NUMBER TEN – Construction leads all other segments worldwide for length of accounts receivable; curious little fact that hardly raises an eyebrow in construction circles, but unfailingly evokes an account of a payment-chasing fiasco that really got under someone’s skin. The further down the payment chain that a provider of work or materials is – the longer it takes to get paid. Risk and the embedded cost of disciplined tactics to extract your share of projects has been too high for decades; and we accept it. Perhaps the payment-linked chain of funders, owners, professionals, construction managers, general contractors, subcontractors, suppliers and manufacturers – all lobbying for their share sooner – then holding it longer – is too complex to rely on pay-when-paid promises of paper checks exchanged through the US mail?
What is BuildPay?
BuildPay uses financial technology that connects the entire payment chain, enabling fast, direct payments, quicker build times (encouraged by better payments), and better material pricing (made possible by guaranteed payments). Construction the way it should be. #GotPaid