Porch announces new pay-at-close module for home inspection companies
SEATTLE, December 06, 2021 (GLOBE NEWSWIRE) – Porch Group, Inc. (âPorchâ or âthe Companyâ) (NASDAQ: PRCH), a leading vertical software company that is reinventing the home service industry, has today announced the addition of a new module to its suite of software solutions delivered to home inspection companies through its inspection software company, Inspection Support Network (“ISN”). Now, Porch can offer agents and homebuyers the option to pay for their home inspection at the close of a home purchase, in addition to Porch’s ability to facilitate the processing of payments at the time of purchase. inspection.
Through the innovative pay-at-close program, ISN will handle the complexity of providing payment to the inspector at the time of inspection, as well as billing the escrow company on behalf of the buyer to defer payment until at the closing of the escrow. This one-of-a-kind program simultaneously addresses the needs of homebuyers, agents and inspectors, while continuing to extend the value proposition that Porch provides through its ISN software.
âWe are still actively exploring all avenues to help home inspection businesses grow and differentiate themselves from their competition,â said Matt Ehrlichman, Founder, President and CEO of Porch Group. âAt the same time, by helping homebuyers pay for their closing inspections, we can make the buying experience easier and with less friction for all parties.â
Inspectors often receive deferred payment requests but very rarely accept them, mainly due to the risk of escrow or collection difficulties. It’s only because Porch powers ISN, the inspection industry’s leading CRM software, that this process can be automated and streamlined, giving every party a better experience.
The program is currently available for select inspection companies and will begin to roll out on a large scale in 2022. So far the feedback and appetite from inspectors and real estate agents has been overwhelmingly positive, with some of the largest companies in the field of real estate. inspection activating the module and being ready to launch it. .
On Porch Group
Seattle-based Porch Group, the vertical home software platform, provides software and services to more than 20,000 home service companies such as home inspectors, mortgage companies and loan officers. , securities companies, moving companies, real estate agencies, utility companies and guarantee companies. Through these relationships and its multiple brands, Porch provides moving concierge service to home buyers, helping them save time and make better decisions on essential services including insurance, warranty, moving, security, TV / Internet, home repair and improvement, and more. To learn more about Porche, visit groupeporche.com Where porch.com.
Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or future financial results or Porch financiers. operating performance. For example, the plans relating to the closing payment program are forward-looking statements. In some cases, you may identify forward-looking statements by words such as “may”, “should”, “expect”, “intend”, “” “” “” estimate “,” anticipate “, “Believe”, “” “These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements.
These forward-looking statements are based on estimates and assumptions which, while believed to be reasonable by Porch and its management at the time they are made, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the willingness of homebuyers and / or home inspectors to use the pay-at-close program (2) the impact of the COVID-19 pandemic and its effects on Porch’s business and financial conditions; and (3) other risks and uncertainties described in Porch’s most recent annual report on Form 10-K / A and subsequent reports such as Porch’s quarterly report on Form 10-Q for the quarter ended June 30, 2021, filed with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov.
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Gateway Group, Inc.
Investor Relations Contact:
Walter Ruddy, Head of Investor Relations and Treasury
Cody Slach / Matt Glover / Alex Thompson
Gateway Group, Inc.