A multiparty claim check is an issued check payment from an insurance carrier with multiple payees on the pay-to-the-order-of line. Listed payees all need to sign the check in order to deposit the check payment into any bank account.
Any claim check payment with just a property owner and professional, or if the mortgage company is listed but has already endorsed the check. (iink Pay)
Any claim checks payment with Property Owners, Professionals, and a Mortgage company, and the mortgage company has not signed the check. (iink Pro)
iink Pay: This is our basic service for collecting digital signatures on Multiparty checks and electronically depositing the funds into the authorized payment recipient's bank account. The most common use is when the mortgage company is not on the payment check. The homeowner, contractor, public adjuster, or property attorney will be listed and have to sign the check to deposit the check payment into their account. iinkPay is free of charge, and there are no fees for this transaction.
Iink Pro: Automates the process of requesting the mortgage endorsement. Neither the homeowner nor the contractor will need to follow up with the mortgage company to get the check payment signed and released for the repairs on the property, iink provides these services. This check payment type will have the homeowner/s, the mortgage bank, and any of these professionals (Contractor, Public Adjuster, Property Attorney) listed on the pay-to-order line of the check. iink Pro, just like iink Pay, will request all signatures digitally and any documentation needed to get the mortgage endorsed by the mortgage bank listed on the payment check. The fee for iinkPro is 1% at a $150.00 cap on the check amount.
iink Advance Funding: iink Advance Funding is the same as iink pro, except instead of waiting on the receipt of the mortgage endorsed check back, iink will provide advanced funding to any iink authorized payment recipients, including iink, verified contractors, so that they can start the job sooner.
Want to learn more about the reason claim checks turnarounds can be delayed (CLICK HERE)