Thinking about adding RON capabilities to my GNW/NSA business. The total cost would be around $350 to get started and I want to make sure I profit. Anyone have any positive/negative experiences or any other insights?
I too am getting setup for RON. One major problem is the platforms. Some cost as much as $900 per year. So at this time I’m looking for a platform that is easy to use and worth the cost. I will not be paying hundreds of dollars for a platform.
IMO it could be worth it IF the notary gets the state-mandated fee they’re supposed to get; however many companies contract with the RON notary and say “you get $5 for the first notarization and $1 for each subsequent one.” Well, excuse me, but what happened to the $25/remote notarization that is authorized (in my case by the State of Florida)…
IMO THAT type of scenario, no, it’s not worth it. I think RON is going to be more for title companies and corporate entities who have all the technology in place already - not so much for the individual independent notary. And it’s my firm belief that’s the way loan signing are going to go too - title online w/ borrower and RON notary is title company employee, all items done in the blink of an eye - no need for outside notary at all -
It has been worth it to me. I have transitioned my business to RON only transactions and closings. In doing ao, I have eliminated nearly $500 a month in expenses (paper, toner, drums, vehicle expenses, etc) while being able to get more notary work done in the same amount of time, which has added even more to my bottom line. The comments I get from the people and clients I have served have been overwhelmingly positive tp the extent that I don’t plan to go back to paper.
Your choice of platforms is going to depend on you. You are limited to DocVerify and Notarize at this point. With DocVerify, you can make the full fee of what your state allows you to charge, but you have expenses from using their platform. However, DocVerify is designed for the individual notary or small notary business to run on your own. Notarize gives you opportunity to do call center type of work as a contractor. They handle all of the costs that you would have to pay with DocVerify and you get a fraction of the fee without all of the risks plus a steady supply of people needing notarizations and title closings. Plus, they are introducing a new program where you can use their platform for your own clients and make a larger fee while still not having the risks.
There are other companies like NotaryCam, Signix and others that you can choose from so you can tailor the choice to fit your needs and how you want to run your business.
If you are doing loan signings it may be worth it, as it would save time and printing costs. I have found that loan signings usually don’t pay enough to cover my time and costs, so I rarely take them. I’m actually surprised how many people do. I worked in the mortgage industry in 2004 and signing agents were making $100 per closing with all the documents provided and printed. Now, 17 years later the pay has not gone up but the time, energy, and printing cost have. So RON could change this factor as long as the pay rates don’t go down with your lowered cost and time investment.