Built Technologies launches new digital payment solution for construction payments

Thursday 23 December 2021 07:47 CET | News

Built Technologies, a US-based construction finance platform, has announced Built Pay, which aims to eliminate common pain points associated with making and receiving construction payments. 

Built Pay is a digital payment solution that is purpose built to facilitate construction payment processes and provide payors and payees the flexibility to choose the payment method that is right for their situation. The product was developed in partnership with Melio, a  B2B payments company, and is available immediately to current Built customers using its Lien Waiver Management and Compliance products at no additional subscription cost.

Construction is one of the least digitized industries in the world and 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, putting burdens on everyone involved.

Built Pay combines workflow automation and collaboration with compliance checks and the support of a number of common payment methods all within a single unified solution. The product is designed to embed into Built’s suite of software products serving real estate owners, developers, various types of contractors, and home builders. 

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Keywords: B2B payments, payout, payment methods
Categories: Payments & Commerce
Countries: United States
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Payments & Commerce

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