Since we launched Notarize in February, we’ve been inundated with requests from businesses like lenders, title companies, law firms, private wealth firms, virtual mail providers, fertility clinics, etc. They all require a high volume of notarized documents and have been asking us to streamline their operations. Today, we are thrilled to launch our portal Notarize for Business. Now, any business or organization can use our portal to send documents to their customers to instantly annotate, sign and notarize from anywhere using their mobile device or computer. What took weeks now takes minutes.
Anecdotally, we’ve learned it can take an average of 21 days for a business to get a notarized document back from a customer or counterparty. A commercial construction firm can’t secure a key permit. A private wealth firm can’t open a customer’s account. Business literally stops while they wait. These businesses also have to dedicate significant resources to tracking down and ultimately harassing their customers to return notarized forms. No more.
And, beyond the efficiencies gained by going digital, Notarize is improving security and reducing fraud. When a business requires a notarization, it’s to ensure the proper person signed the document under their own free will. In addition to a digitally encrypted notarization that can’t be altered, businesses now can verify the ID provided as well as the video recording and full audit trail of the transaction. With control over chain of custody, businesses can ensure the document sent out is the same one that’s returned. For the first time, a business can now be fully confident in the notarized documents they rely upon.
With Notarize for Business, companies can now:
- Prep, manage & send documents: Businesses can upload files, control whether the customer can annotate or simply sign and alert their customers to the transaction by email.
- Ensure chain of custody: Businesses can now send documents to be notarized with the assurance that they cannot be altered before being returned.
- Track their customer’s progress: Access a dashboard of all notary transactions and receive updates on their customer’s progress.
- View a full record of transaction details: After a notarization is complete, a copy of the notarized document is automatically returned to the business – including a video recording of the transaction and other details that will help businesses to dramatically reduce fraud in their most important transactions.
- Easily communicate with customers: Businesses can send a unique message or instructions to accompany every document they send.
- Choose between payment options: Businesses can select to have their customers pay or pay for the notarization on their customer’s behalf; for Businesses that opt to pay, subscription pricing is available.
We’re extremely excited about this major release to our product. With Notarize for Business, we can now tackle the entire notarization workflow. We can help businesses optimize and annotate documents to ensure they’re executed properly, train our notaries to execute these documents quickly and answer frequently asked questions, help customers to more efficiently execute some of life’s most important transactions, and reduce fraud for all parties involved. With Notarize for Business now in the wild, we have an end-to-end platform to innovate on top of. Expect to see us accelerate our efforts.
Today also marks an important moment for our company. To date, we’ve been a transactional business, collecting fees for every notarization performed on the platform. We are now also offering subscription plans, allowing businesses to commit to a volume of notarizations in exchange for discounts and higher levels of service. Companies like SupportPay, IdenTrust, and EarthClassMail are leading the charge and we’re excited to serve them.
Finally, we’re thrilled to announce that Fifth Wall Ventures joined the Series A financing we announced a few weeks ago. Fifth Wall, a firm focused on disruptive real estate technologies, is backed by real estate companies like CBRE and others. Their founding partner, Brendan Wallace says, “We know from our LPs that the notarization and closing process is one of the final impediments to the real estate industry going fully digital,” said Brendan Wallace, founding partner, Fifth Wall Ventures. “It is often described as the most inefficient part of their operations, but required in both residential and commercial real estate. Notarize will fundamentally improve how the industry operates, and Fifth Wall is thrilled to support the team’s bold vision for a truly digital, end to end notarization process.” We couldn’t agree more! And are thrilled to have their backing.
We believe we’ve already fundamentally improved how people get documents notarized – one of our customers said “it worked perfectly like magic!” We’re excited to do the same for the businesses on our platform.