‘Contactless’ Real Estate Transactions

by Mike Hunter

A new technology adopted by Premier Title Agency provides an alternative to the commonly used Automated Clearing House for financial transactions. Emerging technology leader Bank Shot recently entered into a partnership with the title agency with its mobile app, for which it recently received a patent, that enables completing real estate transactions via smart phone, including earnest money deposits and more, all with a simple click of a button. 

“Bank Shot is faster, more secure, more convenient and safer. Also much more cost-efficient for our customers versus all other options,” says Jerry Calley, president of Premier Title Agency, comparing it to the agency’s previous practice of having earnest money deposits delivered to its office or picked up by a delivery service.

Bank Shot is particularly good for multi-unit companies like Premier Title Agency. Explains Glenn Drake, Bank Shot CEO and founder, “Bank Shot was built and developed for title companies, larger banks and realtors due to its portal with Stop Light Technology to either deposit, hold or reject a check, and that check can also be deposited into multiple banking institutions — so it’s the flexibility that works well for larger multi-unit companies.” ACH, on the other hand, is automatically deposited and does not allow for check to be stopped or held in the event that funds need to be verified. Drake also notes that Bank Shot’s flexibility provides its users with additional market strength. “The ability to set up a company with their individual offices allowing the local office to process their own deposits or set up the company as one but have the ability on the back end to deposit the item into the appropriate account, is not available with any other product today. Bank Shot can adapt with a company as they change and grow. They are not locked into any set way for the app to work. They can change it or customize their set-up at any time as their needs and market changes.” 

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