What is BuildPay?
BuildPay is a revolutionary way to strip the complexity out of construction payments. The on-line system electronically links everyone in the construction chain, speeding up and assuring payment – which in turn saves time and money on the job.
How does BuildPay work?
Paper checks and chasing down funding becomes a thing of the past. Project funds are held in a bank escrow account and paid directly and quickly through BuildPay. Contractors don’t need to use their own credit for materials because payments can be made directly via a BuildPay ACH card linked to those committed funds. GC’s and subs can get paid immediately, with funds transferred directly into their bank accounts as work gets done. People get paid – faster and for sure.
Who uses BuildPay?
How much does BuildPay cost?
How do I sign up?
Where can I use BuildPay?
How is the card for materials funded?
Funds in the project escrow account is split into two buckets: one for labor, overhead and profit, the other for materials. Those material dollars can be accessed by using the BuildPay ACH card at the point of sale. Contractors never have to worry about cash flow when buying materials with BuildPay.
How do I get paid?
How does this speed up the job?
How long does it take to get paid with the BuildPay system?
BuildPay was built to get people paid. Period. As soon as a project owner sees work completed or a need for materials, funds move. Typically within 24 hours. No more chasing or “put-offs” to get paid.
How do PayWhenPaid and PayBeforePaid work?
PayWhenPaid™ (PWP) and PayBeforePaid™ (PBP) are both payment timing methods that help control project payments. PWP means that subs will be paid the instant that the GC is paid. The BuildPay advantage is that payments always move directly to the intented person/company’s bank account – funds can never be held in an account where they don’t belong. PBP allows subcontractors to get paid ahead of the regular project pay period. Lack of working capital and cash-flow restraints are a thing of the past.
What fees are associated with the material debit cards?
There are no card fees – BuildPay ACH cards operate like a cash transaction, with no debit or credit fees. Suppliers cover one-time set-up costs only. We don’t think it makes sense to pay extra just to get paid – and then have to add those costs back into the project cost.