Ensuring money moves securely throughout the real estate transaction is the core belief of paymints.io. 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.
FREMONT, CA: Paymints.io, a North Carolina-based SaaS platform to transfer funds for real estate transactions, reached an industry-first milestone by using its platform to disburse funds back to the client.
The platform, which officially launched at the end of Q3, 2020, is revolutionizing the industry's way of exchanging payments during home buying and refinancing processes. Built by a team of experts in technology, real estate, lending, and title insurance, the team at paymints.io identified a gaping hole in transferring funds for earnest money deposits and cash to close on refinances. As 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.
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With the arrival of paymints.io, gone are the days of real estate agents babysitting paper checks or title companies waiting for wires that never arrive. The paymints.io solution 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. 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. It's just what the industry needed!"
The benefits of paymints.io are:
• 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
Initially built to transfer funds from the client's checking account to the escrow holder's account, a recent enhancement has allowed for the industry's first bi-directional transfer. Using paymints.io, a title company or real estate brokerage can now initiate the process to send the net proceeds of a cash-out to refinance or refund an earnest money deposit from their escrow account directly to the client's checking account.
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 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.
Clients have come to associate a digital process with a positive experience. The white-labeled, SaaS platform allows real estate brokerages and title companies to meet their clients' needs without having to download a third-party app. The client gets to enjoy a pleasant, cohesive experience without the real estate brokerage or title company spending the time, money, or security measures required to design and develop the technology.
