Cincinnati-based AccountTech, a real estate back-office accounting software solution provider for brokers, partnered with Payload, a payment automation platform, on earnest money deposits (EMD).
The integration of Payload into AccountTech’s Darwin platform will streamline and automate EMD transactions, providing real estate professionals the ability to replace legacy check and wire payments with a secure and efficient digital experience, according to company leaders.
“We are excited to collaborate with Payload to bring automated EMD payments to the real estate industry,” Mark Blagden, CEO of AccountTech, said in a release. “This integration aligns perfectly with our mission to empower real estate professionals with innovative solutions that simplify their workflow and enhance their productivity. By automating EMD transactions, we are enabling our users to save time, reduce errors, and focus on delivering exceptional service to their clients.”
Coldwell Banker (CB) Schmidt Family of Companies assisted with the integration effort, providing user-experience guidance throughout the initial pilot. Last quarter alone, the CB Schmidt team processed nearly 500 earnest money payments digitally.
“Handling earnest money payments has traditionally been a slow, manual exercise for our agents, homebuyers, and administrators,” said Steve Bell, chief financial officer of Schmidt Family of Companies, who has been beta testing the technology. “Introducing the Payload + Darwin integration has simplified and modernized the experience for our homebuyers and agents, as well as improved efficiency in our back-end reporting.”
Key features and benefits of the AccountTech and Payload integration include:
- AccountTech’s real estate back-office platform seamlessly integrates with Payload's secure payment links via API. Payments are applied to existing files in AccountTECH automatically, and if a file does not exist, a new file is created and the payment data is applied.
- Payload’s payment links are white-labeled and can be added to a broker website or sent directly to homebuyers. Buyers make their payment in seconds through a secure, one-step payment experience.
- No app downloads, no account creation, or multi-step account verifications.
- Payload’s security measures safeguard sensitive payment information, ensuring that EMD transactions are protected from potential threats or unauthorized access.
- Administrators can now manage EMD payments within the AccountTech platform, eliminating the need for manual entry or reconciliation.
- Users receive instant notifications regarding EMD payments, allowing them to stay informed about transaction status at all times. The integration also offers comprehensive reporting features, enabling users to track and analyze payment data effortlessly.
“Our collaboration with AccountTech marks a significant milestone in our efforts to digitize and streamline payment processes across the real estate industry. Together with AccountTech, we are simplifying real estate transactions and enhancing the overall customer experience,” Zach Jacob, vice president of Payload, said.