Product Updates
New: earnest money refunds
You asked and we listened. Earnest money refunds are here.
Earnnest’s new Refunds feature allows your escrow-holding business to return a client’s earnest money deposit with just a couple clicks. Once the feature is turned on in your account your designated administrators will see the Refund button on each deposited transaction in the Payments Dashboard. Click once, and then again to confirm. Now your refunded payment is on its way back to the original payment account.
It really is as simple as that! No more checks. No more time wasted. Just easy refunds — up to $50,000 per week (Monday to Sunday UTC time) — that you can track from your organization’s Payments Dashboard.
When you initiate your refund, a new transaction is created and will appear in the Paid & Processing column in your dashboard. This allows you to track the progress of the refund on its way back to the homebuyer. The new transaction is marked with a blue Refund status badge and the original transaction is marked with an orange Refunded status badge for extra clarity in tracking. Once the refund has been deposited in the homebuyer’s originating account, the newly created transaction will move from Paid & Processing to the Deposited column in your dashboard.
The new Earnnest Refunds feature is available to you and your clients at no added cost and you are able to refund up to $50,000 per week. This means you can initiate the return of payment to homebuyers without the cost and hassle of writing and mailing a check. In addition, all the time you spent monitoring those checks to ensure the homebuyer received and cashed them is now saved.
Funds are returned to the original payment account without the buyer needing to take any action on their end. Funds deposit in approximately three days and automatically generated receipts (both initiated and deposited) will be emailed to you and the buyer so everyone’s records stay clear and accurate.
As a decision maker for an escrow-holding business, all the power is in your hands. If you wish to enable Refunds, contact our team today to get started. Otherwise, your account will continue to function as it has in the past. When opting in to the Refunds feature, decision makers will select which admins have the power to initiate refunds. As exciting as this new feature is, we know it’s important for you to maintain control over how and when Refunds are initiated on your deposits. So give us a call today to set up the perfect solution for your organization.
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Book My Account ReviewCara Brewton has been educating Earnnest users since 2019. Whether by visual design, by creating training resources, or by sharing client stories, her goal is to ease the way for the agents and homebuyers using Earnnest’s products.
