How exactly does this work for me?
The keystone of our service is an escrow agent. What will be my role and how exactly do I get paid - that's by far the most popular question asked by the majority of prospective agents. It is very easy: we deal with ALL the paperwork leaving the financial part (accepting funds on your business bank accounts from the buyers, and routing them to the sellers according to our instructions afterwards) for you. Why can't we do the entire job? Cause in today's world of extremely fast solutions it is time that is of extreme matter for our clients. Therefore we will make much more money by attracting customers from all over the states to provide next to instant escrow solutions (in-state bank transfers take no more than a few hours), employing new technologies to deal with the paperwork (such as e-filing and secure e-document presentment and exchange) and continue our rapid growth rather than overwhelming our own bank account with inbound and outbound transactions leading to severe hold times and probably service interruption.
So as soon as you are approved you will start receiving transfers on your Business bank account and directing them to the other party of the escrow transaction according to our given instructions. Your commission for each operation varies from 7% to 10% based on the amount (amounts over $50,000 get 7%) and your processing speed (same-day instructions execution corresponds with 10% "rush service" commission regardless of the amount involved). For your convenience and to avoid any misunderstanding your commission for each transaction will be posted in your secure online agent account once it is activated. We should mention the front line of our service is Rush Escrow meaning same-day executing of the financial instructions and documents exchange (don't forget we do ENTIRE paperwork part of the job!).
Generally the amounts that we process vary from $5,000 to $100,000, but can go higher on special occasions.
For our mutual convenience there will be no paychecks. Your commission will remain in your account after you send out the funds to the other party of escrow process. The cost of money transfer is not included in your commission, meaning you will deduct it from the amount to be sent, not your commission.
Types of Transactions
Most escrow transactions as far as the financial part is concerned are done by means of direct bank transfers - ACH (Automated Clearing House, read more here - ) and wire transfers (more info - ). Sometimes our clients prefer to deal with the old-fashioned checks, but we will require upfront approval from you before proceeding with this method due to nature of this payment mechanism. So in brief, you will receive and dispatch funds by ACH, wire transfers and checks (subject to your approval), in any combination of above.
Are business bank account holders the only applicants eligible to take part in the program and what if you do not have one?
Yes and no. We do require the agents to use ONLY corporate bank accounts (opened in the name of your corporation/LLC, not your personal ones). This is done first to ensure timely and accurate processing of the transactions (monies clear faster on corporate accounts), and second for your own convenience: you do not reveal your name to both transaction parties, and therefore they are not able to influence you to release or send back funds without other party consent (we had such cases in the past). This also helps to clear out tax issues, if any arise.
Of course, business account holders applicants start receiving transactions ASAP, for obvious reasons. However, the majority of escrow agents only have their own personal accounts at their disposal at the beginning of their escrow career. In such case we will do the following. A brand new corporation will be formed in your name either in your home state or in proven locations (Delaware, Nevada etc.) whichever is faster. This will be done for FREE through our own private channels, and you will receive your corporate paperwork and corporate seal in the mail in a matter of 3-4 business days! You will not be held liable for company taxes - this refers to escrow agents with both new and existing corporations.
While the new corporation is being prepared or in case you refuse to incorporate, feel free to use your personal accounts for check-enabled escrow transactions (where the buyer remits payment to escrow via personal or corporate check). Please note escrow service will only proceed once the check clears and the hold will be removed from the check amount by your bank for complete and unrestricted use of deposited funds!
Potential Fraud Screening & Taxation
We treat the security of our agents, clients and our own one seriously! We screen out potential escrow clients by means of the most robust and complicated screening systems, including but not limited to TeleCheck (verifying funds availability on the written checks as well as previous positive payment history - only in case of check originated transaction), ChoicePoint (verifying client's personal information) and LexisNexis (revealing previous criminal activities). As far as escrow agent application is concerned, we sometimes have to ask you fax your ID if we deem it necessary. Due to nature of our business we aggressively combat fraud and always spot it at early stages to make all sides of the process safe.
According to US laws you are not required to pay taxes on bank deposits and withdrawals. The majority of agents do not report it at all. In addition, generally you will not be doing business under your own name, but the name of your company. If you insist we can prepare and file all tax documents with the IRS at the end of fiscal year.
Secure Online Environment
As mentioned, the core points of our business are speed, simplicity and safety. To achieve these goals, we created online account interface enabling our agents receive new transactions notices, post clearing dates, change your personal details, review previous history, communicate with customer service etc. - all within one secure account.
Next, visit our FAQ section to find answers on the most vital questions that our applicants asked us in the past or leave your own question if you feel like contacting us directly.
http://www.chequein.net/program.php