Achieve ROI from your security investments.
A title company is expected to provide wire fraud protection for your clients - but how do you pay for it?
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What should I consider when including security costs into my services?
Select a state:
Will wire fraud protection be marketed as a company differentiator?
Yes, If this supports your competitive advantage with partners and home buyers and
sellers - then consider absorbing the cost of essential software and tools.
No, If you are unable to increase your expenses and are looking to fund the costs of
ensuring your clients are protected - keep reading below for considerations on
how to do that.
What are the options on including the cost of security software into my fees?
Absorb into operating costs. If wire fraud protection is core to your value proposition, consider absorbing this as a cost of doing business.
Settlement fee. Title companies and law firms often include software subscriptions into their overall settlement fees as a consistent practice, pending review of state, federal, and association requirements.
Closing Disclosure (CD). Each wire transfer verification may incur a transaction cost that can be included into the Closing Disclosure (CD). You will need to review state, federal, and association requirements and then set a consistent price.
There are many considerations across federal, state, industry, and business requirements in your path forward to bake security into your bottom line.
