When looking for a home, buyers are often thinking about location and how many bedrooms they need in their new house. They’re not thinking about which payment method they’ll use for their closing costs. After all, that part isn’t as fun as picking paint colors, buying furniture, and imagining their life in that new home. But collecting payment is an important part of the home buying process, so it’s important to consider those details. If you’re a real estate professional, this job will probably fall on you, in which case you should let your clients know the pros and cons of the various payment options. One of the most popular is a secure money transfer. It’s increasingly becoming the best option, and with four solid reasons to back that up, it’s wise to consider it.
One of the main reasons to use a secure money transfer during a real estate transaction is that it’s typically the fastest way to pay. In fact, the top money transfer platforms — including paymints.io — let you send money in less than 60 seconds. And your recipients receive the money within one to two business days. So when time is of the essence, a secure money transfer is your best bet.
Compare this kind of speed to the time required to send money in other ways. For example, if you choose to wire money through a bank, the soonest it will typically get to the recipient is a day or two, and that’s assuming there are no delays. In many cases, it takes three days, while international wire transfers usually take five days. On top of that, you have to visit the bank in person to send the wire transfer, which takes even more time.
Another traditional option for sending money is the paper check. But whether you’re writing a personal check or using a certified check to send money, the process definitely isn’t instant. If you’re sending a certified check, you’ll have to jump in the car and head to the bank to purchase one with your fingers crossed that traffic is light and the bank lines are short. Not only do you have to spend time writing and mailing the check, but the recipient usually has to wait days for the check to arrive and clear. It can take about two to five business days for a check to clear after it arrives — and sometimes much longer — so if the recipient needs those funds within a day or two, a check is not the way to go.
Fortunately, you and your real estate clients have access to faster ways to pay, such as a secure money transfer via paymints.io. With this platform, payees can receive the money in 48 hours or less, and you can track it in real-time so there’s no mystery about when it will show up in the account.
Another reason to use a secure money transfer is the added security of this payment method compared to more traditional forms. For instance, sending a check through the mail comes with the risk that it will get lost or the wrong person will receive it, and the intended recipient will not get their funds.
Even if you try to get around this risk by personally handing someone a check, now they might worry about the check possibly bouncing. This can cause fees and could delay or even cancel major transactions — such as the home buying process. If you and your real estate clients want to avoid the risks that come with paper checks, look into secure money transfers instead.
Maybe you think you can avoid some risk by sending a wire transfer, but there’s always the possibility that you’ll be a victim of wire transfer fraud. This often happens when a cyber criminal sends email to a buyer and claims there was a sudden change to the account number, so the buyer needs to wire money to a different account. Unfortunately, if you’re a victim of this type of scam, you typically can’t get your money back, so you might lose thousands of dollars to wire fraud.
This is why you should use a secure money transfer instead of a check or wire transfer, especially if you want increased security for your payment. With an option like paymints.io, you get bank-level security since it uses the strongest encryption standard possible.
Another security benefit you get with paymints.io is single sign on (SSO) that lets you log into the platform with one set of credentials. There’s also advanced identity verification, IP logging, real-time tracking of each payment, and the fact that the platform doesn’t store your bank information or passwords. These advantages all add up to make this platform safe for your secure money transfer.
The convenience of making a secure money transfer is another reason to choose this option in real estate transactions. Basically, the ability to send money on your computer, phone, or tablet without leaving the house or office is an enormous benefit. It’s especially helpful now when so many other aspects of the home buying process are digital. For example, buyers can meet with real estate agents and title agents via video conference, cutting down on the number of in-person meetings required to buy a house. Why not do the same with closing costs?
When you make a secure money transfer from your office or home, you simply save time and hassle. If you don’t want to stand in line at the bank to make a wire transfer or get a certified check, you don’t have to. Instead, you can use platforms like paymints.io to send the money digitally, all without driving to the bank or using checks, envelopes, and stamps to pay closing costs.
Finally, secure money transfers are just more flexible than other payment methods. Not only can you send this type of payment from any device, but you can do it from anywhere, anytime. You don’t have to take time off work to make your payment since you can send a secure money transfer on the weekend or even in the middle of the night if that suits your schedule. Busy home buyers will especially appreciate this kind of flexibility.
Clearly, there are some major benefits of using a secure money transfer to pay for real estate expenses. If you think your clients would enjoy these advantages, it’s time to use paymints.io for closing costs and more. Contact us today to schedule a demo and find out more about what we offer!