WALLET

The Monthly Payment:

How much you pay into your Simplapay wallet each month will vary depending on the amount you pay for your property taxes and homeowners insurance each year. Roughly, you can expect to pay one-twelfth of the total cost of your annual property taxes and insurance every month to keep your Simplapay wallet account funded. Say your property taxes are estimated to be $5,300 this year, and your home owners insurance is expected to be $1,000. That’s a total of $6,300 for the year, or a monthly payment of $525 ($6,300 divided by 12 months = $525 per month). You may also chose to pay quarterly or any payment frequency term that fits your financial needs.

 

The Cushion:

Because your property tax and insurance premiums can change year to year, we collect enough dollars to cover your yearly insurance and property tax bills, and a cushion of 10% of the total. The 10% cushion is needed in-case of increases in premiums but will be rolled over to your next billing cycle if it were not used in paying your bills. 

So in our previous example, you would pay the $6,300 plus $630 (10% cushion) for a total of $6,930 which translates to a monthly payment of $577.50 ($6,930 divided by 12 months). Should this $630 cushion not be needed, we will roll it over into your next billing cycle and make the proper adjustments.   

Determining how much you’ll need each year in your Simplapay wallet account is not an exact science. That’s because your property taxes and insurance premium can change from year-to- year. It’s also why we, at Simplapay, will perform an annual wallet analysis to make sure you are funding the right amount each payment period. If your property taxes or insurance premiums rise more than expected, Simplapay will bump up your wallet payments to make sure you will always have enough money to cover these bills. If your taxes or insurance premiums fall more than expected, Simplapay will reduce the amount you need to pay.  

A Simplapay account is a helpful tool to make sure taxes and insurance payments are taken care of amidst the hectic schedules of our lives, to avoid bulk upfront payments, and avoid all penalty late fee’s. 


Hours

Mon 09:00 am – 05:00 pm

Tue 09:00 am – 05:00 pm

Wed 09:00 am – 05:00 pm

Thu 09:00 am – 05:00 pm

Sat Closed

Sun Closed

Want to Invest in our company?