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 Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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