This is a guest post authored by Jason Doshi, President & Co-founder of Paymints.io & LemonBrew Technologies.
You can search for a home, find a real estate agent, and apply for a mortgage all digitally with the touch of your fingertips. Why are we still exchanging money physically instead of virtually?
It’s time to move to a digital platform to transfer funds.
Paymints.io is a digital platform agents and homebuyers are using to securely transfer funds for real estate transactions. Paymints.io has integrated with Dwolla to improve the consumer experience and reduce the use of wires. The consumer desire for an online experience continues to accelerate. Consumers not only have a willingness to transact online but demand a seamless digital experience while doing so.
Significant advancements in technology allow for potential homebuyers to search for properties online, take a virtual tour and place an offer—all digitally. The piece of the puzzle that remains largely offline and still very manual is the process of transferring funds.
We’ve eliminated the need for homebuyers to find a checkbook or send wires for earnest money deposits. Our digital process takes about 90 seconds to complete and the customer can track their progress of moving the funds from their bank account to the real estate brokerage’s escrow account in real time.
Current homeowners who are refinancing can use the platform to transfer cash to close from their checking account to the title company’s escrow account. No checks to mail, collect or deposit. Making payments online streamlines the refinance process.
Consistent Consumer Experience at the Core
Consumers have come to associate a digital process with a positive experience. Even though a digital transformation generally takes place in the three primary aspects of business, which include the customer experience, the business model and the operational process, the focus must always remain on enhancing the consumer experience.
“We’re obsessed with the consumer experience and is in fact the bedrock of why paymints.io exists,” says Amit Doshi, COO and Co-Founder of paymints.io. “Anything having to do with paper or waiting in lines is disruptive to a clean, digital transaction. When analyzing the current ‘digital’ real estate transaction, the digital part wasn’t always consistently digital—there were holes and gaps where the consumer had to go offline. Digital, seamless and consistent is what’s required to create a positive experience and with paymints.io, we finally have it for the real estate industry.”
Dwolla’s scalable platform allows us to deliver a consistently positive and seamless consumer experience which has been the key differentiator in the friction-filled world of real estate transactions.
With all the different payment platforms available, the team at Dwolla was the only company that took the time to learn and understand the paymints.io vision and goal to transform the current process of how funds are transferred in real estate transactions.
Dwolla’s API was easily integrated into our platform seamlessly and their support team is readily available through Slack. Having both our development team and Dwolla’s support team communicate on Slack created communication efficiencies as well.
“Dwolla is an industry leader and takes an innovative approach to help facilitate payments,” Doshi says. “With a visionary leadership team and strong support operations, the choice to partner with Dwolla was easy.”
Eliminating Wire Fraud
As paper checks slowly make their way out the door, digital and contactless real estate transactions that rely on wire transfers leave the door wide open for fraud.
The recent spike in wire fraud has forced title companies and real estate brokerages to
implement account verification procedures and other security measures—most of which are manual and an operational nightmare. Although hackers are looking for creative ways to steal money, their go-to method is sending a fraudulent email containing duped wiring instructions or routing information.
Behind the paymints.io solution is Dwolla’s payment infrastructure. Our integration with Dwolla has created operational efficiencies—as well as a stress-free consumer experience.
Transforming How Money Moves
Ensuring money moves securely throughout the real estate transaction is the core belief of paymints.io. 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 bi-directional funds transfer as well 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 closing. The stress of transferring funds is a thing of the past and now a simpler alternative is available, securely, at your fingertips.
Visit paymints.io to learn more and request a demo today!
Paymints.io is a fully electronic, secure, and compliant solution that eliminates the need for borrowers, buyers, sellers, and real estate agents to write paper checks. Our goal is to save you time, by avoiding lines at the bank; money, by lowering fees; and saving the environment by eliminating the use of paper and reducing CO2 emissions.