Bectran Launches Lien Filing and Tracking Product for Construction Industry

Bectran, which works in credit, collections and accounts receivable (AR) software, debuted a new solution Thursday (May 19) to help with lien filing and monitoring and help streamline AR work.

This will organize and transmit contractor job information directly to lien service providers and get rid of manual processing, according to the press release.

A lien refers to the “legal right to claim assets in the event of default and used by lenders to secure their exposure on construction building projects and thus mitigate default risk.”

The release noted that this solution was intended to digitize the process and lower the costs of lien management for corporations, letting businesses fully automate the entire process. The standard lien filing and monitoring process is “intensely manual” and takes a lot of time, increasing the risk of errors or inconsistencies that can create setbacks and put assets at risk.

“Bectran’s lien filing and monitoring solution was developed to help businesses proactively manage the credit and performance risks inherent in construction projects financing,” Bectran CEO Louis Ifeguni said. “Integrating lien notice tracking into the Bectran’s Contractor Job Sheet Management system has enabled our customers to automatically aggregate and transmit all contractor, sub-contractor, and sub-sub-contractor data with one click, delivering significant gains in process efficiency and productivity.”

In 2020, PYMNTS spoke with Bectran’s Dominic Biegel, who was the business development and implementation manager at the time. Biegel said the pandemic would likely increase the pressure to migrate away from paper invoices or help maneuver a shift to more electronic payments.

See also: What ‘Work From Home’ Means For Paper-Based AR Departments

“For some companies, [working remote] is not that easy,” he said, “especially when it comes to dealing with the mail coming in and checks.”

He said there was a lack of data standardization across payment tools, which made it hard to deal with things like reconciliation and cash application, even when the data was electronic.