Real-Time ACH

To integrate New Real-Time ACH with FedNow and RTP Real-Time Payments into QuickBooks Enterprise and QuickBooks Online, providing certainty in transactions, follow these steps:

Overview

Real-Time ACH, FedNow, and RTP provide near-instantaneous settlement of transactions, reducing payment delays and improving cash flow management. Integration with QuickBooks ensures seamless accounting and reconciliation.

Integration Steps

1. Choosing the Right Payment Processor

Select a payment processor that supports Real-Time ACH, FedNow, and RTP. Some examples include TodayPayments.com, Real-TimePayments.com, Plaid, Dwolla, and Stripe. Ensure they provide API integration with QuickBooks.

2. Integrating with QuickBooks

For QuickBooks Enterprise:

1. Enable ACH Payments:
   • Navigate to Customers > Create Invoices.
   • Enable ACH payment options.
   • Configure with your chosen payment processor.
2. Set Up Bank Feeds:
   • Go to Banking > Bank Feeds.
   • Connect your bank account to receive Real-Time ACH, FedNow, and RTP transactions.

For QuickBooks Online (QBO):

1. Enable ACH Payments:
   • Go to Sales > Invoices.
   • Enable ACH payment options.
   • Configure with your chosen payment processor.
2. Set Up Bank Feeds:
   • Go to Banking > Bank Accounts.
   • Connect your bank account to receive Real-Time ACH, FedNow, and RTP transactions.

3. Setting Up Recurring Payments

For Both QuickBooks Enterprise and QBO:

1. Create Recurring Invoices:
   • In QuickBooks, go to Customers > Create Invoices.
   • Enable the option to memorize or set recurring invoices.
2. Automate Payment Requests:
   • Use your payment processor’s API to automate payment requests.
   • Configure the processor to send requests at specified intervals.

4. Real-Time Payment Processing

1. Creating Invoices:
   • Generate invoices as usual in QuickBooks.
   • Include ACH, FedNow, and RTP payment options.
2. Sending Payment Requests:
   • Send payment requests via Real-Time ACH, FedNow, and RTP.
   • Customers authorize payments through their bank or payment processor.
3. Tracking and Reconciling Payments:
   • Monitor payment statuses through your processor’s dashboard.
   • Reconcile received payments in QuickBooks.

5. Ensuring Security and Compliance

1. Data Encryption:
   • Ensure all transaction data is encrypted.
2. Regulatory Compliance:
   • Verify compliance with NACHA, FedNow, RTP, and other relevant regulations.

6. Providing Certainty in Transactions

1. Instant Confirmation:
   • Real-time payments provide immediate confirmation, reducing uncertainty.
2. Automated Reconciliation:
   • QuickBooks can automatically reconcile payments, ensuring accurate accounting.

7. Customer Communication and Support

1. Payment Notifications:
   • Set up automated notifications for payment requests, approvals, and rejections.
2. Customer Support:
   • Provide support for any payment-related issues.

Example Implementation

1. Select a Payment Processor: Choose a provider like TodayPayments.com, Real-TimePayments.com,Plaid, Dwolla, or Stripe that supports Real-Time ACH, FedNow, and RTP.
2. Integrate with QuickBooks:
   • QuickBooks Enterprise: Enable ACH payments and set up bank feeds.
   • QBO: Enable ACH payments and connect bank accounts.
3. Set Up Recurring Payments:
   • QuickBooks Enterprise: Memorize transactions for recurring payments.
   • QBO: Create recurring transactions with payment options.
4. Automate Payment Requests: Configure the payment processor to handle recurring requests.
5. Track and Reconcile Payments: Use QuickBooks to monitor and reconcile transactions.
6. Ensure Security and Compliance: Implement encryption and ensure regulatory compliance.
7. Communicate with Customers: Set up notifications and provide necessary support.

By following these steps, you can integrate New Real-Time ACH with FedNow and RTP into QuickBooks Enterprise and QBO, ensuring certainty in transactions and improving payment processing efficiency.