The short answer is: yes. And not only that, online payments are fast becoming the preferred method of payment around the world. But if you look back into the not-so-distant past, you’ll see the shift in security and preference from offline to online payments is very recent–and we may have COVID-19 to thank for that. Since the pandemic, the demand for fast, contactless digital payments has skyrocketed. Combined with COVID-19 restrictions clearing the way for digital payments and normalizing fast and free money management, our brains have effectively been required to accept the online transfer of funds as the new normal.
DepositLink is keeping up with the times with secure web services that safely and effectively manage online payments. Here’s a breakdown of how it works and why online payments are now considered the most secure.
Security is #1
Security is the number one priority at DepositLink. According to the FBI, Americans lost nearly $150 million in real estate-related wire fraud in 2018. We have purposefully put in place a number of checks and use the top systems in the online banking world to ensure your clients are not a part of these statistics. By prioritizing data protection, cyber security assurance, and secure money transfers, DepositLink is quickly becoming the preferred online payment platform in the real estate world. These are the promises we make to both you and your customers:
What is ACH and is it secure?
The Automated Clearing House (ACH) is considered the safest payment system in the world. DepositLink uses ACH to move money, ensuring funds are transferred in the most secure way possible. What makes ACH the top choice for money-movers everywhere? ACH has the upper hand over the competition–the now-outdated wire transfer–when it comes to cost, and most importantly, security.
In 2021, the FBI reported that 11,578 people were victims of real estate fraud and rental scams, and a staggering $350 million was lost in wire fraud related to these transactions. Wire transfers are daily targets for fraud, which has created the need for a new money transfer method that is secure, and also gets the job done swiftly. ACH payments fill that void with same-day money transfers that are more secure than traditional wire transfers.
The benefits of Real-Time Payments
Alongside ACH, DepositLink has access to the speed and efficiency of the Real-Time Payments (RTP) network, a concept backed by the Federal Reserve Board. RTP delivers payments, fast, reliably, and securely while bypassing the inadequacies of paper payments and wire transfers.. RTP is capable of handling sums of up to $1 million dollars, and can also be used to request payments as well as make them.
The future of online payments
Technology is constantly evolving. We’re ready to implement new ways to help you move money more quickly and securely. RTP is currently on the cutting edge of money movement, but is only able to reach 61% of U.S. banks, leaving smaller credit unions and banks (and their customers) behind.
Fortunately, a solution is on the horizon: FedNow Service, an instant payment service developed by the Federal Reserve. Scheduled to launch in 2023, FedNow’s major draw is its ability to move money in real time between 100% of the banks in the U.S. In addition to offering services 24/7/365, FedNow includes all businesses and individuals who want to move money. Whether it’s B2B, C2B, or B2C, FedNow moves funds securely and makes them available to the receiver instantly.
With so many checks and balances in place, bank-level security, and the elimination of human error, online payments are fast becoming the most trusted way to move money efficiently. As technology progresses, DepositLink is positioned to adopt the latest advancements that best serve you and your clients.
To get DepositLInk for your readl estate business book a demo with our sales team.