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Business Transactions in the Time of COVID-19

The coronavirus pandemic has changed so many things about our world. Many of us are working from home, and shelter-in-place orders have been made by many states and local  governments. Businesses have had to adapt, many of them moving as much as possible to these new realities. 

How has the pandemic affected business transactions that occur every day? Transactions cannot always be done in person now due to the public health crisis. Real estate transactions, loan closings, and even getting documents notarized must all be handled differently. Here are a few things that should be considered about these transactions.

COVID-19 Impact Provisions

The business closures, travel restrictions, and quarantines (both self-imposed and government-ordered) must be considered in drawing up contracts for legal transactions or deals. Contract language that specifically takes this into account may need to be agreed upon by both parties. Both parties involved in an official transaction must be prepared to adjust the transaction.

Remote Closing

Due to the social distancing guidelines, alternatives to in-person closings should be considered. If virtual or remote closings are possible, they are encouraged. In most cases, this is a perfectly acceptable alternative for legal transactions.

Wire Transfers Security

Security for financial information is absolutely necessary in the event of any wire transfers. There should be a heightened focus on data security and document security at this time, especially given everyone who is working remote. Hackers and scammers are more active right now so it’s important to take the proper precautions.

Smart Eye Technology®

Smart Eye Technology® is a new, advanced solution for document security that can help your business in times like this. Smart Eye uses multi-level biometric authentication to ensure that only the authorized people have access to the document. And Smart Eye employs continuous authentication so that if anyone other than the authorized user attempts to view the documents in question, the screen will block it from view. 

Smart Eye Technology® allows your confidential information to stay confidential. To learn more, read about how Smart Eye provides document security.