The real estate industry uses a variety of payment systems to deposit and route funds, including earnest money, real estate transactions, broker agent commissions, rental house deposits, and more. Some of these systems are third party vendors, and some are built in-house.
There’s no doubt that the use of technology platforms to move money is more efficient and less risky than the old-fashioned method of having real estate agents drive checks around town. Indeed, they are the wave of the future.
That said, payment platforms aren’t built equally. It’s critical to ensure that whatever you choose to use is as secure as possible, especially when handling customers’ money. All systems will claim to be secure, but what do they mean by this? How secure are they?
At Bank Shot, in addition to standard security and privacy measures, we have recently taken our security to the next level by partnering with Red Sentry, a continuous penetration testing tool. While most technologies are pentested once a year, our platform is now pentested every single day. This means any vulnerabilities can be identified and remediated before any bad actors become aware of them.
Bank Shot is the convenient, compliant, and secure way to deposit real estate funds. To learn more, fill out the form below.