Bank Shot, an app that facilitates the digital delivery of checks for all forms of real estate transactions, has recently updated its mobile apps for Android and iPhone.
First reviewed by Inman in 2016, the app was in its early stages of development at the hands of career real estate brokers in Atlanta, Glenn and Bernie Drake.
The app’s user interface hasn’t entirely kept pace with the times, but its functionality and popularity have.
Glenn Drake said in a phone call that they currently have about 100 companies in the onboarding queue.
“We’re about doubling every month since COVID started,” Glenn said in a web call.
In addition to the white labeling it announced last year, Bank Shot has introduced other new features to its patented process, including the ability to endorse a check once approved for deposit digitally.
However, checks can be held for deposit with the app’s “stoplight” process that lets users tap Hold, Reject or Deposit buttons as the transaction moves forward.
Checks for security deposits, commissions rent, and HUD deposits can be sent to accounts in different banking entities.
Bank Shot does not send ACH deposits, which pose a risk to title companies because they can be revoked. Digital checks can be verified and cleared within a day.
It’s no surprise Bank Shot has seen rapid growth throughout the pandemic, as all forms of arm’s-length business have expanded since it took hold.
From 3D home tours to curbside closings, all aspects of the transaction have become subject to technological advancements, and most of it has been to the benefit of the industry.
Bank Shot’s mobile app is free, but there is a fee for white labeling to your brokerage.
Have a technology product you would like to discuss? Email Craig Rowe
Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.
