Construction finance platform Built Technologies has launched a new software product designed to facilitate payments within the construction industry.
Built Pay is a digital payment software designed to simplify construction payment processes and, according to Built Technologies, provides parties with the flexibility to choose their preferred payment method.
The product was developed in partnership with B2B payments firm Melio and is available to Built Technologies customers using its lien waiver management and compliance products.
Built Pay is a solution that combines workflow automation and collaboration with compliance checks and the support of a number of common payment methods.
With transactions powered by Melio, Built Pay allows businesses to transfer and receive payments as they wish.
Built Technologies says this improves company cash flow, minimises late-payment costs, and saves time.
Chase Gilbert, CEO of Built, said: “We hear loud and clear how painful sending and receiving payments are for our customers and the construction community as a whole.
“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.”
- Integration with commonly used accounting systems and ERPs
- Simplified data sharing to expedite the payment process
- Batch or individual payment scheduling
- Compliance and security prioritisation
Matan Bar, CEO and co-founder of Melio, said: “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.
“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.”
The Built Pay product will be managed by Mike Daly, who recently joined the Built team from finance company Brex.
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