Paymints.io officially launches MuniPay, an enhancement to its proprietary disbursement engine, to simplify payments from title agencies to municipalities. As the industry leader for real estate marketplace payments, paymints.io is already the trusted source for title companies to pay real estate agents, mortgage brokers, real estate attorneys, and notaries.
MuniPay was designed to meet the specific needs of the municipalities when accepting property tax, water, sewer, and other utility payments. The payments are made via the Automated Clearing House (ACH) network and municipalities will receive each individual payment as an 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 1 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.
“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,” says CEO and Co-founder Jason Doshi.
This game-changing enhancement is driven by real estate industry participants who are now demanding a more transparent, streamlined, and cost-effective way of delivering payments to municipalities. 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 is now replaced by a secure and easy-to-use portal that transfers funds directly from the settlement agent’s escrow account to the municipality’s operating account.
After an 8-month effort to build out the MuniPay enhancement, paymints.io will continue to beta test the platform throughout the end of 2021 with the goal of adding another 100 municipalities by the end of 2022. Future enhancements of MuniPay will also be released in 2022, allowing municipalities to refund and return payments to title agencies for property tax payments already made by the loan servicer or previous owner. A process that often takes 6-8 months consumed by multiple phone calls, letters, and checks in the mail, will be completed in fewer than 2 days.
Current paymints.io subscribers will automatically be upgraded with access to the MuniPay feature. They will also continue to enjoy the benefits of the secure platform and tokenized data, mitigating fraud and risk associated with exposing routing and account numbers.
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