Built Technologies Introduces the Future of Construction Payments: Built Pay
Designed to simplify making and receiving payments for the construction community
Built Technologies, the fastest growing construction finance platform in the U.S., today announced Built Pay, which eliminates common pain points associated with making and receiving construction payments. Built Pay is a digital payment solution that is purpose built to simplify 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 leading 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 solves these problems by combining 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 seamlessly embed into Built’s growing suite of software products serving real estate owners, developers, various types of contractors, and home builders. 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,” said 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.”
Key features of Built Pay include:
- Intuitive, easy-to-use interface
- 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,” said 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,” said 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 all-in-one finance company Brex. Mike 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.
About Built Technologies
Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, property developers, commercial general contractors, residential home builders, specialty contractors, title companies, and other critical industry vendors to improve the flow of capital through the construction ecosystem. By connecting all key stakeholders involved in the construction financing process in real-time, the Built platform helps mitigate risk, power faster draws and payments, ensure compliance, and inspire customer loyalty. Built is used by more than 160 of the leading U.S. & Canadian construction lenders and thousands of developers and contractors. For more information, visit www.getbuilt.com