RESAAS Services Inc (CVE:RSS), the real estate focused technology group, saw shares advance nearly 10% in Toronto Thursday as it revealed it had launched an industry first referral fee payment system.
Resaas Pay allows agents to easily send payment for a referral fee through Resaas.
Typically, these are the fees charged when one agent or broker in the property world refers a client to another.
Resaas will charge a transaction fee for each referral to facilitate the transfer of funds.
"Agents have been using Resaas to find referral partners for years, and we've helped thousands of transactions occur within our community of agents worldwide," said Tom Rossiter, CEO of Resaas.
"Through consistent demand from our agents, we are pleased to provide a more modern approach to paying referral fees with Resaas Pay.
"Resaas Pay closes the loop on the referral experience, and provides additional peace-of-mind, security and ease of payment for the agents involved."
Traditionally, a cheque has been the most common method of payment but they are slow to process, difficult to track and quite insecure, said the firm.
Resaas Pay provides agents with a way to pay the referral fee using credit cards, allowing them to earn points or airmiles.
One of the firm's clients RE/MAX has used Resaas extensively since 2014, under the label of the "RE/MAX Referral Exchange,".
It has used it for referral business amongst their agents worldwide. Resaas Pay will be available to all 123,000 real estate associates in the global RE/MAX network.
"RE/MAX Referral Exchange provides our network a valuable and convenient means to connect with other agents and facilitate referrals," said RE/MAX vice president of global development Shawna Gilbert.
"Resaas Pay now gives our associates the ability to complete an entire referral transaction, from introduction to close, on one convenient platform."
Resaas shares added over 9.5% to $0.46.
Reporting by Giles Gwinnett, contactable at [email protected]