Fraudsters are constantly evolving their tactics, making real estate transactions a prime target for online, wire, and check fraud. Fortunately, TrustFunds offers a secure, MLS Integrated, digital solution to protect earnest money payments and reduce risk for all parties involved.
When it comes to earnest money transactions, not all solutions are created equal. TrustFunds MLS-integrated service offers unmatched security, efficiency, and convenience compared to traditional, less secure methods. Discover how TrustFunds stands apart from outdated and risk-prone payment solutions.
| TrustFunds ACH Payments | Other Online ACH Services | Wires | Paper Checks | |
|---|---|---|---|---|
| Convenience | All agents have free access to TrustFunds from the MLS via SSO. Property, office, & agent data is auto-populated from the MLS, for accuracy and ease of use. | Agents are required to use an external online service requiring registration, separate login credentials, and manual entry of all transaction information. | Must be made from a physical bank branch. | Agents and Buyers need to coordinate pick-up, drop-offs, expensive couriers, or risk delays with the mail. |
| Fraud Potential | The closed MLS ecosystem only allows agents in the MLS to create requests, and all receiving companies are fully vetted and underwritten. | Potential credential hacking, fake accounts, anybody can request and send funds to any party, increasing the risk of fraud and mistakes. | Potential for hackers to access wire instructions and modify bank routing information. | Banking information shared with multiple parties increases identity theft risk. |
| Shared Information | The buyer’s account information is protected and is not shared with other parties to the transaction. | The buyer’s account information is protected and is not shared with other parties to the transaction. | Account information must be shared for the buyer to route funds to the account. | Visible personal and banking information are shared throughout the process. |
| Buyers Fees | $12 or less per transaction | Fees vary from $12-$24 per transaction | Wire transfers are often between $25-$40. | Cashiers check are $8-$20. Delivery fees and the cost of potential identity theft can be significant. |
| Proof of Payment | The Payment History Report can be used as proof of payment for a lender. It includes detailed payment information and time stamps for each step in the payment process. | Payment history is available online | None | Often involves a photocopy of the check, containing sensitive bank information. |
To view a full, sharable pdf click: Earnest Money Payment Comparison Chart
While fraud incidents continue to evolve in sophistication and number, TrustFunds is the first (and only) fully integrated MLS earnest money payment platform with built-in fraud protection utilizing the closed ecosystem of the MLS.
Let’s protect the industry together; start using TrustFunds today!
Companies interested in registering to hold earnest money funds can Get Started Here, set-up a Demo, or Contact Us.
ABOUT TRUSTFUNDS
TrustFunds provides comprehensive electronic earnest money solutions directly integrated with the MLS platform. The solution enables buyers, agents, brokers, and designated trust account holders to easily process, manage, track, and reconcile earnest money transactions in one convenient web-based tool. TrustFunds mission is to provide more time for more life by simplifying and securing the earnest money process. For more information, visit www.trustfunds.us.com.