QBO QuickBooks® Free Instant RTP® Payments for Businesses

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RTP® + QBO® Integration Parameters

• Platform: QBO QuickBooks® Online or Enterprise
• Payment Rails: RTP® and Same-Day ACH
• Transaction Types: B2B, B2C, C2B A2A transfers
• Messaging Format: ISO 20022 XML for RfP and Remittance
• Settlement Speed: Real-time (seconds)
• Fee Handling: Payer pays surcharge; merchant receives full amount
• Compliance: Compliant with Federal and State surcharging laws
• Deployment: POS, MOTO, Invoicing, Auto-Bill Pay

Core Attributes

• Instant Good Funds – Final, irrevocable RTP® payments direct to your bank.
• No Chargebacks – Real-time payments eliminate disputes and reversals.
• Surcharge Model – Shift the merchant processing fee to the customer.
• QuickBooks® Embedded – Send invoices and receive payments via QBO.
• Multi-Channel Compatible – Accept across physical, digital, and recurring environments.
• Flexible Implementation – Works with existing accounting, CRM, and ERP systems.

Benefits

• Enable QBO QuickBooks® Free Instant RTP® Payments by shifting the cost of real-time settlement to the customer through compliant surcharging.
• Accept Instant Payments via RTP® with no impact to your bottom line using a surcharging model that allows the payer to cover the transaction fee.
• Streamline B2B and B2C payments by integrating real-time RTP® settlements into QBO invoicing with ISO 20022-compliant payment requests.
• Receive 100% of your service fee immediately with RTP® Good Funds that are irrevocable, secure, and legally compliant across all U.S. states.
• Replace delayed ACH with real-time RTP® payments and remove uncertainty around chargebacks and returned funds.
• Offer Instant A2A Payments at Point of Sale, Online, or over the Phone using TodayPayments.com’s surcharged RTP® merchant account system.
• Boost financial certainty and eliminate processing losses by accepting instant “Good Funds” directly into your business bank account.

Why Smart Merchants Choose RTP® + QBO® with Customer Surcharging

Today’s business owners want instant payments, no reversals, and zero revenue loss. By combining the speed of RTP® with the power of QBO—and the efficiency of legal surcharging—you get all three. This model gives merchants the ability to retain 100% of their earnings, while offering customers the convenience of real-time payments across any channel.

Integrating surcharge and cash discounting strategies with QuickBooks Online (QBO) for free instant payments through FedNow involves several steps. Here's a detailed guide to help U.S. companies and businesses implement these strategies effectively:

1. Understanding the Basics

FedNow: A real-time payment service by the Federal Reserve for instant payments, offering immediate fund availability.

Surcharge: Adding a fee to credit card transactions to cover processing costs.

Cash Discounting: Offering a discount to customers who pay using cash or equivalent methods, such as direct bank transfers via FedNow.

2. Setting Up FedNow with QBO

To integrate FedNow with QuickBooks Online:

1. Check Compatibility: Ensure your bank supports FedNow and that it can integrate with QBO.
2. Bank Integration: Connect your bank account to QBO. Go to Banking > Add Account and follow the instructions to link your FedNow-enabled bank account.
3. Payment Processor: If necessary, work with a payment processor that supports FedNow and can integrate with QBO.

3. Implementing Surcharge and Cash Discounting in QBO

Cash Discounting

1. Create a Discount Item:

• Go to Sales > Products and Services > New > Service.
• Name it something like "Cash Discount".
• Set the rate as a negative percentage to reflect the discount (e.g., -2%).

2. Apply Discount on Invoices:

• When creating an invoice, add the "Cash Discount" item.
• Enter the discount amount corresponding to the payment method used.

3. Communicate to Customers:

• Add a note on the invoice about the discount for using FedNow.
• Example: "Pay with FedNow and receive a 2% discount on your total bill."

Surcharge

1. Create a Surcharge Item:

• Go to Sales > Products and Services > New > Service.
• Name it "Credit Card Surcharge".
• Set the rate as a positive percentage to reflect the surcharge (e.g., 2%).

2. Apply Surcharge on Invoices:

• When creating an invoice, add the "Credit Card Surcharge" item.
• Enter the surcharge amount if the customer chooses to pay by credit card.

3. Communicate to Customers:

• Add a note on the invoice about the surcharge for credit card payments.
• Example: "A 2% surcharge applies to credit card payments."

4. Training and Communication

1. Train Staff: Ensure your team understands how to apply discounts and surcharges in QBO.
2. Customer Communication: Clearly communicate these policies to your customers through:

• Invoices and receipts.
• Store signage and website notices.
• Direct communication during transactions.

5. Regular Review and Adjustment

1. Monitor Transactions: Regularly review how the discounts and surcharges are being applied and their impact on your finances.
2. Customer Feedback: Gather feedback to understand customer reactions and adjust your strategies as needed.
3. Compliance Check: Ensure that your practices comply with state and federal regulations regarding surcharges and cash discounting.

Example Scenario

Retail Store Using QBO:

1. Invoice Creation:

• Base price of an item: $100.
• Customer pays using FedNow: Apply a 2% "Cash Discount" (subtract $2).
• Customer pays with a credit card: Apply a 2% "Credit Card Surcharge" (add $2).

2. Invoice Notes:

• Add a line item for the discount or surcharge.
• Include a note: "Save 2% by paying with FedNow. A 2% surcharge applies to credit card payments."

Conclusion

By leveraging QBO’s capabilities to implement surcharge and cash discounting strategies, businesses can encourage the use of FedNow for instant payments, reducing processing costs and improving cash flow. This approach also enhances customer transparency and satisfaction by clearly communicating payment options and associated costs.