CertifID Acquires Paymints.io to Add Digital Payments for Real Estate Industry

CertifID acquired Paymints.io to expand its capabilities for helping the real estate industry transact securely.

The acquisition adds Paymints.io’s solution that enables digital money transfers by title companies, law firms and real estate brokerages to CertifID’s capabilities in wire fraud protection for the real estate industry, the companies said in a Tuesday (Jan. 14) press release.

“We’re creating an unprecedented platform that will secure the movement of good funds for our customers at every step of a real estate transaction, from the moment a buyer submits their earnest money deposit until the seller’s mortgage is paid off,” CertifID CEO and co-founder Tyler Adams said in the release. “This is the future of secure real estate transactions.”

The combined capabilities resulting from this transaction will include the extended security provided by greater control and visibility of the flow of money during a transaction, extensive payment capabilities for receiving or disbursing funds, consumer convenience enabled by the integration of digital payments into the client-facing branded resources of title companies and law firms, and the consolidation of tools offered by the two companies into one platform, according to the release.

The features of the Paymints.io product will be integrated into the CertifID platform. Until that is completed, Paymints.io customers will continue to use the existing product, per the release.

“Joining forces with CertifID allows us to accelerate our shared vision of modernizing real estate payments while ensuring unprecedented security,” Paymints.io co-founder and CEO Jason Doshi said in the release.

Nearly 21% of all B2B transactions completed in the real estate industry are done with checks, while 4% are paid in cash, according to the PYMNTS report “The State of Real-Time Payments.” These methods can lead to more manual labor, longer processing times, and more friction and accounting errors.

Real estate firms are weighing the benefits of adopting digital payment methods such as cryptocurrency, virtual cards and push payments, according to the PYMNTS report “Corporate Changes in Payment Practices: A Deep Dive Into the Real Estate Industry.” They are considering real-time payments, for example, to gain ease of use and transaction speed.