Real-Time Billing

To set up Real-Time Billing via either a Bank Bill-pay dashboard or on a Biller payment page using FedNow Service through TodayPayments.com, follow these steps:

Steps for Real-Time Billing Integration

1. Merchant Enrollment in FedNow Service

1. Register with TodayPayments.com:
   • Merchants need to sign up on TodayPayments.com and enroll in their FedNow Service.
   • Complete any necessary KYC (Know Your Customer) and compliance processes.
2. Configure FedNow Integration:
   • Set up the FedNow Service within the TodayPayments.com dashboard.
   • Ensure that the merchant's bank account is linked and ready to receive real-time payments.

2. Setting Up Real-Time Billing

Via Bank Bill-Pay Dashboard:

1. Enable Bill-Pay Option:
   • Merchants need to ensure that their biller details are registered with the customer's bank's Bill-pay service.
   • This often involves working with the bank to ensure that biller details are correctly listed and accessible to customers.
2. Customer Authorization:
   • Customers can add the merchant as a payee in their bank's Bill-pay dashboard.
   • Once set up, they can schedule real-time payments through the FedNow network.

On Biller Payment Page:

1. Integrate Payment Page:
   • Embed the TodayPayments.com payment widget or API on the merchant's payment page.
   • This widget should allow customers to enter payment details and authorize real-time payments via FedNow.
2. Real-Time Payment Execution:
   • Once a customer authorizes a payment, TodayPayments.com will process the transaction through FedNow, providing instant confirmation to both the customer and the merchant.

3. Ensuring Real-Time Confirmation

1. Instant Notifications:
   • Configure notifications within TodayPayments.com to alert both the merchant and the customer upon successful payment.
   • This can include email, SMS, or in-app notifications.
2. Payment Reconciliation:
   • Payments received via FedNow should be instantly reflected in the merchant's bank account.
   • QuickBooks can be set up to automatically reconcile these payments, ensuring accurate accounting records.

4. Security and Compliance

1. Data Encryption:
   • Ensure all payment transactions are encrypted to protect customer information.
2. Regulatory Compliance:
   • Verify that all payment processes comply with relevant financial regulations, including those set by FedNow and NACHA.

5. Customer Support and Communication

1. Customer Instructions:
   • Provide clear instructions on how customers can set up and use real-time billing via their bank's Bill-pay dashboard or the merchant’s payment page.
   • Include FAQs and troubleshooting tips on the merchant's website.
2. Support Services:
   • Offer support channels (email, phone, chat) to assist customers with any issues related to real-time payments.

Example Implementation

1. Enroll in FedNow Service:
   • Merchant signs up on TodayPayments.com and completes FedNow enrollment.
2. Configure Payment Options:
   • Set up the merchant's details in the bank's Bill-pay system.
   • Integrate the TodayPayments.com payment widget on the merchant’s payment page.
3. Enable Real-Time Billing:
   • Customers add the merchant as a payee in their bank's Bill-pay dashboard.
   • Customers use the payment widget to make real-time payments on the merchant’s site.
4. Monitor and Reconcile Payments:
   • Use TodayPayments.com dashboard for real-time notifications and payment tracking.
   • Automatically reconcile payments in QuickBooks.
5. Ensure Security:
   • Implement data encryption for all transactions.
   • Ensure compliance with financial regulations.
6. Support and Communication:
   • Provide detailed instructions and support for customers.
   • Set up automated notifications for payment confirmations.

By following these steps, merchants can set up Real-Time Billing via either Bank Bill-pay dashboards or on their payment pages, leveraging FedNow Service through TodayPayments.com to provide a seamless and efficient payment experience.