What are the requirements for receiving instant payments?

Getting started with instant payments (also called real-time payments) is easy using Forwardly. But for a payment to be received instantly, certain conditions must be met. Eligibility for instant payments can vary and is determined at the time of the transaction whether it will be processed as an instant payment.

Payments processed through Forwardly can be instant if they meet the following requirements:

1. Verified Business: Ensure your business account at Forwardly is verified to receive instant payments from your customers. It takes under 5 minutes to submit all business information needed. 

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 instant payments.

How can I get started with instant 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. Your bank must support Plaid's Instant Auth functionality, as we don't support legacy method of micro deposits. 
3. Send a payment request to a customer to receive payments instantly as soon as they pay. 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, it won't be received instantly. Instead, it will be processed as our Standard payment option, which is typically faster than a regular ACH transfer, for free.