Paymints.io Launches Solution to Simplify Property Tax Payments
November 24, 2021
Paymints.io has enhanced its proprietary disbursement engine to help simplify property tax, water, sewer and other utility payments title agencies make to municipalities.
Called MuniPay, municipalities receive payments as an Automated Clearing House (ACH) credit directly into its operating account. The municipality will also receive a daily remittance file detailing the day's payment activity which can be easily uploaded into its reconciliation software.
With a streamlined process and no upfront cost, municipality onboarding can be completed in less than one week. For a municipality of 100,000 residents or more, MuniPay can save the municipality over $500,000 of operational expenses associated with collecting, tracking and depositing paper checks, according to Payments.io.
Company CEO and co-founder Jason Doshi said the solution replaces the antiquated way of printing a check and then typing out a cover letter detailing the property owner name, property address, block, lot, beneficiary and pay period. Title and settlement companies can now use a secure portal that transfers funds directly from their escrow account to the municipality's operating account.
"We're extremely proud of this enhancement not only because it's another giant leap forward in our mission to eliminate paper checks and reduce wire fraud in a real estate transaction, but it's our first step into government operations rooting ourselves to better serve our communities," Doshi said.
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