BuildPay was featured in BuiltWorlds’ Insight Report on Managing Financial Risk in Construction, which was published this week. BuildPay’s CEO, Steve Wightman, and Director of Marketing and Product Development, Leah Hennessey, were interviewed by BuiltWorlds for their insight on the industry’s payment problems and on how BuildPay’s technology seeks to solve them. We’re excited to be featured in this well-written and informative piece. Read the full article at builtworlds.com.
February 19, 2019 – Construction projects involve enormous sums of money paid to dozens of companies over multiple months and even years. This begs one major question: how is all of this money managed to ensure that people get paid what they’re owed in a timely manner?
Truthfully, timely payments on construction projects is a major challenge in the industry, both in the US and abroad. The reason? There are such intricate complexities when money changes hands, and given the breadth of the supply chain for a single project, these exchanges are substantial come with limited transparency. As money changes hands, so does risk.
And to complicate things further, more and more projects are becoming joint ventures — often on larger projects — with unique ownership structures (multiple owners, multiple GCs, and a complex web of specialty contractors and suppliers entering the folds). If we think about this scenario, imagine playing the role of one of these specialty contractors, where the owner may not even know who you are. This poses a problem as the owner is the one controlling the money…