Checks are a form of payment that date back to the 11th century. That’s pretty old for any process to subsist with minimal change!
The construction industry is struggling with being staid and therefore is somewhat unappealing to young people. It’s an industry that even predates checks!
And yet, contractors still rely on paper checks sent though the U.S. Mail to get paid. Why?
At BuildPay, we’ve been in your shoes. We’ve worn the steel toe boots and camped in customers lobbies to get the 66 day late (US average) check owed. We know exactly why payment issues are an embedded struggle that can be expected, much like bad weather can be expected. Late payments, non-payment, cash-flow struggles, limited trade credit at material providers – you name it, we’ve seen it.
And it does not make any sense!
So, we’ve set out to build a payment platform to replace the incentives for your customer (no matter where they are in the payment chain) to withhold its antiquated check and replaced it with modern, financial technology that demolishes checks once and for all. Our financial technology enables every participant involved on a project to be paid directly from the funding institution supporting the project. But we also know that everyone in the project payment chain has an obligation to control payment release to others in order to assure quality performance. Checks are not only inefficient and ineffective in improving project productivity they are also an increasingly easy target for bad actors to get access to your bank account.
But don’t take it from us.
The National Automated Clearing House Association (NACHA), the agency that processes most paper checks through the Federal Reserve says that, “the most effective way to safeguard bank account numbers is to stop using paper checks”. BuildPay’s financial technology enables funds to be pass in one secure step to its final destination without revealing your bank account numbers to nefarious characters lurking between your printer, the mailbox and its final destination.
(Read: use BuildPay)
Ready to ditch your paper checks? #GotPaid #PayWhenPaid #PayBeforePaid