HomeA New Way to Pay
profile
Russell Smith
President & COO
Earnnest
Published Oct 26,2022

A New Way to Pay

This week Earnnest launched our new Branded Payment Portal feature. Some of you have been asking for this feature and we’re excited to release it into the wild to save you (and those in your network) time and money.

 

Branded Payment Portals allow escrow-holding businesses (think title companies, attorneys, and brokerages that hold escrow) to collect earnest money deposits directly from the homebuyer without relying on a real estate agent to send the earnest payment request first. This is done with a custom link that can be placed on the escrow holder’s website. Homebuyers click the link to access the business’ Branded Payment Portal and make their secure earnest money payment.

Secure

The same great security benefits of Earnnest’s existing digital payment system are baked into this new way to pay:

• 256-bit encryption on every transaction
• One-time tokenized access to buyer’s funds via Plaid
• Two-factor authentication at homebuyer sign in
• Homebuyer identity verification before they pay

Convenient

The convenience of digital payments is a proven concept. Time savings and ease of use for agents, homebuyers, and escrow holders have been widely shared by Earnnest users in the past. The Branded Payment Portal builds on this concept by simplifying steps from executed contract to earnest deposit. Buyers go directly to the escrow business’ website to make their payment. Allowing the homebuyer to initiate the earnest payment in the escrow holder’s portal reduces a step and leads to a simplified, convenient process.

Trackable

Tracking payments is simple as well. After the buyer initiates a payment, receipts are generated and emailed to the appropriate parties. Escrow holders collecting earnest money deposits via Branded Payment Portal are able to view and track all payments as they progress through their Payments Dashboard. Administrators can track each transaction from Paid & Processing to Deposited.