All construction has one thing in common: it is all supposed to get paid for.
BuildPay’s payment tech grew from the need for payment efficiency in construction. Everyone recognizes the need – that’s why we see new products every year that are designed to cut time on the build; the faster and more efficiently we can build it, the less it will cost/the more jobs we can pick up elsewhere. Despite all these advances, construction still fails.
Real construction industry stats:
- Despite tech advances, productivity is the same as it was 80 years ago (source)
- Productivity has declined since the 1960s (source)
- While similar industries grew 1500% (source)
- The industry produces 25-40% waste (source)
- 85% of owner’s projects are over budget, 92% take longer than scheduled, and 75% go over on both time and budget (source)
- And yet, over 55% of contractors view themselves as “highly efficient” (source)
BuildPay’s platform is the only financial technology that connects every player on a construction job. The funder, owner, GC, subs, and suppliers can all go to one place to get the information and payment that they need. Streamlining the payment process with added transparency reduces risk & cost, turns up trust, and speeds up the job.
All construction has one thing in common: it is all supposed to get paid for. #GotPaid #BuildPay