Payment in construction can be frightful for everyone involved – from the bank to the sub to the material provider. Everyone has a stake in finishing the project (and getting paid), but the lack of visibility up and down the payment chain can sneak up and scare the living daylight out of its victims.
BuildPay’s payment tech is the silver bullet that construction desperately needs to drive away the payment scaries at every level…
When “funders” pay for construction today, they either write a check that descends deep into a dark abyss and is never seen again, or they keep a creepy watch on construction progress to try to mitigate risk. Both are scary-costly for the budget and the schedule.
BuildPay’s tech allows funders to oversee projects, with line-item spending detail, while reducing construction risk and bringing their customers’ projects to the front of the line.
For project owners, big and small:
Project owners are haunted by two demons: funders that don’t trust them to use the money correctly, and work providers that don’t trust that the money is there. Being lured in both directions without any guidance, owners are tricked into bad pricing, delays, and added costs because of those delays!
BuildPay’s transparent system mimics construction in a way that allows its users to keep their promises and to see that those promises are being kept.
For providers of work and materials:
Construction is gruesomely cannibalistic. With everyone holding the money longer, it’s getting harder for anyone to make it out alive.
BuildPay’s tech was built from within the construction industry, and we understand your woes. Our first priority is making sure that payment can never be held in the wrong account, and that approved payments move quickly and directly. We’ve built payment mechanisms like “PayWhenPaid” that ensure that subs get paid the same SECOND as the GC, and our patent-pending hardware system makes it easy for material providers to get paid immediately without extending any trade credit.