Coldwell Banker uses Payload for automated earnest money deposits
Coldwell Banker Real Estate just made making earnest money deposits much easier for real estate agents and home buyers. Technology supplier Load capacity integrates with the brokerage firm, according to a recent announcement.
With its new integration, Coldwell becomes Banker Realty, a subsidiary of Everywhere Real Estate Inc. —can now process all earnest money deposit (EMD) payments through Payload’s Check21 feature. It is based on a federal law of the same name that allows financial institutions to process checks via imaging.
In 2022, Coldwell Banker launched digital EMR enrollment for all agents through an earlier integration with Payload with its My Deals platform – a system designed to replace traditional transaction cover sheets – and its Trident account system. Before partnering with Payload, Coldwell Banker processed more than 100,000 of these transactions manually. According to company leadership, those days are long gone.
“We are excited to partner with Coldwell Banker Realty to digitally transform their payment workflows,” said Zach Jacob, Payload’s vice president of real estate, in a statement. “Our technology is perfectly suited to meet the unique demands of the real estate market, and this collaboration highlights the potential of automation to drive significant improvements in operational efficiency and customer satisfaction.”
Kevin Morey, Anywhere Vice President of Agent Services, also reinforced the company’s commitment to expanding its services through new technology.
“We are always looking for ways to use technology to improve the buying experience for our team and our customers,” he says. “The simplicity of the Payload integration and payment experience has led to widespread adoption among our agents and homebuyers, while the automated payment reconciliation has significantly simplified our accounting processes.”
Payload offers more than automated EHR capture. Coldwell Banker also launched lease commission payments and agent accounts receivable through Payload, allowing agents to automatically process clearinghouse, credit and debit transactions, along with virtual wallets such as Googling Pay or Apple Pay.
“In our efforts to remove friction and complications from the real estate transaction, both brokers and consumers have appreciated the convenience Payload provides to ratify a purchase and sale agreement,” said Pauline Bennett, Coldwell Banker’s Northeast regional president.
