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Terms of the proposed NAR settlement continue to drive product decisions in the proptech space.
Payload, a secure transaction payment solution, has released a new series of invoicing tools for agents to collect fees directly from consumers, according to a June 14 press release. The company directly referenced the settlement as the impetus for the products, which are targeting an early July release.
“The industry is poised for a shift towards increased transparency and direct financial dealings, highlighted by the anticipated use of buyer agency agreements,” the company said in its release. “This shift is likely to see a reduction in standard commission rates, with agents and brokers exploring alternative fee structures, such as buyer retainer fees, hourly fees, showing fees and other service fees.”
Per the company’s fintech suite, the new tools give agents flexible ways to securely charge and claim funds from consumers that will emphasize flexible methods of payment, transparency and brokerage-level oversight and reporting.
The company was reviewed by Inman in 2022, then called “Payload Keybox.” The review cited the company’s intuitive billing and easy payment tracking.
“Users will fill in name, email, agent’s name and the payment amount. If there is an MLS connection, the MLS number will be tagged automatically, linking the payment to backend property records,” the review said. ”Payload doesn’t require one of those mainstream transaction systems to be used, however, and it can be white-labeled to a brokerage. Earnest money payments can be transacted via the buyer-initiated payment link. It’ll ask for property details, which can be pulled via linked MLS accounts.”
A number of companies have surfaced in response to what might happen when the settlement’s rules go into effect, which may not happen until well in 2025, despite an August implementation deadline for commission advertising rules, among others. A Nov. 26 hearing could result in the settlement’s ultimate approval, but appeals will likely put that on hold.
Payload’s tools could become useful quickly should they be required. Its payment tools are widely used.
The company announced a partnership with popular transaction technology company Skyslope in early 2022, enabling fund transfers to be executed directly from the interface upon a deal’s close. It also works with Dotloop, Reeazily and DocuSign Rooms, and integrates with MRED to absorb MLS data directly into transaction records and is the digital payment resource for Baird & Warner, The Keyes Company and Berkshire Hathaway’s Long & Foster.
“Payload is committed to adapting to the needs of the real estate industry,” Zach Jacob, VP of partnerships at Payload, said in a statement. “Our payment solutions are designed to enhance transparency, streamline transactions, and empower agents and buyers to navigate this new financial landscape confidently.”
The company states it has facilitated transactions worth more than $2 billion. It also works in insurance, legal and other types of professional services categories.
