checksbytext.com

What It Is

Checks By Text is a business payment request solution powered by TodayPayments.com. It focuses on sending Request for Payment (RfP) messages via SMS, email, mobile notifications, or hosted payment pages. It is not a bank; instead, it acts in the role of an “Accounting System” to help billers generate ISO 20022 RfP files that can be uploaded to bank platforms, especially for FedNow and The Clearing House RTP use cases.

Core Capabilities and Payment Methods

The product centers on combining ISO 20022 rich-data messages with hosted links. Merchants can send short messages containing the amount, due date, and reference information, or embed dynamic payment links on the merchant’s website or a TodayPayments-hosted payment page. The materials mention support for FedNow, RTP, ACH, Cards, and other methods, and allow aliases such as email addresses or mobile numbers, reducing the need to disclose full bank account details directly. Its file capabilities include .csv/.xml creation, accounts receivable file cleanup, generation of PAIN .013 Payment Initiation-related RfP files, and bulk file import through a bank dashboard.

Pricing and Settlement

Pricing is disclosed relatively clearly: the free tier provides an ISO 20022 RfP file format PDF but does not include support. The paid tier is USD 57 per month, including activation, support, batch fees, monthly fees, user fees, and additional payment methods on the hosted payment page, plus USD 0.03 per transaction and 1% of the total file amount. For settlement, the page emphasizes that FedNow/RTP can enable instant transfers and real-time notifications, but actual fund availability depends on whether the company’s bank, credit union, or service provider supports the relevant network.

Compliance, Risk Controls, and Integration

The materials clearly state that it is not a bank, but do not disclose compliance credentials such as payment licenses, PCI, SOC, or MSB status. On security, it only mentions possible use of two-factor authentication, biometrics, secure PINs, audit metadata, and traceability, while providing little detail on risk-control rules. Integration is primarily file- and portal-import based, making it more suitable for businesses that can operate within bank back-office systems. However, there is no visible information about open APIs, SDKs, or developer documentation.

Pros, Cons, and Best Fit

Its strengths are its focus on implementing real-time payment RfP in the U.S., helping businesses convert existing A/R data into bank-usable files, and supporting outreach via SMS and email. The drawbacks are its heavy dependence on bank capabilities, a 1% amount-based fee that may not be economical for large B2B payments, and limited compliance disclosure. It is best suited for U.S. billers, B2B/C2B merchants, accounts receivable teams, and companies piloting FedNow/RTP RfP.

Access from China and Alternatives

Access from mainland China is not disclosed in the materials, so it should be considered unknown. Because the service is tightly tied to U.S. banks, FedNow, and RTP, Chinese companies may find it difficult to open accounts or implement the service directly even if they can access the website. Alternatives include banks’ own real-time payment RfP services, other TodayPayments.com solutions, or more mature ACH/card-based billing and collection platforms.