Welcome back! In this week's blog, we'll be discussing the significant impact of delayed payments on subcontractors in the construction industry. While all parties involved in a project are affected by late payments, subcontractors are hit the hardest. That's where our cloud-based platform, inBuild, comes in. Designed specifically for construction professionals, inBuild automates the accounts payable process and connects office teams with project managers in the field.
We're excited to announce our partnership with Balance, which allows us to tackle the issue of late payments head-on. By integrating Balance's software with inBuild, we now offer electronic payments directly within our platform. Subcontractors often bear the financial burden of materials, labor, and equipment costs needed to start a project. When payments are delayed, they struggle to meet contract terms, making it difficult to cover payroll and replenish their reserves.
Subcontractors are left with tough choices – should they halt work until payment is received, dip into personal savings, or take out a cash advance? These are just a few scenarios that can arise due to slow payments. Let's address the root cause of this problem. General contractors have a lengthy billing process to ensure payment from the project owner, which can further delay funds reaching subcontractors.
So how do we fix this? The answer is simple – automation! inBuild now offers a comprehensive end-to-end B2B payment platform that seamlessly integrates electronic payments with our accounts payable automation. Why risk project delays due to late payments? Take advantage of our new feature and automate your accounts payable process while ensuring prompt payments with Balance.
Interested in learning more? Request a demo today and see how inBuild can revolutionize your payment process.