Paymints.io Launches MuniPay to Simplify Property Tax Payment for Real Estate Title Agencies | State
CHARLOTTE, North Carolina, November 10, 2021 / PRNewswire / – Paymints.io officially launches MuniPay, an enhancement to its proprietary disbursement engine, to simplify payments from title agencies to municipalities. As a leader in the payments industry in the real estate market, paymints.io is already the trusted source for securities companies to pay real estate agents, mortgage brokers, real estate lawyers and notaries.
MuniPay saves municipalities time and resources when accepting property taxes and other utility payments.
MuniPay was designed to meet the specific needs of municipalities when accepting property, water, sewer, and other utility payments. Payments are made through the Automated Clearing House (ACH) network and municipalities will receive each individual payment as an ACH credit directly to their operating account. The municipality will also receive a daily remittance file detailing the payment activity for the day which can be easily downloaded into its reconciliation software.
With a streamlined process and no upfront cost, municipal integration can be completed in less than a week. For a municipality of 100,000 inhabitants or more, MuniPay can
save the municipality on $ 500,000 operational expenses associated with collecting, tracking and depositing paper checks.
“We are extremely proud of this improvement, not only because it is another giant leap in our mission to eliminate paper checks and reduce electronic fraud in a real estate transaction, but it is our first step in government operations by grounding ourselves to better serve our communities, “says CEO and co-founder Jason doshi.
This revolutionary improvement is driven by real estate participants who are now demanding a more transparent, streamlined and cost-effective way of making payments to municipalities. The archaic method of printing a check and then typing a cover letter detailing the owner’s name, property address, block, lot, payee and pay period is now replaced with a secure portal and easy to use which transfers funds directly from the settlement agent’s escrow account to the commune’s operating account.
After an 8-month effort to develop improved MuniPay, paymints.io will continue to beta test the platform until the end of 2021 with the goal of adding another 100 municipalities by the end of 2022. Future improvements to MuniPay will also be released. in 2022, allowing municipalities to reimburse and return payments to property agencies for property tax payments already made by the loan manager or previous owner. A process that often takes 6 to 8 months, consumed by several phone calls, letters and checks in the mail, will be completed in less than 2 days.
Running paymints.io subscribers will be automatically upgraded with access to the MuniPay feature. They will also continue to reap the benefits of the secure platform and tokenized data, mitigating fraud and the risks associated with exposure of routing and account numbers.
With the goal of eliminating paper checks and reducing electronic fraud in the real estate industry, paymints.io is a secure, digital, white-label SaaS platform that allows buyers to transfer funds for many types of transactions. real estate. Escrow Holders and Settlement Agents can also pay out funds to customers or vendors using our proprietary platform. In 2020 paymints.io received the Tech100 Real Estate Award from HousingWire.