NUMBER SIX – Everyone in construction expects some weather delays, but they are very difficult to accurately plan for, so bad weather is almost always underestimated. Payment issues are exactly the same. Pretty much everyone we talk to – at all links in the payment chain – has stories to share about unanticipated payment catastrophes but shrug off normal, day-to-day payment challenges as part of the construction business. While demise can have many contributing causes, it’s rare that failure is not ultimately caused by some event other than lack of payment. The dark payment-skies with long accounts receivable patterns and insufficient working capital cover clearly contribute to construction’s high failure rates. Weather pointed at projects by mother nature are pretty clearly out of our control but payment catastrophes are well within man’s ability to avoid.
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