Slow payments add cost, time, and construction risk. Here are some of the crucial takeaways from Rabbet's report:
Most contractors facing a payment shortfall make up the difference using personal savings, or else they borrow money at high interest rates from short-term lenders. A cash crunch can also lead to borrowing money from another project, which puts both projects at risk. Construction progress often stops when contractors must chase money, file a lien, or move money between projects to manage cash flow.
, the construction industry's first instant payment solution, will accelerate money mobility with a mobile app that allows lenders, builders, contractors, subcontractors, workers, and suppliers to transfer funds between parties instantly. The digital wallet solution enables users to make and receive payments quickly and securely anytime, anywhere. Using the app is simple—enter the amount to be sent, select the recipient from your contact list, and hit “Send.
The mobile wallet platform allows users to transact small or large payments; share invoices, time- and geo-stamped images; and instantly execute lien waivers with remittances. ProWallet also offers an instant cash advance feature on receivables, allowing users to get paid up to 30 days early and manage their cash flow and finances with far less burden.