Coldwell Banker taps Payload for automated earnest money deposits

Coldwell Banker Realty just made earnest money deposit payments much easier for real estate agents and homebuyers. Technology provider Payload is integrating with the brokerage firm, according to a recent announcement.

With its new integration, Coldwell Banker Realty — a subsidiary of Anywhere Real Estate Inc. —can now process all earnest money deposit (EMD) payments through Payload’s Check21 feature. It is based on a federal law of the same name that allows financial institutions to process checks through imaging. 

In 2022, Coldwell Banker launched digital EMD capturing for all agents through an integration earlier with Payload to its My Deals platform — a system designed to replace traditional transaction cover sheets — and its Trident account system. Before partnering with Payload, Coldwell Banker handled more than 100,000 of these transactions manually. Now, those days are long gone, according to company leadership.

“We are thrilled to partner with Coldwell Banker Realty to digitally transform their payment workflows,” Zach Jacob, Payload’s vice president of real estate, said in a statement. “Our technology is perfectly suited to meet the unique demands of the real estate market, and this collaboration highlights the potential for automation to drive significant improvements in operational efficiency and client satisfaction.”

Kevin Morey, Anywhere’s vice president of agent services, also reinforced the company’s commitment to growing its services via new technology.

“We’re always looking for ways to leverage technology to enhance the homebuying experience for our team and clients,” he said. “The simplicity of the Payload integration and payment experience has led to widespread adoption from our agents and homebuyers, while the automated payment reconciliation has greatly simplified our accounting processes.”

Payload offers more than automated EMD capturing. Coldwell Banker also launched lease commission payments and agent receivables through Payload, allowing agents to process automatic clearinghouse, credit and debit transactions, along with virtual wallets such Google Pay or Apple Pay.

“In our efforts to remove friction and complication from the real estate transaction, both agents and consumers have appreciated the convenience Payload offers to ratify a purchase and sales agreement,” said Pauline Bennett, Coldwell Banker’s Northeast regional president.