Depositing Earnest Money – There’s an App For That

As the real estate industry continues to embrace tech, tedious tasks like hand delivering earnest money checks are a thing of the past. With ZOCCAM, real estate agents can use the app to send earnest money directly into an escrow account. From check image capture to escrow delivery, the message is encrypted. Since launching in 2014, ZOCCAM reduces liability for license companies and real estate agents. The app also eliminates the accidental misplacement of checks and provides real-time, fully transparent notifications at each stage for all parties involved.

“Security is extremely important today,” said Ashley Cook, ZOCCAM President. “The app does not save account information or a copy of the check. Only a transaction history is stored in the app.”

ZOCCAM allows up to $50,000 to be sent directly to an escrow account, a considerably higher amount than say Venmo or Chase Quickpay, other mobile money sharing services. The  transaction is securely processed by ZOCCAM’s partner, Jack Henry & Associates Inc. ZOCCAM plans to launch more features including tenant deposits to landlords.

The innovative way of sending earnest money via app is something we’re keeping an eye.

To view full article, click here.

Leave a Reply

Your email address will not be published. Required fields are marked *