WEB-BASED and Mobile Optimized
BuildPay’s technology is a web-based, secure platform for connecting everyone (and we mean everyone) on a construction project to their payment.
Payments at the speed of work
Construction ranks last in the world for length of accounts receivable and working capital. It’s high time that payments catch up to the speed of work!
Single Source of Truth
BuildPay’s solution depends on a single source of truth in the payment chain that cannot be in doubt to any participant involved with the project. That player – in almost every construction project – is the institutional funder providing the capital needed to build. Construction funders have an unchangeable obligation to provide the funds designated for the project. The funders have a keen interest in protecting that those funds are only used for the successful delivery of the project; that everyone gets paid. The solution is therefore very simple; hardwire payments from the funder to each provider of oversight, work and materials.
How it Works
BuildPay provides access to a shared ledger for virtually all the players involved in funds control on each project. That ledger allows the entire chain – from end-to-end – to reach consensus, pairing-by-pairing.
Click on the diagram to learn more about each step in the payment chain
Contract Sum Committed/Acknowledged
Every BuildPay project begins with a private memorialization of the agreed-upon contract amount between two users . Everyone else on the project can simply see that you're in 100% agreement.
Direct ACH Payment Flow
When the work is approved and the materials are purchased, payment moves directly to it's end destination. Materials are paid for without trade credit, and your payment can never be held in the wrong hands.
After budgets are established and work starts, payments are requested in the BuildPay system based on whatever schedule or interval is normal. Payment approval settings can be changed depending on job requirements.
The "funder" is anyone providing construction funding on a project - an insurance company with a property loss or losses after a large event, a bank providing a construction loan, or a government entity with a public works project.
The owner on the project is invited by their funder. Owners are free to choose their own contractor and can immediately benefit from using BuildPay.
The general contractor invites his subs and memorializes his agreements with them. By default, payments for all the work he approves will be paid out the moment that he gets paid - reducing risk.
Subcontractors, and anyone who needs to procure materials, are issued a BuildPay materials card that's linked to the project's materials budget. BuildPay is free to use for anyone providing work and materials.
Material suppliers are provided a BuildPay card reader that accepts BuildPay material cards. There are no transaction fees for BuildPay purchases and payments are made directly as soon as the materials walk out the door.
What People Are Saying
“I could see my contract funds held securely in place, and committed just for our company. Without BuildPay, I can’t see that.”
Brian Sujevich – Green Coast Homes, Inc – Southwest Florida
“Why wouldn’t someone want to protect their funds? They can see exactly where every penny goes!”
Libby Murphy – Gatlinburg ACE Hardware – Gatlinburg, TN
“I’m reluctant to put $200k of material on my account and then have to wait to get paid, which limits the amount of credit we can use for other projects. BuildPay eliminates that concern.”
Jim Baumhardt – President Baumhardt Sand & Gravel, Inc. – Eden, WI
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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