Real-Time Recurring Payment

What Is a Real-Time Recurring Payment?

A Real-Time Recurring Payment is an automated billing process where a business sends a digital Request for Payment (RfP) to a customer, who then authorizes the transaction through their bank. Once approved, the payment is transferred instantly via FedNow® or RTP®.

Key features include:

• Real-time fund movement from payer to payee
• Authorization from the payer each cycle, increasing transparency and control
• Support for fixed (static) or flexible (variable) billing amounts
• Instant confirmation of payment status and availability

This approach improves both payment success rates and customer trust.

Always-On Billing with FedNow® and RTP®

Unlike legacy payment systems, FedNow® and RTP® operate continuously:

• Process recurring payments 24/7/365, including nights, weekends, and holidays
• Eliminate delays caused by bank cutoffs or batch windows
• Enable real-time reconciliation and balance updates

TodayPayments.com connects your business to these networks through a simple online setup—no branch visits or paperwork delays.

Flexible Recurring Setup Using Alias-Based Billing

Real-Time Recurring Payments become even more powerful with alias-based billing identifiers. Our system lets you:

• Use cell phone numbers or email addresses as billing aliases
• Create multiple MIDs (Merchant Identification Numbers) for different billing categories, services, or customer groups
• Route recurring payments across multiple banks and credit unions in all 50 states

This gives you scalable control for managing a large number of subscriptions or customer profiles without increasing complexity.

Ideal for Subscription, Service, and Utility Businesses

Our Real-Time Recurring solution supports any industry where recurring billing is critical, including:

• SaaS platforms and digital services
• Membership and gym management
• Professional services and retainer billing
• Utility, telecom, healthcare, and insurance payments
• Government payments, taxes, and public services

You can send automatic, branded RfPs to your customers and receive real-time payments that match your billing cycles exactly.

Hosted Payment Pages and ISO 20022-Compliant Messaging

Our platform includes tools to simplify and streamline the customer experience:

• Hosted Payment Pages for branded, mobile-friendly checkout
• ISO 20022-compliant Request for Payment (RfP) messaging embedded into invoices or email notifications
• Customer click-to-pay functionality with instant authorization

Customers get a seamless, secure payment process while you receive cleared funds in real time.

QuickBooks® Integration and Real-Time Reporting

Recurring payments integrate directly with your accounting systems. We support:

• Real-time sync with QuickBooks® Online (QBO)
• Auto-matching of recurring transactions to invoices
• Dashboard reporting for recurring payment status, aging, and reconciliation

This helps you keep your books accurate and your receivables current—without manual entry.

Attributes and elements of a Real-Time Recurring Payment system encompass various components necessary for its functionality, efficiency, and security. Here's a breakdown of key attributes and elements:

1. Frequency: Specifies how often payments recur, such as daily, weekly, monthly, etc.
2. Amount: Defines the payment amount for each transaction, which can be fixed or variable.
3. Start Date: Indicates the date when the recurring payments commence.
4. End Date or Duration: Specifies whether the recurring payments have an end date or continue indefinitely.
5. Authorization: Ensures that the payer has given explicit consent for the recurring payments to be processed.
6. Payment Method: Specifies the preferred method of payment, such as credit card, bank transfer, or digital wallet.
7. Integration with Financial Systems: Enables seamless integration with banking platforms, accounting software, or payment gateways for efficient transaction processing and reconciliation.
8. Error Handling: Implements robust error handling mechanisms to address payment failures, insufficient funds, or other issues.
9. Security Measures: Incorporates security protocols to safeguard sensitive financial information and prevent fraud, including encryption, authentication, and compliance with regulatory standards.
10. Notification and Confirmation: Provides timely notifications and confirmations to both the payer and payee for each transaction, ensuring transparency and accountability.
11. Customer Support: Offers dedicated support channels to assist users with setting up, managing, and troubleshooting recurring payments.
12. Reconciliation: Facilitates reconciliation of payment records with bank statements or accounting records to ensure accuracy and integrity of financial data.
13. APIs and Integration Tools: Provides APIs and integration tools for seamless integration with third-party applications and systems.
14. Scalability: Ensures scalability to accommodate growth and increasing transaction volumes over time.
15. Compliance: Adheres to regulatory requirements and industry standards to ensure compliance with relevant laws and regulations.

By incorporating these attributes and elements, a Real-Time Recurring Payment system can effectively automate payment processing, enhance user experience, and streamline financial operations for businesses and individuals alike.