In response to the COVID-19 pandemic, many states passed temporary emergency legislation to allow remote online notarization (RON). RON allows commissioned notaries to perform their services remotely using audio-visual technology.
RON offers several benefits to businesses across industries. Learn how you can benefit from partnering with an eNotary vendor that has your back regarding compliance, security, and profitability.
Increased Revenue
As more businesses digitize processes, online notarizations are becoming a common requirement. Many car dealerships require online car purchase agreements, mortgage lenders utilize eClosings, and law firms use online signers.
RON offers new efficiencies for businesses that can increase revenue. For faster turnaround times on loan closing documents or out-of-state purchases, remote online notarization can help companies to streamline and improve their process.
If you’re a notary, you can use these efficiencies to expand your client base and boost your income. Plus, you can work from anywhere, at any time. No more commuting expenses (gas, vehicle maintenance, and public transportation).
All you need to get started is a laptop or desktop computer with a webcam, microphone, and high-speed internet connection. You may also need to pay for a state-approved RON platform and a certification course, but these costs are significantly less than your traditional overhead. Plus, you won’t need a printer or expensive ink toner.
Increased Customer Satisfaction
Even after the pandemic, customers embrace online options that speed up processes, elevate customer service and eliminate document errors in a safe and trusted environment. This makes remote online notarization a powerful tool for financial institutions to attract customers, improve customer satisfaction and increase long-term revenue.
Remote online notarization removes geographic barriers for your business and allows you to expand your client base to people across the country. This is an opportunity to market your services more widely, as you can promote that RON sessions provide significant electronic evidence, including an eJournal and an audio-video recording.
You can also use a social media post to announce your new offering and invite clients to reach out to you and consider joining professional groups on LinkedIn or Facebook for the opportunity to spread the word. You can negotiate a lower car insurance rate once you work from home!
Increased Productivity
When you work remotely, you can avoid traffic congestion, save time in meetings and reduce the need to travel for client meetings. This boosts productivity and builds a reputation for efficiency.
As a notary, you must use a reputable remote online notarization platform that follows your state’s guidelines and provides robust security protocol, including identity verification, tamper-evident seals, and audit trails. Some independent RON providers typically charge a technology usage fee and your notary fees.
As a result, they can help you grow your business and provide the high-net-worth clients you serve with a digital experience that includes remote online notarizations. Whether your clients are undergoing a life-changing event like a medical crisis or want to do their financial affairs more conveniently, RON can help. This makes it easier for them to establish the power of attorney documents, transfer investments, file taxes, and amend trusts.
Increased Flexibility
Unlike other online jobs requiring an expensive bachelor’s degree or months of training, becoming an online Notary is a low-cost and quick way to start working from home. Once a notary becomes certified to perform remote online notarizations, they can immediately begin growing their business.
Signers must travel to a notary’s office for years to have documents notarized in person. This is an inconvenient process for borrowers with limited availability or who have transportation and childcare challenges. RON allows borrowers to easily and quickly have their real estate documents notarized without leaving their homes.
To perform a RON session, the notary needs access to audio/visual recording and document management software that meets the state’s requirements for a standardized, consistent experience. These include verification of the signer’s ID documents, identity-proofing technology, and knowledge-based authentication. MBA Education’s Compliance Essentials survey is an excellent resource to help notaries understand their state’s laws and certify they have the proper tools to provide a high level of service.
