PayClix recognizes that you have to maintain segregated accounts. Your escrow/trust account will send and receive ONLY client funds. All transaction fees will be charged to a separate operating account that you designate.
Click here to view a sample daily transaction deposit report. If you need additional information, we can easily customize this report for you.
In a nutshell, the rules regarding the reversals of wire transfers and ACH credits are quite similar. In both instances, the buyer has to base its reversal request on an allegation that the seller was not entitled to the funds in some way. However, there is more inherent risk of a reversal occurring with an ACH credit than with a wire transfer.
Financial institutions will generally routinely process ACH reversal entries without paying any special attention to them. This can put sellers at greater risk if the buyer chooses to settle the sale transaction via ACH than if they choose to do so by wire.
Sellers can take some comfort in knowing that five banking days after payment from the buyer is received, the buyer is precluded under NACHA rules from recalling the payment through the ACH system. This logic is the reason why Escroz only allows escrow deposits and not required ‘cash to close’.
With all of that said, cancelling an eCheck transaction will cause the termination of the escrow and would lead to a natural termination of the purchase contract.
Considering the above, Escroz will not process an escrow deposit transaction if the proposed closing date for the transaction is sooner than 5 banking days from the date of the earnest money deposit.
Our patent pending technology puts you in control of earnest money deposits. When the ‘accept or reject’® option is activated, the buyer can initiate a deposit, however the transfer of funds does not start until YOU approve it. This means that you have complete control and no money can deposit into your account without your say so. No more will you have to hunt and identify funds when they get deposited. You will be able to accept a payment, and then see exactly when the funds will deposit to your trust account.
Throughout that entire process you will also get the benefit of email notifications and deposit slips highlighting the customers name, file number (if one is already assigned upon entry) and property address.
This is an example of the prompt that is produced when using accept or reject®:
Your Company Pays:
$195.00 one time Setup and Software License Fee for first office – includes underwriting costs, customized web payment page with your company logo and business name and your first monthly account fee.
Multiple office locations:
Branches that share a trust account – $49 one time setup fee per additional branch
Each branch has its own trust account – $99 one time setup fee per additional branch
$19.95 per trust account per month – which includes unlimited free telephone and email product support, EFT gateway fees, and daily and monthly online transaction reports.
Fees Per EFT Payment:
In Bound Deposits into Escrow from Clients/Lenders/Purchasers $3.95* EFT (secure ACH) – transaction fee
Out Bound Disbursements to Clients/Banks/Lenders/Sellers/Third party Service Providers – contact us for pricing
* Transaction fees may vary depending upon actual transaction volumes.
There are NO other fees, monthly minimums and NO contracts.
ESCROZ can save your company money. A lot of money.
Click here to open our savings calculator window.
Close the window when you’re finished to return back here.
PayClix is certified fully PCI/DSS compliant using the highest possible level of data security. That means we take your client’s security and privacy very seriously. We do not retain ANY client payment information on our servers and all transactions are securely encrypted. In addition, neither party has access to the account information of the other, so you are assured of information and banking privacy.
- NO! You will keep your existing escrow and operating bank accounts and your current bank. Nothing changes. PayClix merely becomes the mechanism for moving the money between your escrow accounts and those of your clients and customers.
- No, not at all. In fact, your bookkeeper/accountant will find they save time using PayClix since they will have less paper work when sending and receiving payments.
- One thing you will have to do, is to notify your bank that you will be sending and receiving ACH payments through your escrow trust account. The bank needs to know this, in order to enable these features in your account profile. PayClix will ask them to confirm that your accounts are ACH-enabled before we start processing.
- The other thing you really should do is to put a link to the PayClix payment page on your website, so that your clients can make their deposits easily. When you receive your ‘Welcome to PayClix’ introduction letter, we’ll include the necessary information for your webmaster to insert a link to your PayClix payments page on your business website.
- PayClix can process online client payments as an alternative to wire transfers or conventional cashier’s checks using electronic checks aka an eCheck or ACH transaction. An eCheck is processed exactly the same way as a conventional paper check and is subject to the same bank clearing rules and regulations.
- You can also use our PayClix ePay option to electronically make payments to suppliers and contractors such as building inspectors, pest control services, real estate agents, tradesmen and others involved in a property sale.
- Your clients can access their payment history and any of their PayClix payment receipts online, at any time.
- Clients can click a link on your website and make a deposit to into escrow. They can also store their preferred payment method information for future ‘1 click’ payments.
- Frankly, when your clients use PayClix, you’ll save money. A lot of money. Instead of the traditional process of receiving paper checks or processing wire transfers, you can now send and receive payments electronically using the Internet. Every PayClix payment you send or receive saves you money.
- PayClix offers your clients the most convenient service available in payment processing. The ability to pay into escrow online or using a cell phone is an option busy people will use. Clients don’t need to come to your office or stand inline at their bank to arrange for their payments. It can all be done with a couple of clicks. Clients appreciate being given options that are convenient, easy and secure.
- PayClix is a positive step you can take to improve your business image and reduce closing delays and funding issues.
- A conventional wire transfer typically results in the same day movement of funds between bank accounts using the inter-bank payment network. For this service, you pay a premium since each transfer requires manual processing. PayClix uses secure ACH electronic bank transfers for moving funds between bank accounts.
- For outbound disbursements, there’s virtually no timing difference and PayClix costs less! Transactions submitted by noon Arizona time are submitted to the Federal Reserve for clearing within an hour and will be posted to the receiving bank’s Federal Reserve account that same day. Deposits made by 7:30pm Eastern time will be cleared the following morning.
- Inbound escrow deposits take an additional 2 banking days to be funded. This is a requirement of NACHA, the Electronic Payments Association that administers ACH payments. Before the sender’s funds can be transferred to your escrow account, the availability of funds must be confirmed by the sending bank. After the two banking day waiting period, the transaction is final and can not be recalled by the sender. PayClix is substantially cheaper and provides the same secure, reliable transfer of funds.
No! PayClix uses the Internet to process payments from your clients. All software and data reside in the secure PayClix server network. We take care of all software updates, data backup and transaction security. If you can receive emails at your office, you can use PayClix. It is that easy!
- When you’re ready to go, you can complete the online merchant application. Just click the ‘Apply Now‘ button in the left margin. We’ll process your application and create your PayClix account. This usually takes 3 or 4 business days.
- Once your account is ready, PayClix will email you a ‘Welcome’ letter with full information on how you can make PayClix available to your clients on your website, along with several sample letters that you can either print and mail or email to your clients to let them know about this valuable new service you’re offering.
Absolutely! We offer several marketing and promotional flyers, post cards and announcements that you can use to publicize the availability and benefits of online payments. You can either print and mail these marketing items along with your regular newsletter, or email them to your clients or when your client first comes to your office to open an escrow account, take the opportunity to tell them about your PayClix online payment service.
In 2004, in Portland Oregon, a CPA and an attorney created PayClix.com to process rent payments at rental properties they owned. Since then, PayClix has grown dramatically and expanded its client base to include many different types of vertical markets and merchants. PayClix is the next generation of payment processing enabling a merchant to offer a total integrated online payment solution to their Clients. PayClix is proud to be able to say that in all their years of payment processing, they’ve never lost a payment transaction.