Title Companies are Changing the Way They Pay
How moving from manual processes to digital is improving security, visibility, and control.
“Change” and the Title world and construction business can often mix like oil and water. Trading paperwork for electronic construction disbursements, for instance, can be a hard pill to swallow for Title Companies that rely heavily on traditional processes. Others simply don’t have the resources to invest in digital solutions and training.
In a long-established field with complex processes, Sekady makes it possible to smoothly and cost-effectively move from manual systems to digital solutions. The platform improves payment efficiencies with increased accuracy, security, communication, and visibility. The bottom line: streamlining payment processes and project management helps Title Companies boost profits and win over happy clients.
From Manual to Modern
It’s understandable that many people feel hesitant to adopt new technology, especially when it comes to managing important financial transactions. Title Companies in particular need to be sure that they’re paying the correct Subcontractors and vendors correctly, while protecting everyone’s sensitive data. While the current paper check system may seem reliable, it can be time-consuming and may leave companies vulnerable to more adaptable competitors, not to mention the many security risks involved with checks.
As technology continues to advance and become more secure, it’s important to consider alternative methods that improve efficiency and reduce the risk of errors. In particular, Sekady helps turn what some might consider a “leap of faith” onto a new electronic platform, into a smooth transition that will truly benefit the Title Company, its employees, and their Lender clients. Digital construction disbursements and digital lien waivers, for example, are now more simplified, protected, and transparent than ever (and no more calls asking for payment status updates, hooray!).
Automating these processes greatly reduces human error and time-consuming paperwork while building a solid foundation for future success—not so scary after all.
Speed it Up with Sekady
There’s no blaming Subcontractors for their hesitancy in signing lien waivers. They can leave them vulnerable, and the legal jargon can be complex and tricky to understand. Sekady helps by streamlining the whole process from start to finish and makes the fine print transparent—and its digital availability can’t be overlooked or lost on a job site or in a truck. See more about Sekady’s digital lien waiver process here.
Subcontractors no longer have to fill out the forms by hand and sign them in ink, a process that can be tedious and time-consuming. Instead, they can simply enter their information online, sign electronically, and send the waiver in seconds. The information is safely stored and easily retrievable for future needs.
Value in Visibility
Transparency is crucial in business, and Sekady helps Title Companies stay in the clear. The platform offers real-time tracking of all transactions, documents, and payment information.
To boot, transparency into projects can be used to facilitate communication and collaboration between the Title Company their Lenders. Lenders can view invoices, inspection reports, lien waivers, and much more! And the platform offers a secure and efficient way to exchange the data and documents. All of these factors and more will clean up mistakes and supercharge precision.
Key Takeaways
Platforms like Sekady make it possible for long-established paper processes to be economically and painlessly switched to digital solutions that drastically improve payment efficiencies. Sekady further provides increased security and fraud protection, improved tracking, and enhanced visibility, empowering Title Companies to work smarter, not harder, and reap the rewards of happy clients and bigger margins.
