Bank Shot, an earnest money transaction app, has become an all-in-one real estate payments solution by adding digital disbursements to its payment options. This new feature will allow title closing teams to send disbursements as digital checks through the Bank Shot portal.
“It has always been our vision to modernize the entire flow of funds involved in real estate transactions, and with Bank Shot digital disbursements, we are doing just that,” Emily Traxler, Bank Shot CEO, said in a release. “We provide you with a one-click solution to disburse funds digitally, helping you cut paper, reduce costs, and more importantly, allowing you to offer your agents a competitive advantage of payments in, not days, but minutes.”
Historically, sending disbursements has required physical mailing or the hand-delivering of checks, accompanied by mailing fees and a two-to-three day waiting period for agents to receive commission.
The new process aims to create time savings, with initial returns reportedly showing it can also have a positive impact on bottom lines.
“After initial beta testing of disbursements, we found that most customers can save on average $7-$15 per transaction,” Traxler said.