QuickBooks^® Request for Payment Invoicing

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Integrating QuickBooks Online (QBO) with FedNow and Real-Time Payments (RTP) using Invoice Tokens for digital invoice payments involves several steps to streamline and secure transactions. Here’s a detailed guide on how to set up and use Invoice Tokens within this framework:

Integrating QBO with FedNow and RTP Using Invoice Tokens

1. Understand Invoice Tokens

Invoice Tokens are unique identifiers that are associated with specific invoices. These tokens simplify the payment process by allowing customers to make payments without needing to know the payee’s bank routing or account number.

2. Setup QBO and SecureQBPlugin.com

1. Create an Account:

• Sign up for SecureQBPlugin.com and link it to your QBO account.
• Follow the setup instructions to install and configure the plugin on your system.

3. Integrate FedNow and RTP with Invoice Tokens

1. Bank Integration:

• Ensure your bank supports FedNow and RTP and can generate Invoice Tokens.
• Register your business with the bank to use these services.

2. API Access:

• Obtain API keys and necessary credentials from your bank or payment hub that supports FedNow and RTP.

4. Generate Invoice Tokens in QBO

1. Invoice Creation:

• Create an invoice in QBO as usual.
• Use SecureQBPlugin.com to generate a unique Invoice Token for each invoice. This token should be linked to the invoice in QBO.

2. Embed Invoice Tokens:

• Embed the Invoice Token in the invoice details, such as in the memo, description, or a designated payment identifier field.

5. Send Invoices to Customers

1. Invoice Delivery:

• Send the invoice to your customer via email or through a customer portal, including the Invoice Token.
• Optionally, provide a payment link or QR code that incorporates the Invoice Token for easy access.

6. Customer Payment Process

1. Receive Invoice:

• The customer receives the invoice with the Invoice Token included.
• They can use the Invoice Token to initiate a payment through their bank’s payment portal supporting FedNow and RTP.

2. Initiate Payment:

• The customer logs into their bank’s online or mobile banking platform.
• They enter the Invoice Token to identify the invoice they are paying.

3. Instant Payment Processing:

• The bank processes the payment instantly through FedNow or RTP.
• The payment is linked directly to the specific invoice using the Invoice Token.

7. Reconciliation and Reporting in QBO

1. Real-Time Updates:

• SecureQBPlugin.com updates QBO in real-time when payments are made using the Invoice Token.
• The invoice status in QBO is automatically marked as “Paid” once the payment is confirmed.

2. Automated Reconciliation:

• QBO reconciles the payment with the corresponding invoice using the Invoice Token.
• This reduces manual effort and errors in matching payments to invoices.

3. Reporting:

• Generate real-time reports in QBO to track payments made using Invoice Tokens.
• Ensure all transactions are accurately recorded and compliant with state and federal regulations.

Example Workflow for Using Invoice Tokens

1. Create Invoice:

• Generate an invoice in QBO.
• SecureQBPlugin.com generates a unique Invoice Token and embeds it in the invoice.

2. Send Invoice:

• Send the invoice to the customer with the Invoice Token included.

3. Customer Payment:

• The customer uses the Invoice Token to make a payment through their bank’s portal supporting FedNow and RTP.

4. Instant Processing:

• The payment is processed instantly, and funds are transferred.

5. Automatic Reconciliation:

• QBO updates the invoice status to “Paid” and reconciles the payment using the Invoice Token.

Benefits

• Efficiency: Streamlines the payment process by using unique identifiers.
• Speed: Instant fund transfers improve cash flow.
• Security: Reduces the need for sensitive banking details, enhancing security.
• Accuracy: Automated reconciliation reduces errors and manual work.
• Convenience: Simplifies the payment experience for customers.

By integrating Invoice Tokens with FedNow and RTP into QBO using SecureQBPlugin.com, you can enhance your digital payment processes, ensuring faster, more secure, and accurate transactions. This setup not only improves operational efficiency but also provides a seamless payment experience for your customers.