How Can Business Profit from Online Notarization
Remote online notarization is making big waves across online marketplaces worldwide. The recent technological developments and changing legislation are changing the way businesses approach notarization, which brings an array of fantastic advantages for various industries.
Many of your company’s sensitive and essential documents require notarization services. However, the traditional approach is too time-intensive and involves investing time and effort in finding the right service provider and visiting them to get a simple signature verification.
Thankfully, times and trends are changing. Nowadays, businesses can enjoy the benefit of hiring online notarization services to suit their needs remotely. With more states adopting emergency measures to facilitate the widespread adoption of remote online notarization, businesses are jumping on the bandwagon too.
For example, online notarization helps make closing loan deals much more straightforward. On the other hand, it also helps make financial transactions more secure. Since there are many benefits of online notarization, let’s talk about how a modern-day business can profit from such a remote service.
Online notarization makes financial transactions simpler and more secure
According to recent research, digital financial management options help businesses reduce financial stress, make better, more lucrative financial decisions, and save both time and money. They can buy insurance, finance projects, withdraw money, and make payments online almost effortlessly.
Working with a notary online helps with various financial transactions for both business-to-consumer and business-to-business models in the digital business landscape. It helps ensure that both businesses and customers have correctly verified documents at their disposal.
Some of the notarized documents include:
- Trustee certifications
- Wills
- Insurance claims
- Equipment financing
- Title transfers and automobile financing
- Money withdrawals
- Retirement plan changes
- Credit repair
- Debt or fraud validation
By implementing an online notarization solution, businesses can digitize financial transactions and make the entire process seamless. Aside from insurance companies and financial institutions, customers can also reap benefits from online notarization, such as eliminating the need for rework, increased document accuracy, saving on shipping costs, etc.
Both businesses and customers are increasingly concerned with the growing risk of doing finances online. They fear fraud, data breaches, and identity theft. However, an online notarization solution has fraud prevention and similar built-in cybersecurity measures that make verifying documents safe and secure.
Such solutions utilize fraud prevention and knowledge-based and data-driven ID verification technology to confirm identities and exchange transactions and information securely.
An enhanced user experience
You’re running a lending business, and you’re required to interact with borrowers daily. Naturally, you’d want them to enjoy the best borrower experience possible. However, meeting a notary in person isn’t only time-consuming and exhausting and prone to making mistakes.
To avoid such nuisances, you can provide your audience with more convenience and a better user experience by allowing them to go about their notarization needs online.
They can schedule meetings according to their needs and enjoy a fast, safe, and reliable service. People will prefer working with you if they know that they can get things done faster.
Error notification
The traditional approach included paper-based processes that were prone to making costly mistakes. Missing a signature can cause a lot of problems for business organizations. With remote online notarization, you get the power of automation.
It drastically reduces the chance of making any mistakes, such as incorrectly entered or missed fields. Businesses can avoid delays and errors while getting the option to proactively correct mistakes if need be.
Businesses improve turnaround times and save time!
Remote online notarization provides a range of new efficiencies for businesses. First of all, they no longer have to visit a notary in person. Online notaries take less time to verify and certify more documents.
In addition, digital notarization also helps to save on paper consumption, making the entire process eco-friendlier and more sustainable. Since online notaries make fewer mistakes, businesses can improve turnaround times by getting all their closing documents processed, signed, and notarized on the same day.
Industries that could benefit from online notarization
Here is our list of industries that can profit from online notary services.
Law firms and attorneys
Online notarization provides multiple benefits for law firms and attorneys, such as attracting more clients and getting their essential documents notarized more efficiently.
Online notary services offer flexibility, efficiency, and convenience while allowing lawyers to find additional sources of income during downtime.
Mortgage companies
The mortgage process can quickly get tedious and overly time-consuming due to so much paperwork. Thankfully, an online notary service can shorten the long process and make things more manageable.
Whether a mortgage company is after new borrowers, clients in need of refinancing their loans, or loan signing agents to mortgage brokers, online notarization makes everything more time-efficient.
Instead of physically visiting a notary to get a simple signature, mortgage brokers and clients can complete the notary process online via video call.
Real estate companies
Homebuyers, title companies, real estate agencies, and agents could benefit from online notarization.
Aside from making the mortgage closing process faster and cost-efficient, remote online notarization removes the paperwork necessary for every real estate transaction, ranging from escrows to deeds.
Medical businesses
Businesses in the medical field heavily rely on online notarization these days. Medical companies such as healthcare facilities and hospitals have many employees, but they almost always fail to hire enough administrators to process such a large workforce.
Since staff tends to come and go rapidly, medical administrators rely on online notary services to perform notarizing checks, verify internal documents, certify medical records, etc.
eCommerce
The internet is overwhelmed with e-commerce businesses that allow internet users and companies to order, buy, and sell various goods and items and pay online. For them, online notarization is the best way to complete daily processes.
Each time an e-commerce business fills an order, they need to invest time and effort to visit a notary in person. Online notarization helps them to save time and avoid downtime.
Conclusion
Online notarization provides benefits for almost any business model out there. It helps businesses in various ways, including reducing human error, avoiding security risks, and saving time and effort. In addition, online notarization is also an excellent way to eliminate all that tedious paperwork and help save some trees in the process.
With remote online notarization, businesses have the flexibility and convenience to get the necessary document signatures from anywhere. They can choose a platform that matches their notarization needs, verify their documents, and receive signatures via webcam.
Aside from decreasing customer friction, a notary online simplifies identity verification by utilizing safe credential analysis and adding a layer of protection against fraud.
Links:
https://www.housingwire.com/articles/senators-reintroduce-bill-to-allow-remote-online-notarizations/
