Construction Platform Buildertrend Adds Suite of Adyen Embedded Payments Tools

Adyen and Buildertrend have teamed up to enable expedited payments for construction businesses.

With this collaboration, Buildertrend is using Adyen for Platforms to add embedded finance to its residential construction project management platform, the companies said in a Wednesday (Feb. 22) press release.

“We want to help our customers simplify their financial processes and optimize the health of their construction businesses through an integrated suite of financial management solutions,” Buildertrend Senior Vice President and General Manager of Financial Services Andrés Ricaurte said in the release. “To achieve this, we are surrounding ourselves with the best platforms in the industry to further support the financial needs of our businesses.”

PYMNTS research has found that receiving payments on time is a longstanding headache for most construction companies. The cash flow issues late payments cause can quickly snowball into larger problems when not addressed.

Focusing on digital solutions that prioritize payments and build a culture of on-time payments can reduce frictions contributing to late payments, according to “Building Better Cash Flow in Construction with Digital Payments,” a report in the “B2B and Digital Payments Tracker® Series,” a PYMNTS and American Express collaboration.

The report also noted that the construction industry is increasingly turning to technology, especially as the economy and new construction market present upcoming challenges.

By integrating Adyen for Platforms into its solution, Buildertrend can enable expedited payments and other financial products for its customers, according to the press release.

For the platform, this addition will provide the ability to expand quickly, manage risk, track results and gather customer insights, the release said.

“Buildertrend is paving the way for digital transformation in the residential construction industry and we are excited to be a part of that journey,” Adyen North America President Davi Strazza said in the release. “Platforms are becoming increasingly specialized in focus and this helps them better meet the needs of their users.”

This announcement comes two weeks after Adyen reported during an earnings call that volumes processed on its single platform grew 41% year-over-year to 721.7 million euros (about $765 million) during the second half of 2022.