July 14, 2015 — Beaverton, Ore. and San Francisco — Nvoicepay, the leader in strategic payment solutions for the enterprise, today announced that Multifamily Management Services, a New York-based residential property management firm, has selected Nvoicepay to automate and streamline its supplier payment and approval process. Founded more than 30 years ago, Multifamily has grown steadily over the past several decades and is now one of the largest residential management companies in the U.S.
"With properties under management in 18 states, we have an extensive and growing number of suppliers who provide critical services for our properties and tenants, so we needed a payment solution to complement our paperless procurement and invoice processing system. Nvoicepay was the critical final step in making us paperless from purchase order all the way through to vendor payment as well as incorporating work flow approval into that process," said Sam Rotter, Executive Vice President and CFO of Multifamily Management Services, LLC. "Nvoicepay understood our needs and provided a great enterprise payment solution for our organization; saving us time and money, and strengthening our relationship with our suppliers."
Multifamily currently maintains almost 200 residential properties and three separate accounting offices. Each property works with their own bank and also maintains their own set of authorized approvers for each invoice that is submitted. They make over 100,000 payments a year with about a quarter of a billion dollars in AP spend to more than 5,600 suppliers. In less than 60 days, Nvoicepay was able to capture, replicate, and digitally codify each individual property's payment workflow, ensuring that suppliers would be paid according to established terms and providing Multifamily's accounting department with greater visibility into all of their supplier payments. Beyond streamlining the payment workflow and approval process, Multifamily also intends to use Nvoicepay to support secure mobile payment approvals.
"For property management firms like Multifamily, suppliers are an integral part of the business operations. Consequently, ensuring suppliers are paid on time and according to terms is a business critical function," said Karla Friede, CEO for Nvoicepay. "We are excited to work with Multifamily and help them create industry leading efficiencies, cost savings and card rebates from their payment process."
Nvoicepay delivers strategic payments solutions to automate accounts payable. We enable customers to pay 100% of their invoices electronically, while realizing the financial benefits of payment optimization. By paying the right suppliers with the right payment type at the right time, our cloud based technology and vendor payment services help customers reduce costs, increase efficiencies and maximize card rebates, all with minimal effort. Nvoicepay transforms accounts payable departments from cost centers into strategic contributors. Learn more at www.nvoicepay.com and follow us on Twitter at @Nvoicepay.
About Multifamily Management Services
For more than 30 years, Multifamily Management Services has dedicated itself to quality property management. Whether managing market rate rental properties, affordable housing, or condominium and cooperative communities, our guiding principle has remained the same: keep it simple and do it right. We started with 400 units under management in 1974 and have grown to a portfolio of 32,000 units. All the while, we have maintained our commitment to quality fiscal management, quality physical management and quality housing for families and seniors. Learn more at www.multifamilymgt.com.
Read the original press release on Marketwired.