Partnerships / Acquisitions

Stripe Delivers Same-Day Payments For Notaries

Stripe, Notarize Team To Enable Notary Payments

Payments processor Stripe is partnering with Notarize, which offers online notary services, to help notary publics “work online and receive almost instantaneous payment,” the companies said in a news release. The companies touted their setup as a way for notaries to keep working safely through the pandemic.

Using Stripe Connect, a payments platform, notaries can be paid “the same day they perform notarization services.”

According to the release, “Over the last 100 days, thousands of consumers and businesses have turned to Notarize to remotely complete important transactions like real estate closings, refinancings, payroll processing and other financial, health and family-related documentation.” Notarize said there has been a 400 percent increase in demand, which it has met by adding more than 1,600 notaries to its platform, "to serve customers safely and securely from the comfort of their home."

“The novel coronavirus has upended business as usual and left thousands of notaries furloughed or unemployed, unable to reach their clients,” said Pat Kinsel, founder and CEO of Notarize.

A customer, Texas-based notary Lori Koepsel, said that Notarize and Stripe are providing “a lifeline to notaries across the country.” She added that “without a trusted technology solution, business would be completely stagnant and I would have zero income, which would make this an even scarier time for me and my family.”

James Dyett, head of product growth at Stripe, said his company “is building critical infrastructure to power the economy online and help businesses adapt to unique circumstances. He said that “Notarize is helping notaries adapt and get paid instantly online. It's a vast improvement on waiting a few days to clear a check, but also critical during uncertain times like these where speed is of the essence."

In a PYMNTS interview, Stripe Co-founder and President John Collison said the pandemic “has been the catalyst for a massive shift toward digital everything, particularly commerce.” Companies are being forced to look at their ability to meet the needs of consumers, employees and business partners in the emerging “mostly digital world,” he said.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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