The latest research in B2B payment practices within the construction sector isn’t good: Two-thirds of small- and medium-sized businesses (SMBs) surveyed by the U.K. Federation of Master Builders (FMB) said they aren’t paid within the typical 30-day invoice payment period, and it’s complicating cash flow management for industry players.
In an announcement made on Tuesday (Nov. 14), Nvoicepay and Viewpoint said they are working together to provide back-office automation for the construction sector, supporting the digital shift to electronic B2B payments and streamlining supplier management.
“We know how time-consuming and complex our customers’ accounts payable processes can be,” said Viewpoint Chairman and CEO Manolis Kotzabasakis in a statement. “Integrating with Nvoicepay will simplify the payment process to a single click. These innovations are how we continue to transform the construction industry with cutting-edge technology.”
Viewpoint will integrate Nvoicepay’s B2B invoice payments and supplier management capabilities into its own offering for construction company clients. The solution enables all accounting teams across the enterprise to pay suppliers electronically, the company said. The integration will be made available in the spring of next year.
“It’s exciting to have a partner that is as passionate as we are about transforming processes, companies and even entire industries through technology,” said Nvoicepay CEO and Founder Karla Friede in another statement. “Our solutions change the incredible effort that often goes into paying suppliers into a simple automated flow, and we immediately reduce accounts payable costs by 75 percent. The ROI along with the simplicity and efficiency of the process really speaks for itself.”