CHICAGO, IL May 3rd, 2019 – BuiltWorlds featured a contributor article written by BuildPay CEO, Steve Wightman, that focused on the “need for speed” in the construction industry and ways that new technologies can help achieve that speed for payments on the job.
An excerpt from the article is below. To read the full piece, visit builtworlds.com.
“Built for speed” is one thing construction payment is definitely not. If you have it, you’re holding it. If you don’t have it, you’re trying to run on a tight rope. At any given time every player on any construction project is doing one or the other. Sometimes payment is a big problem, but usually, it’s just a big nuisance. It’s never not a factor. At the very best it’s a risk, cost, and time-adding productivity drag. The average accounts receivable (AR) for the construction industry is an abysmal 66 days.
Recently, I spoke to a large subcontractor who had decided he was in his last year of doing business. He prophesized that the construction apocalypse would come in five years. “Time to cash out.” He was done being sandwiched between chasing his money and pressure from material providers to be paid. He just wanted to build. The data worldwide supports his frustration. His prophecy? Maybe not so much.
Building something, anything requires many organizations to come together, at least on the first day:
The funding institution will have all their processes in place, the owner’s contracts will clearly communicate their objectives, the plans and specifications will have been signed off on, the contract will have been awarded and subcontractors will already be on-board. The synergistic planning part is done, and everyone is on the same page; they all envision an on-time and under-budget project.
Then comes the reality of the construction world:
BuildPay, LLC is a payment & construction tech startup located in Troy, NY. BuildPay’s patent-pending SaaS platform connects the entire construction payment chain to their shared project ledger, leveraging transparency and conglomerated buying power to build & get paid faster, while reducing risk.