Hello All,
I had a question related to setting up buyers in my business that are paying via Seller Financing and was hoping I could get some guidance or suggestions related to my problem.
I use Geek Pay for my Seller Financing notes, and I have to chase my buyers to get them set up through Geek Pay after they have sent in their signed documents along with a down payment.
Currently, I list my property on all of the listing sites. Once a buyer reaches out to buy the property, I send them an email explaining the process of signing and notarizing the documents and mailing the down payment (via certified funds) with the completed documents to my office. Once I receive these docs and down payment, we then reach out to them to set up their online account via Geek pay to get their monthly payments set up.
Here is where the issue has been coming in.
It has been like pulling teeth to get them to do this in a timely fashion. This is certainly going to limit my scalability in the future, and the whole reason I am paying for the Geek pay service is to scale up.
Does anyone have any suggestions on how to make this process more efficient? So I can have the buyers set up with Geek Pay and ready to go at or around the time of them paying the down payment. Should I look at having the buyers placing their down payment through GeekPay / Actum? OR can this even be done through Geek Pay without being charged a big percentage?
I was also thinking about having the buyers include a voided check with the finance packet and having a separate consent form giving us permission to set up their account for monthly AcH payments.
Maybe incentivize the buyers to using Geek pay service by offering lower monthly payments?
I realize it is just a small tweak that will make a HUGE difference in this matter, so if anyone can offer any insight on how their seller finance buyers are set up in their business, or have any suggestions on what to try in my business I would Greatly Appreciate it !!
Thank you in Advance!
--Trey