NUMBER EIGHT – All construction has just one thing in common; it’s all supposed to get paid for. The most effective way to succeed in construction today is to get paid early, pay others late and to accumulate a cache of working capital to use for growth and protection. Given that the entire project delivery chain is endeavoring to do the same, construction can be a difficult industry to survive in at times. Pay out too slowly and you begin losing the support needed to deliver. Pay out too quickly and you’re at a disadvantage to competition; and just one slow-paying customer away from default. Of course, in between getting paid and paying others is a little matter of effectively delivering a completed project to the customer. This is where most all construction technology solutions focus. The problem is that between practically delivering successful projects with daily variables to manage, and developing effective tactics to collect revenues and delay expenses that coincide, most contractors see less value from new technologies than technology companies think they should. In many cases the technology cart is before the contractor horse. For technology to be more effective – and projects more efficient – there must first be assurance of rapid payment to every link in the project delivery chain, payment transparency to foster trust, and shedding of burdens passed down to subs and material providers.
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