure that each payment request is acknowledged and confirmed by the payer before the payment is initiated. This can include requiring the payer to provide explicit consent or authorization for each recurring payment.

2.     Transaction Monitoring: Continuously monitor the status of recurring payment requests and transactions in real-time to detect any anomalies or discrepancies. Promptly investigate and resolve any issues that arise to ensure the integrity and finality of payments.

3.     Authentication and Authorization: Implement strong authentication and authorization measures to verify the identity of the payer and ensure that only authorized payments are processed. This can include multi-factor authentication, biometric verification, or secure tokenization techniques.

4.     Payment Reconciliation: Regularly reconcile payment transactions to ensure that all authorized payments have been successfully processed and finalized. This involves comparing transaction records with payment requests to identify any discrepancies or unauthorized transactions.

5.     Secure Communication Channels: Utilize secure communication channels, such as encrypted messaging protocols or secure APIs, to transmit payment requests and transaction data between the payee and the payer. This helps prevent unauthorized access or interception of sensitive payment information.

6.     Compliance with Regulatory Standards: Ensure compliance with relevant regulatory standards and guidelines governing instant payments and recurring payment transactions. This includes adhering to data security requirements, fraud prevention measures, and consumer protection regulations.

By implementing these measures, Payees can enhance the finality and security of Instant Real-Time Payments using recurring Requests for Payments, thereby minimizing the risk of payment disputes, fraud, or unauthorized transactions.

 
Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.

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