It’s a well-known and documented problem: The construction industry is slower to pay than any other industry – payment terms are 83 days on average! Slow payments can create delays and work stoppages, but the construction industry is so accustomed to the practice that it’s accepted as a natural cost of doing business. In this article, debunking digital payment myths will show you a unique way to take the pain out of construction payments.
Myth #1: Electronic payments cost too much.
Changing methods and rolling out new processes can put a strain on resources, and it can be difficult to predict the ROI. However, relying on manual payments processes is inefficient and prone to human error. In the long run manual payments will end up costing more than a secure, automated solution. Even with an initial upfront expense in terms of human capital, the long-term monetary returns can be very significant.
Related article: How much do paper checks really cost your business?
It’s easy to get bogged down with the time-consuming work of handling payments manually. Sekady’s platform can eliminate resource-draining admin work and provides a secure way to process payments. Your Trades and Vendors will love you for it!
NEXT: Protect your project and improve efficiency with digital lien waivers.