Paymints.io Completes an Industry First Real Estate Payment Transfer Milestone
Paymints.io, a North Carolina based SaaS platform to transfer funds for real estate transactions, just reached an industry-first milestone by using its platform to disburse funds back to the client.
The platform, which officially launched at the end of Q3, 2020, is revolutionizing the industry’s way of exchanging payments during home buying and refinancing processes. Built by a team of experts in technology, real estate, lending, and title insurance, the team at paymints.io identified a gaping hole in the transferring of funds for earnest money deposits and cash to close on refinances. As most of the home buying journey has been digitized, transferring funds or making payments is still done offline by paper checks or trips to the bank to send a wire.
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Transforming How Money Moves
With the arrival of paymints.io, gone are the days of real estate agents babysitting paper checks or title companies waiting for wires that never arrive. The paymints.io solution allows the home buyer to securely and electronically transfer funds by linking their checking account to the platform and transferring funds directly into the real estate brokerage or title company’s escrow account. The client portal and admin dashboard provide real-time tracking of the transfer so both the client and the escrow holder knows exactly where the funds are at all times.
“As experienced operators of a real estate tech company, we’re hyper focused on the client experience,” says Jason Doshi, Co-Founder of paymints.io. “Looking at the current client journey, it’s easy to identify the gaps which drive the client offline and eventually disrupt an otherwise digital experience. The paymints.io solution meets the client at their needs but also offers efficiencies to the real estate brokerages and title companies which is why we feel it has gained so much traction, so early on. It’s just what the industry needed!”
Benefits of paymints.io
- No checks to mail, collect, or deposit
- Avoid wire fraud
- Eliminate trips to the bank
- Initiate a transfer in 90 seconds
- Real-time client funds tracking
Initially built to transfer funds from the client’s checking account to the escrow holder’s account, a recent enhancement has allowed for the industry’s first bi-directional transfer. Using paymints.io, a title company or real estate brokerage can now initiate the process to send the net proceeds of a cash out refinance or refund of an earnest money deposit from their escrow account directly to the client’s checking account.
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Eliminating Wire Fraud
Ensuring money moves securely throughout the real estate transaction is the core belief of paymints.io. The platform uses AES-256, which has a key length of 256 bits. This supports the largest bit size & is practically unbreakable by brute force based on current computing power.
Unlike wire transfers, routing and account numbers are not stored on the paymints.io system. Using a secure, third party integrator, clients connect their bank or financial institution over a secure, encrypted channel to where their personal identifiable information is not available to paymints.io. Multiple factors are used to validate that the client is the owner of the bank account before a transfer can be initiated, preventing fraudulent activity.
The Future of Payment Transfers
Clients have come to associate a digital process with a positive experience. The white-labeled, SaaS platform allows real estate brokerages and title companies to meet the needs of their clients without having to download a third party app. The client gets to enjoy a nice, cohesive experience without the real estate brokerage or title company spending the time, money or security measures required to design and develop the technology.
Recent events have accelerated the fundamental shift from offline to online and the paymints.io platform continues to evolve to meet the needs of the market. The future for paymints.io is to transform how title companies disburse funds and eliminate the need to ever send a wire or write paper checks. Future enhancements include vendor disbursements to real estate brokerages, surveyors, and attorneys. We’re now forging the path to allow disbursements from an escrow account with the push of a button.
By adding revolutionary technology to the payment process for real estate transactions, we have bridged the gap to create a truly digital experience. The stress of transferring funds is a thing of the past and now a simpler alternative is available, securely, at your fingertips.
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