Cass
Information Systems, Inc. (NASDAQ: CASS), a leading
provider of utility invoice payment and information services, has formed
a strategic partnership with PayLease,
a leading PropTech company based in San Diego, Calif. Cass helps
companies gain detailed visibility into complex payables. The
partnership enhances the existing PayLease platform and provides
multifamily property management companies with the most robust utility
management and resident billing solution on the market today. As a
result, multifamily operators will be able to gain more control and
deeper insight into their utility spend; better monitor their
portfolio’s energy consumption; and improve efficiency associated with
accounts payable automation.
Cass helps some of the nation’s most successful companies manage complex
expenses. Its Utility Expense Management solution automates
payables on more than 90 different types of invoices that property
management companies usually incur. Cass has been in business for more
than 100 years and disburses over $60 billion annually on behalf of
clients.
PayLease will utilize Cass’s expertise to broaden its Utility Expense
Management and Resident
Billing solutions. These solutions
enable multifamily property management companies to improve operational
efficiencies and reduce utility costs by automating the utility accounts
payable process. Properties can now recover utility costs from
residents, maximize revenue, minimize risk and increase net operating
income. Both services integrate with all major property management
software platforms and are backed with award-winning customer service.
PayLease is utilized by more than 6,000 property management companies
nationwide, representing 12.5 million apartment and Homeowners
Association (HOA) units.
“We’re excited to provide additional Urban Environment Management and
accounts payable automation options to our property management clients,”
commented Dirk Wakeham, PayLease
CEO. “We linked our extensive resident billing and payments expertise
with Cass’s extensive information management and expense management
experience to create the most comprehensive solution for cost management
in the industry. Increasing operational efficiency and controlling costs
are two of the key benefits we provide to help our clients improve their
net operating income. The cost and productivity savings from combining
the PayLease and Cass solution will strengthen that value proposition
and support our property management clientele in achieving their goals.”
Gary Langfitt, president of Expense
Management Services for Cass Information Systems, said, “We
look forward to combining Cass’s two decades of experience providing the
fastest, most accurate and most secure bill management to the
multifamily market with PayLease’s industry-leading technology and
services. We see our partnership transforming the utility management and
billing experience for multifamily companies.”
About PayLease
PayLease provides online rent payments, billing and utility expense
management tools to HOAs and property management companies. Property
managers use PayLease to offer their residents convenient online payment
options and to improve their business’ operational efficiencies. Its
easy-to-use solutions are backed with the highest levels of security and
customer support. Since its inception in 2003, PayLease has grown to
serve thousands of property management companies nationwide and is among
the fastest-growing technology companies in the United States. For more
information, visit https://www.PayLease.com.
About Cass Information Systems
Cass Information Systems, Inc. (NASDAQ: CASS) is a leading provider of
integrated information and payment management solutions. Cass enables
enterprises to achieve visibility, control and efficiency in their
supply chains, communications networks, facilities and other operations.
Disbursing more than $60 billion annually on behalf of clients, and with
total assets of $1.6 billion, Cass is uniquely supported by Cass
Commercial Bank. Founded in 1906 and a wholly owned
subsidiary, Cass Bank provides sophisticated financial exchange services
to the parent organization and its clients. Cass is part of the Russell
2000®.
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