How can I add and manage stakeholders? | iinkPayments |

How can I add and manage stakeholders? | iinkPayments |

What is a stakeholder?

A Stakeholder is anyone listed on the pay to the order line of the check and anyone receiving funds as part of the transaction.

Types of stakeholders:

  • Homeowner: Payee listed on the check and needs to sign digitally. Homeowners will always be assigners. You must enter each owner separately and have both an email and cell phone provided to receive their signature request digitally. (They can use the same email address, but they will receive specific emails with their name in the subject field)

  • Professional: The professional is an individual getting paid as part of the claim amount and property restoration. They can have different approval statuses. 

    • Signer: They are listed on the checks, pay to the order line, and have to sign off on the transaction of the fund's distribution.

    • Approver: A stakeholder that is not listed as a payee on the check but required to approve the distribution of funds. They may or may not be receiving funds as part of the payment.

    • Viewer: Individual who needs to edit or review this claim but is not receiving funds. Viewers can be account admins that are part of your organization entering the claim into the app.

  • Mortgage Company: The mortgage company listed on the pay to the order line of the check from which we have to get the signature.

  • Insurance Carrier: The insurance carrier who provided the check. They do not need to sign or approve. 

Entering STAKEHOLDERS IN THE APP

  1. At the bottom of the page, you will see  “+ Add Stakeholder” press that button. 

  2. You will see four stakeholder roles that could be part of the payment or listed on the pay to the order line of the check.

  3. Choose the proper role for each stakeholder.

  4. You will see that some stakeholder's approval status will automatically be selected for you. 

  5. Fill in all required information for each stakeholder.


Notes: if the homeowner still has the check, to save time, iink can send a request to upload the image of the front and back of the check for you. 


HOW TO DIRECT PAYMENTS

 

Once a Stakeholder is entered, they should be designated a percentage or amount of funds they will be receiving when the check is processed. Next to their name, on the right, enter the percentage or amount to be received by each Stakeholder. 

 

Here is an example with a $10,000 check: You can enter either the percentage or the actual dollar amounts.

 

John Insured                                          0% - $0.00

Jane Insured                                          0% - $0.00

Example Public Adjusting                   10% - $1,000.00

123 Mortgage                                        0% - $0.00

Sample Roofing                                     90% - $9,000.00

 

CLICK SUBMIT, and you're all set!



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