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“It’s certainly a question that has been asked by consumers who are used to buying their lattes with their smartphones, getting their paycheck via direct deposit and paying highway tolls with a car transponder. If one can complete financing for a college education or a car, fairly major processes in their own right, on their iPads on the backyard patio, why do they need to stand in line at the bank for a cashier’s check or anxiously await wire instructions (while hoping those instructions aren’t actually coming from a cybercriminal)?
The continued use of archaic means to transfer funds throughout our industry will continue to mar the efficiency of the process and the consumer experience. The collective justification of using those means will not appease the consumer, much longer. Not when one doesn’t need a wallet or even a credit card to make a purchase elsewhere.
There are technologies already in the marketplace such as electronic disbursement platforms that could quickly make paper checks all but obsolete throughout our industry. These innovations don’t just speed the process; they also add elements of security from encumbrances of fraud that our previous system lacks.”
At Flagship Title, we’ve been on track to eliminate paper checks for some time. We offer a solution for faster and simpler submission and receipt of funds through payments.io. This technology provides security and peace of mind for a consumer to send their earnest money deposit right from their phone, a realtor to receive their commission check, as well as for us to issue any excess funds or refunds that may be necessary. Check out this link to learn more about the process and how it can help you and your client’s information stay protected.