Eliminate Delayed Payments: Balance Integration
Welcome back! For this week’s blog, we are discussing how delayed payments directly impact subcontractors in construction. Understand this, all parties involved in a project are impacted by delinquent payments, however, subcontractors take the hardest hit.
As you all know by now, inBuild is a cloud-based platform built for construction professionals to automate the accounts payable process. Team members in the office can use inBuild to bridge the gap to project managers in the field. Our newest partnership with Balance allows us to attack these late payments head on! We at inBuild have integrated Balance’s software with ours to provide electronic payments within our platform.
Subcontractors finance the cost of materials, labor, and equipment to get a project started. A late payment means bills are paid past contract terms. What this means for subcontractors is, when payments are delayed, they will have a difficult time making payroll and replenishing their own reserves. Subcontractors will then have some difficult decisions to make, do they stop work completely until payment is received, use personal savings, or take out a cash advance? These are just 3 of many different scenarios that can play out should the subcontractors be impacted by slow payments.
So, let’s get to the root of the problem. There are many steps that general contractors need to follow, and quite frankly, a lot of additional work to bill the owner of the project. This can delay the process of getting funds to then pay the subcontractors.
How can we fix this? It’s simple, really! Automation!
A full, end to end, B2B payment platform has now been integrated into inBuild. Not only can you automate your accounts payable process, but you can also now utilize our new electronic payments feature with Balance. Why risk delinquent payments potentially stalling the project?
Interested in learning more? Request a demo today!