Business Pilot is an enterprise resource planning (ERP) system designed for the fitting and installer industries. The partnership aims to streamline payment processes for contractors, addressing persistent issues with late payments that can significantly impact the sector.
According to the official press release, the UK fitting and construction industries have faced severe cash flow challenges due to delayed payments. Recent data shows that 69% of contractors experience payment delays of up to 60 days after invoicing, and 74% report financial strain as a direct result. Late payments have also been linked to 28% of insolvencies in the UK construction sector last year, with many contractors relying on personal savings, credit cards, and retirement funds to maintain operations.
Business Pilot offers tools for fitters and installers, including invoice management. Historically, contractors have relied on bank transfers for invoice settlements, a method often associated with delays. The integration with Blink Payment introduces Open Banking and card payment options through invoice-linked payment methods. This feature enables contractors’ customers to make faster and more convenient payments, both for completed work and upfront deposits.
The official press release points to research that indicates invoices containing payment links are paid approximately three times faster than traditional methods, with 40% of customers settling payments within 24 hours compared to just 5% using standard bank transfers. Additionally, the automation of payment processing reduces the manual effort and errors associated with bank transfers. According to PwC, finance teams spend about 30% of their time on manual reconciliation, with error rates between 0.8% and 1.8%.
The partnership expands Blink Payment’s reach within the fitting and installation sector. The company is already integrated with 25 enterprise software systems across various industries, including hospitality, retail, and professional services. Officials from Blink Payment highlighted the importance of addressing payment challenges in the sector. In turn, representatives from Business Pilot emphasised the partnership’s role in enhancing efficiency.
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