(April 5, 2007)—RealPage, Inc., a leading provider of on-demand software and services to the multifamily industry, today announced the general availability of its Velocity™ Invoice Processing Services after successfully completing a nine-month test with several clients who have processed thousands of invoices through the web-based system.
The Invoice Processing Services provide utility invoice image scanning, invoice data collection and streamlined payment options for apartment properties. An innovative system automatically recognizes each invoice and provides all of the data needed to properly code and submit the invoice data for accounts payable processing. With the A/P extract service offered in Velocity, clients can import the invoice data into their accounts payable systems where they can control the payment processing, or RealPage can provide complete payment processing services as an agent of the client for the purpose of managing utility invoice payments.
“The implementation of Velocity for our entire portfolio has exceeded our expectations,” said Scott Templeton, vice president of business services for Lane Company. “The invoice processing A/P extract was easy to integrate with Great Plains, and has allowed Lane Company the ability to track and quickly process utility invoices while remaining in control of cash flows for each property. Velocity is the best overall solution for the Lane portfolio.”
The Invoice Processing Services also include web-based utility invoice reporting, including consumption reports that present data from different properties converted into the same units of measure.
“Velocity offers the only truly integrated solution between lease management, resident billing and master invoice processing in the multifamily industry,” said Ashley Chaffin Glover, president of Velocity. “The Invoice Processing Services complete our broad spectrum of services for utility management and billing, and we are very excited to offer such comprehensive services for our clients.”
Velocity is one of the four major on-demand suites from RealPage. Its utility and billing systems help multifamily owners and managers accelerate payments for rent, utility charges, late fees and small balances. Its three primary services—Convergent Billing Services for utility bills, convergent billing and vacant cost recovery; Submetering Services for installation and maintenance and Invoice Processing Services for invoice scanning and payment processing—help staff eliminate the need to export and import data files as well as reduce the need to communicate resident activities such as move-ins, move-outs and lease status changes to billing companies. For more information on Velocity and other RealPage products and services, please visit www.realpage.com.
About RealPage, Inc.
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides products and services to more than 20,000 apartment communities across the United States. Its four on-demand product suites include OneSite® property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, and student housing properties; CrossFire® property marketing systems that help boost occupancy and build retention; M/PF YieldStarTM asset optimization systems that maximize asset valuation and investment return through revenue management and market intelligence; and VelocityTM utility and billing services that help accelerate payments for resident charges.