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Late payments in the construction sector have caused a staggering $280 billion financial impact in 2024, leading to severe cash flow problems for firms and a standstill.
Construction firms and stakeholders need faster payments based on a robust digital foundation.
The comprehensive payever Checkout, in addition to Santander B2C BNPL and B2B Allianz Trade pay, help mitigate late payment risks while protecting the income, ensuring financial stability and construction project continuation.
Incorrect and delayed payments are significant obstacles in the construction industry. These issues not only cause problems for accounting teams but also have serious ramifications for vendors and employees, considering how they may result in project delays and canceled contracts.
According to Rabbet, the leading provider of construction finance software, late payments in the construction industry had a significant financial impact of $280 billion in the United States alone in 2024, resulting in escalating costs and operational challenges across the industry. Players in the construction sector can implement faster digital payment systems to prevent late payments and their consequences significantly.
How late payments impact cash flow negatively
Late payments remain a persistent challenge for the construction industry. They result in severe cash flow problems for businesses and put vendors and employees at risk of not getting paid. Furthermore, those issues and consequences can bring construction to a standstill.
According to Rabbet’s report, payment delays constituted 14% of total construction costs, causing significant financial harm to construction companies. Additionally, 98% of general contractors reported an increased reliance on personal savings, credit cards, and even retirement funds to sustain their businesses while awaiting payments. Unfortunately, the problem has only worsened in recent years.
Adopting faster digital payments to improve cash flow
Adopting faster payments that reduce payment errors and delays is a significant leap toward improving a construction firm's cash flow and overall financial health. A recent Rabbet study revealed that implementing faster and more reliable payments to contractors could eliminate 14% of total construction costs.
Those savings come from multiple sources, including reducing the need to replace contractors who quit due to payment delays and taking advantage of discounts offered by contractors for fast payments. According to Rabbet, 58% percent of general contractors said they would reduce prices by 11% or more if paid promptly.
Improve payment problems in the construction industry with payever
payever's modern payment APIs offer transformative solutions for construction businesses by addressing the industry’s key challenges, including delayed payments and cash flow instability. In addition, payever’s comprehensive payment solutions enable businesses to connect with numerous payment methods that ensure payment flexibility and convenience.
By integrating payever, construction businesses can access all solutions within payever’s ecosystem, including enabling financing and Buy Now Pay Later (BNPL) payment methods for B2B sectors from payever Connect.
When businesses allow their customers to pay with B2B BNPL, businesses can minimize the risk of non-payment and accept payment upfront. Meanwhile, customers benefit from the flexibility and convenience of spreading their payments over an agreed-upon period, highlighting the benefit of the B2B BNPL payment method in the B2B sector where deferred payments are preferred.
Discover how to integrate B2B BNPL payment methods into existing payment stacks with payever Connect.
Enable flexible B2B payment methods while protecting your income
Use your payever account to access the main dashboard, where all payment solutions are offered under the Business Apps section, and then click Connect.
Go directly to Payments and find options for B2B payment methods, such as Allianz Trade pay.
B2B BNPL options enable your clients to spread their payments without disrupting cash flow, allowing your business to receive full payments required for the vendors, subcontractors, and employees upfront.
Utilize Customizable Checkout feature to initiate a smooth payment flow
Once enabled, your construction firm can further enhance the payment experience by building a user-friendly, one-page checkout page using the payever customizable Checkout feature.
This feature is accessible from the Checkout app on payever dashboard, as seen in the image below.
Go to Channels > Button to customize the checkout page’s interface.
Additional customization features can be found under Settings > Color and Style.
Utilize Customizable Checkout feature to initiate a smooth payment flow
The system immediately records all payments and tracks them in real-time via payever Transactions, ensuring your business has immediate access to real-time data and insights for efficient payment management.
Transform construction payments with payever
Implementing payever’s payment solutions can revolutionize how construction businesses manage their cash flow and payments. By leveraging payever’s flexible B2B payment methods, seamless checkout processes, and real-time tracking capabilities, companies can mitigate late payment risks, improve financial stability, and foster more substantial vendor and employee relationships. With payever, the construction industry can reduce operational costs, enhance efficiency, and ensure projects stay on track.
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