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WHY FINTECH FOR CONSTRUCTION?
Why did we create BuildPay? It started with a simple question, “Why hasn’t someone fixed construction cash flow problems?” According to the US Census, construction has not seen productivity improvement in 80 years, while also leading the world for length of accounts receivable and least access to needed working capital. It is crystal clear cash flow must change from life line to pipeline or there will be 80 more years of struggle. After all – all construction has only one thing in common, it’s all supposed to be paid for. Financial institution leadership is imperative, and BuildPay has now made it easy for them to execute an end-to-end solution of construction’s biggest problem
property insurers, banks, and governments
Banks & Lenders
Cash flow transparency from end-to-end in the project payment chain, streamlines draw administration and minimizes liens.
When disaster strikes BuildPay’s Technology helps mitigate demand surge for insurers and move customers ahead in the repair line.
Performance and payment risk is minimized, transparency increases and bids lower with technology to protect cash flow.
All three types of construction funders are constantly challenged to maximize customer success while protecting themselves from each cash flow issues. 80 years of stagnant productivity can be reversed one project at a time so everyone can win. Check writing, invented centuries ago with all the other paper processes to achieve project success and risk protection, become obsolete. Supplanting these old processes with payment technology at the hub of projects begins to enable practical interoperability across many other technologies available to construction funders today. The time has come.
Funders that leverage their obligations to pay use BuildPay to initiate accelerated cash flow on projects. This provides superior risk-protection, shortened accounts receivable, working capital relief and the opportunity to substantially improve project productivity. Funders with the solution will see quantifiable wins, where funders without the solution will face new competitive disadvantages.
State of the Art TECHNOLOGY
BuildPay can convert existing data into a disaster-wide shopping list & link every involved provider of oversight, work, and materials to an efficient supply chain.
Catastrophe Reconstruction Management
Large reconstruction efforts, especially after a catastrophe, are chaotic. Without active recovery coordination, inefficiency, profound delay, and exploitation schemes flourish. BuildPay’s technology uses insurers’ and mortgagees’ untapped information and financial influence to reverse disaster recovery’s worst problems.
Change the game Pricing
BuildPay’s financial technology leverages funders’ obligation to pay in order to reverse demand surge, construction provider payment risk, contractor trade credit, working capital constraints, information shortfalls, and lethargic recovery.
THE BOTTOM LINE TODAY: Owners report 85% of projects are over budget and 92% go over schedule. Yet 55% of contractors see themselves as highly efficient given deeply rooted, justifiable cash flow constraints. The cost of cash flow risk and payment delays are embedded in the cost of construction, supply chain inefficiencies and the retention of critical resources.
PAYMENT & Procurement transparency
By providing end-to-end payment status transparency – including material procurement receipts – project health can be monitored in real-time to head off common problems when payment anywhere in the chain stalls. Project payment and performance risks are dramatically reduced.
ACCELERATED Project Delivery
Competition is attracted, productivity improves, and work accelerates when providers of oversight, work, and materials are assured rapid payment without needing to rely on inadequate trade credit and working capital limiters. These newfound efficiencies enable lower bids with higher margins at every link in the payment chain.
move to the front of the line
During disaster recovery, demand for reconstruction is high. With BuildPay, your project is prioritized because of the payment advantages, so you can get back to normal faster. Ask your bank or your insurance company about BuildPay.
Your agreements, your terms
Your contract is memorialized in BuildPay’s system, and the contracts you make are too. Submit change orders & supplements all you want – it’s your project. It’s our job to make sure your payment only goes to you, and that everyone is in 100% agreement.
Projects were built to be completely flexible, supporting all project and contract types without changing the way you do business or the tools you already use. Features like PayWhenPaid and PayBeforePaid ensure that everyone on the project is paid at the interval they need and are used to.
BuildPay is free to anyone providing work and/or materials on the project. No fees, no subscriptions, no factoring.
No Working CApital Needed
Materials are purchased with BuildPay material cards, not your capital or credit.
BUilT BY YOu, FOR you
We’ve been in your shoes, and so we know what you need. BuildPay’s technology is driven by construction-minded people that care about making sure construction is paid for the way it’s supposed to be.
THE PROBLEM WITH CONSTRUCTION TODAY: Suppliers can sometimes feel like they are more in the banking industry than the materials business. Helping builders succeed is their job and their passion. But the credit burden and the risk they bear limits their ability to deliver as much as possible. With BuildPay, those days are over. Project money is pre-loaded onto debit cards and put into the hands of contractors. Payment is instant and the pain of waiting on accounts receivable is removed.
No more "Being the bank"
On BuildPay projects, materials are purchased with BuildPay materials cards, which are connected directly to project funds. Materials are paid for before they even walk out the door.
Zero transaction fees
Unlike other card transactions, BuildPay transactions have no transaction fees. Our reader is placed at your location(s) with a one-time installation fee.
BuildPay’s team is dedicated to making sure the materials you provide are paid for when you provide them. Our suite of technology solutions was built to accommodate all types of point of sale systems currently in place, without changing your setup. The BuildPay team is ready to help whenever it’s needed.
All construction has one thing in common: it’s all supposed to get paid for. BuildPay is the only company that’s connected at every stage of the project lifecycle and is leveraging advantages from the promises that we make sure are kept.
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Banks & Lenders