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Online notaries, is this the future of the industry?
Does online notarization work hold the same value as a traditional notary public? Will it soon become as common as a traditional notary public? Will they start to replace the traditional notary public in the future?
The answers to each of these questions may vary based on the resources that you use to find your response. If you need a remote online notary immediately, click here, and we’ll help you right away.
Expectations of Remote Online Notary Service as a Booming Business
First of all, you need to know that the remote online notary services industry that performs online notarization is now booming. With the introduction of new online notary technologies and platforms where you can get your document electronically signed, changes are continuously being made quickly to accommodate these needs.
For instance, when people visit an online notary site to obtain an online notary service, the latest technologies give the client a new way to obtain a notarized document using an electronic signature, including custom solutions like providing the storing of an electronic document and digital signature.
Also, we’re starting to see the title company industry becoming accepting of online notarized documents performed by a remote online notary over the paper-based notarization of documents.
Projected Growth of the Remote Online Notary (RON) service Industry by the Year 2025
The online notary public industry is projected to grow to more than $50 billion by 2025 as experts predict that notarization technology will become more mainstream. Notarizing documents online has been available for some years in different states.
Currently, the online notary public industry includes notary public companies (NPCs), notary public services companies (NPSCs), and notary public associations (NPAs). More than 60,000 NPC and NPSC companies currently notarize documents for consumers across the U.S. There are more than 15,000 NPAs nationwide.
What is Remote Online Notarization (RON)?
When you do your research, you’ll find that online notary services may be called by more than one name. One of the most common and popular is remote notarization or remote notary. Or, you may also see an online notary referred to as an electronic notarization, an enotary, or onenotary platform. This is where a notary has an online notary commission along with their traditional notary commission.
In a nutshell, remote notarization enables anyone to notarize and store documents online, regardless of where they’re physically located while having the benefits of notarizing documents in their local or home office. Also, remote online notarization and getting a digital certificate is a better option than printing a document, due to the time required to print and mail the document.
Benefits of Remote Online Notarization
Even though remote online notarizations may be in their infancy stages, the need for this type of software cannot be overstated. Both the notary public and the customer that needs these services can benefit greatly from this type of software. Here are some of the top benefits of using an online notary service:
1. No longer need to meet face to face with a notary public
As an electronic notary public that has their digital certificate for an online notary commission, you can keep your distance without sacrificing the benefit of notarization, and you can do so by using many of the remote online notarization platforms available online today.
Online notary publics are becoming the norm for notarizing documents, as the use of traditional notary services has declined in recent years. Notary publics are located in a variety of locations, including city halls, courthouses, and even private homes, and they process documents and other important business documents for consumers around the world.
2. Online notary ushered in during the Covid-19 pandemic – proven and tested - state approved
During the Covid-19 pandemic, people all over the globe were encouraged to play roles that they had never performed before. Large and small companies allowed their employees to work remotely from home. Public companies and government agencies alike lifted their restrictions in many essential ways, including giving public notaries the approval to perform online notarization.
With the use of remote notarizations and signers ID, people who served in the position of a notary were able to use software platforms to offer these services to the public as remote notaries. And for this reason, the door has been opened to using these platforms, like Mobile Notary Zone and notarycam academy, to serve their clients and customers in the future.
3. Remote online notarization saves money and time
In the past, many notaries wouldn’t perform online notarizations because the state’s laws only allowed them to perform this service in their physical offices. But today, online notarization platforms have emerged which allow notaries to perform this service from anywhere in the world, saving them the cost of traveling to a physical location to perform this important service. This has led to a huge increase in online notarizations performed by notaries and is continuing to grow.
4. Broaden the range of customers without having to travel around
In addition to saving money and time, the customer that needs a document notarized is no longer confined to only using the services of a live notary public within their city, town, and local surrounding areas.
Instead, they can seek out a public notary online that can confirm identity proofing to get the help that they need. They can also serve multiple users at the same time. This is also why many of today’s notaries are looking to participate in remote notarizations in addition to traditional notarization.
Simply stated, there’s a wide range of additional opportunities for any notary public that wants to increase their customer base and the profits that they earn. For instance, in the future, notaries will be allowed to make their services more accessible to customers in a variety of ways, including providing a signer ID for the customers that service online regularly.
5. Easy access to digital notarization services remotely from home
Today, people can do virtually anything that they want to from home. From paying all of their bills online to attending in-person meetings with their co-workers and management teams, there’s a lot that people can do every day from their computers in their homes. So, if a commissioned notary public is going to keep up with the changing times, access to a notary in the privacy of your home is essential, too.
It’s also important to note that some people like the idea of using a digital notarization over a traditional in-person notary to notarize a document. One of the most appealing things is the ability to notarize a document in your own home, without having to travel to a physical location. This can be beneficial in many ways, including saving on gas and time, reducing on-the-road stress, and allowing you to be closer to your family.
Another benefit is the ability to notarize a single document from anywhere in the world, regardless of your physical location. The platforms double-check for the notary that it has been completed before the notary attaches the enotary seal and digital certificate, which is one of many nice security features. And because of the audio-visual experience, it does give a live notary feel like there’s a physical presence when you electronically sign.
Drawbacks and Challenges
Just like there are many benefits to the innovation of notarizing documents online, there are some drawbacks. Here are two of the most important drawbacks and concerns that you may want to know about.
Potential for Fraudulent Activities and Legal Battles
One of the most obvious drawbacks to online notarizations is the fact that notarization, in and of itself, isn’t a guarantee that a document is authentic. The person performing the notarization may be mistaken, or they may be deliberately attempting to deceive the consumer.
This has led to several lawsuits against online notaries, and it will likely continue to do so in the future. But for those who are cautious about online notarizations, the potential pros of online notarizations are far greater than the potential cons of using a remote notary.
Some of the steps that are preventing fraud
The software uses a few different methods to confirm a signer’s identity. Some companies use an identity verification program. This ID verification program compares the signer’s ID with the government database for credential analysis.
All of the platforms are using multi-layered encryption that includes the website having active SSL encryption. Some platforms will use a knowledge-based authentication process where the signer will answer personal questions. This is something the notary doesn’t see but is used to. The notary confirms the identity proofing and credential analysis, so they can perform the notarial act.
You’ll need a web-enabled desktop or mobile device that has internet capabilities. Both will need a video camera for the virtual face-to-face meeting with the notary. The notary public will also be using an electronic journal as an electronic record of everything they notarize online with their electronic seal when performing the notarial act. The electronic seal is an additional seal to their traditional notary seal.
Customer Confidence in this Online Process
Another concern that many people and notaries are also addressing is the fact that some customers are still afraid of using this platform for their critical authentic documentation. It just isn’t the same to some people as having an in-person notary notarize documents with a notarial seal.
However, in the past year, more people are starting to realize the benefits of using online notarization services, and the number is growing by the day. With more and more people turning to online notarization, it’s only a matter of time before the stigma of getting a digital certificate is gone for good.
Yes, digital notarizations are the future. Online notary services are becoming the norm, not the exception. Even though there are certain drawbacks that both customers and notaries are concerned about, the benefits of using these services online may just outweigh the downside. Since people can access these services easily from home, they can save time and money. Thus, online notary public platforms are catching on and constantly growing.
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