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Paymints.io, a North Carolina-based SaaS platform to transfer funds from real estate transactions, completed an industry-first milestone by using its technology to disburse funds back to the client, according to a press release.
The team at Paymints.io identified a big hole in the transferring of funds for earnest money deposits and cash to close on refinances. Since most of the home buying journey has been digitized, transferring funds or making payments is still done offline by paper checks or trips to the bank to send a wire.
The arrival of paymints.io allows the home buyer to securely and electronically transfer funds by linking their checking account to the platform and transferring funds directly into the real estate brokerage or title company's escrow account, according to the release. The client portal and admin dashboard provide real-time tracking of the transfer so both the client and the escrow holder knows exactly where the funds are at all times.
"As experienced operators of a real estate tech company, we're hyper-focused on the client experience," says Jason Doshi, Co-Founder of paymints.io. "Looking at the current client journey, it's easy to identify the gaps which drive the client offline and eventually disrupt an otherwise digital experience. The paymints.io solution meets the client at their needs but also offers efficiencies to the real estate brokerages and title companies which is why we feel it has gained so much traction, so early on."
- No checks to mail, collect, or deposit
- Avoid wire fraud
- Eliminate trips to the bank
- Initiate a transfer in 90 seconds
- Real-time client funds tracking
The platform uses AES-256, which has a key length of 256 bits. This supports the largest bit size & is practically unbreakable by brute force based on current computing power. Unlike wire transfers, routing and account numbers are not stored on the paymints.io system. Using a secure, third-party integrator, clients connect their bank or financial institution over a secure, encrypted channel to where their personal, identifiable information is not available to paymints.io. Multiple factors are used to validate that the client is the owner of the bank account before a transfer can be initiated, preventing fraudulent activity.