HomeSmart International, one of Entrepreneur’s fastest-growing franchises in 2020, is proud to partner with the online eCheck system ValidCheck to ensure that its expanding national real estate network of more than 18,000 real estate agents get paid quickly with virtually zero chance of fraud.
ValidCheck was established in 2019 as an eCheck solution for checks to be sent via email with only a name and email address, and without the need for the payee to set up an account. With over 500 billion paper checks forged annually, ValidCheck’s integration with financial institutions’ Positive Pay system virtually eliminates fraud and the system’s immediate validation allows availability of funds upon deposit without the high bank fees and funds availability delays associated with wire transfers and ACH payments.
Instant access to funds after closing out a transaction is a substantial differentiator for HomeSmart agents compared to those at other 100-percent models and traditional brokerages who wait weeks and sometimes even months to be paid out on commission checks. It is especially critical for agents to receive their checks as quickly and easily as possible during difficult markets like the one our industry is currently experiencing due to the COVID-19 pandemic. When fewer transactions are closing, every transaction matters. Instead of entering a brokerage office, waiting on paper checks in the mail, or for their bank to process their payments, HomeSmart agents can receive commission checks instantly and securely via their email.
“The HomeSmart model was built on innovative, purposeful technology created for brokers and agents so they can run their businesses efficiently,” stated Ashley Bowers, president of HomeSmart International. “ValidCheck truly offers more security and ease-of-use than any other electronic payment system on the market, which is why we are so proud to use it across our franchise system.”
HomeSmart and ValidCheck have revolutionized the way real estate agents are paid on commissions. ValidCheck’s eChecks are similar to traditional paper checks, in that they look like a standard check and can be printed on regular printer paper by the recipient for deposit. Recipients can also choose to utilize their bank’s remote deposit and contain all the necessary elements of a check such as a routing number and amount paid. However, users are able to send and receive these eChecks via email, saving them time and hassle throughout the process. ValidCheck is also integrated with QuickBooks, enabling the system to use single-entry automation that eliminates the need for unnecessary steps and information.
“ValidCheck has completely revolutionized the way businesses and individuals can send payments,” stated Angel Chambers, senior director of business development at ValidCheck. “For businesses such as HomeSmart International, ValidCheck is ideal because they can rely on our system to securely send their agents payments fast and with very minimal risk of check fraud.”
With agents operating from 190 offices across 35 states, HomeSmart International needed a payment system that would ensure each and every one of their agents could rest assured knowing their payments would be received quickly and securely. Use of ValidCheck varies upon each individually owned and operated franchise.