Built Technologies, a construction finance platform, has launched Built Pay, for making and receiving construction payments.
Built Pay is digital payment software designed to simplify construction payment processes and provide payors and payees the flexibility to choose their preferred payment method. The product was developed in partnership with Melio, a B2B payments company, and is available immediately to Built customers using its lien waiver management and compliance products at no additional subscription cost.
Construction is notorious for its reliance on manual accounts payable processes and paper checks. A number of factors combine to make construction payments particularly complex, including required collaboration amongst a number of critical parties beyond just the back office, siloed legacy systems, and pre-requisite compliance documents that must be validated before funds are released. This leads to an average payment cycle that often extends more than three months.
Built Pay combines workflow automation and collaboration with compliance checks and the support of a number of common payment methods within a single solution. With transactions powered by Melio, Built Pay allows businesses to quickly and seamlessly transfer and receive payments as they wish, improving company cash flow, minimizing late payment costs, and saving considerable time.
“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,” says Chase Gilbert, CEO of Built. “Partnering with Melio enables us to help our customers by providing a simple but extremely powerful solution to their payments needs.”
Features include:
- Integration with commonly used accounting systems and ERPs
- Simplified data sharing to expedite the payment process
- Batch or individual payment scheduling
- Ability for payors to use ACH, wire transfers, credit, debit or virtual cards, and still offer paper checks, while payees can choose their preferred receiving method
- Payments can be made with required compliance documentation or as stand-alone transactions
- Designed to prioritize compliance and security
“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,” says Matan Bar, CEO and co-founder of Melio. “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.”
“With Built Pay, making payments is super simple,” says Tony Stewart, manager, Rod Heisler Construction, an early adopter of the new Built Pay experience. “I’m sure more subcontractors will want to receive payments this way. It’s easy-to-use, intuitive and seamless. Most importantly, with Built Pay we are automating payments, ensuring accuracy and timeliness.”
The Built Pay product will be managed by Mike Daly, who recently joined the Built team from finance company Brex. Daly will apply his expertise in digital and card payment processing, product development and finance to help grow and evolve the Built Pay offering for customers.
