With no coding or tech build for implementation, paymints.io said its disbursement engine is an easy, low-cost way to pay clients and vendors digitally and effortlessly.
The company said the secure platform offers title agents a best-in-class solution to electronically disburse payments to sellers, homeowners, real estate agents, mortgage brokers, real estate attorneys, and other vendors all with real-time tracking capability.
Available to anyone with a U.S. bank account, the title agent initiates the transfer from their dashboard and the disbursement engine notifies the recipient via email to “pick up” their funds, the company said.
The recipient accesses the portal with an authentication token received via text message and is then instructed to link the bank account in which they would like to receive their money. The process is fully digital and trackable in real time with supporting audit logs.
Paymints.io said referral partners like real estate agents, mortgage brokers, and real estate attorneys can all be found in the vendor library to facilitate a secure and convenient payment.
The company said the vendor library is core to the mission of ditching a manual process of paper checks with a digital-first payment ecosystem. It offers a solution for real estate agents who want to get paid the same day as closing; mortgage brokers who don’t want to wait for a check in overnight mail; and real estate attorneys who want to protect themselves from wire fraud.
Paymints.io said the vendor library is growing rapidly to include signing companies, home inspectors, surveyors, and even municipalities for property tax, water, and sewer payments.
Disbursing real estate transactions, with either wires or checks, are frequent targets for fraud and susceptible to hacking. Paymints.io said its platform significantly reduces wire fraud and the use of paper checks, saving time and money.