What are the requirements for sending or receiving faster payments?

Getting started with bank payments on Forwardly is easy. For payment to be sent or received faster, including next-day, same-day, or instantly, certain conditions must be met. Eligibility for faster payments options can vary depending on the business.

To improve your business's access to faster payment options, here are our recommendations: 

1. Verified Business: Ensure your business account on Forwardly is completed to receive faster payments from your customers. It takes under 5 minutes to submit all the business information needed to verify your business. 

2. Payee’s (the Payment Receiver's) Bank Account: The payee’s bank account must support instant payment solutions like FedNow and RTP. As more banks join these networks, check with your institution to see if they are part of FedNow or RTP.

3. Payer Eligibility: The transaction amount should be within the payer's approved limit, and sufficient funds must be available in the payer's verified account at the time of the transaction. 

4. Plaid Connectivity: Both the payer's and payee's bank accounts must be connected to Forwardly through Plaid, and account information and bank data must be shared with Forwardly. Plaid, used by many financial institutions, facilitates access to financial services.

5. Risk Assessment: Factors such as connected bank account balances, business history, financial stability, and the trustworthiness of all parties involved play a crucial role in determining the instant delivery of payments. For instance, if your Plaid-connected bank account has a low balance, connecting a different business bank account with a sufficient balance can improve the likelihood of receiving instant payments. Strengthening your business's financial profile also increases trust and improves access to faster payment options.

What can prevent my business's access to faster payment options?

If your business falls into one of the following categories, your business won't be eligible for faster payment delivery options. 

1. New to Forwardly: Your business will need to have a few successful payments on Forwardly before faster payment options become available. 
2. Bank Account: Some banks are considered higher risk, and so we cannot offer faster payment options for transactions involving bank accounts at these banks. 
3. Outstanding Balance: If you have recent outstanding fees owed to Forwardly, faster payment options will not be available. 
4. Payment Size: Higher bill amounts may not be eligible for faster payment options on Forwardly. 

How can I get started with faster payments on Forwardly?

1. Create an account (or sign in to your existing Forwardly account) and connect your accounting software.
2. Link your bank account securely through Plaid and verify your business information. If your bank doesn't support Plaid, you can connect manually, but your payment speeds may be limited. 
3. Send a payment request to a customer to receive payments quickly. Say goodbye to checks, credit cards, and wire transfers! Seamless integration with bank accounts and accounting systems eliminates manual tasks, and all your payments will be automatically reconciled.
4. The first few times you accept a payment through Forwardly, your payment speeds may be limited.