General Contractors have a tough payables challenge because there are so many different type vendors including subcontractors, independent contractors, individuals, not to mention those requirements for two part checks. IronPoint Financial specializes in payments for the construction industry and we have a solution to meet any challange. Over 40% of construction payments are going to small non-strategic vendors making less than $5ooo. Most contractors have 80% of their recurring vendors set up to receive checks. The barrier to electronic payments in the construction industry is due to the lack of flexibility and integration in software offerings to meet contractor needs and legal requirements.
In addition to these barriers, there are processes that can make it tough to convert to electronic such as lien waivers, two party checks, individual contractors coming by the office for payment, to mention a few. The cost of not going electronic does not stop at simply processing a check. Contractors spend between $120 - $500 to on-boarding vendors, issuing POs, and tracking invoices.
IronPoint's construction expertise provides a turnkey solution to handle all of these barriers and situations allowing you to convert 95% of your payments to electronic. e-Payments have never been more powerful.
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The Benefits of Our Construction Payment Platform: