Construction finance platform Built Technologies on Tuesday (Dec. 14) debuted Built Pay, a digital payment solution that streamlines construction payment processes and gives payers and payees the ability to choose their payment method.
Built Technologies crafted Built Pay with B2B payments company Melio. It’s available now to Built customers that use Built’s Lien Waiver Management and Compliance products at no additional subscription cost.
Built Pay combines workflow automation and collaboration with compliance checks and support of common payment methods in one platform and embeds into Built’s software platform for real estate owners, developers, contractors and home builders.
“We hear loud and clear how painful sending and receiving payments are for our customers and the construction community as a whole,” said Chase Gilbert, CEO of Built, in the company announcement. “Construction operators work far too hard to waste time and money on this process and deserve better tools to grow their business as they build our communities.
“Partnering with Melio enables us to help our customers by providing a simple but extremely powerful solution to their payments needs,” he said.
Built Pay allows businesses to transfer and receive payments any time to improve company cash flow, minimize late payment costs and save time.
“Melio’s partnership with Built will simplify the entire payments ecosystem for the construction industry, creating a one-stop-shop for all of the stakeholders involved in the management and flow-of-funds of construction projects,” said Matan Bar, CEO and co-founder of Melio, in the announcement.
“We are excited to be powering Built Pay’s transactions to revolutionize how businesses can pay and get paid while gaining access to cash faster,” he said.
Related: Costly Construction Materials Just Got 4x Easier for Contractors to Afford
In September, construction material financing specialist Billd and industry software firm Procore rolled out a new program for commercial subcontractors that quadruples the pay-back time on supplies to 120 days.
Almost three out of every four contractors in commercial construction projects (74%) have terms with their suppliers of 30 days or less, yet they wait 85 days to get paid for their own work.
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