Time to Change: Construction FinTech to Streamline Payments, Aid Transparency, & Protect Data

Advances in financial technology (fintech) hold promise to streamline payments and safeguard data security.

The construction industry is adopting new fintech practices that offer better data security and better tracking of payments. Fintech solutions can digitize individual parts of the construction payment process. By using construction fintech software, contractors can reduce the time it takes to process payments – improving relationships and productivity. Join us on March 10th at 10 am CT with Dysruptek/Haskell and Vertical as we discuss recent advancements on fintech solutions and how they are being implemented within contractor business processes.

Credit: Vertical

Using Construction FinTech To Improve Relationships and Payment Turnaround

Construction payment applications can process payments and improve cash flow timelines. Contractors are seeking to use fintech solutions to reduce the time it takes to process payments. With tight deadlines, labor shortages, and safety concerns, construction fintech brings transparency to the payment process and improves the ability to pay subcontractors and partners faster.

Those who leverage construction fintech and payment management software can maintain better subcontractor relationships and finish projects faster. When partners have payments available, this cash on hand translates to larger crews on the jobsite to ensure your projects finish sooner rather than later. The added benefit of transparency in fintech with trade partners adds confidence in your ability to manage workflows.

Credit: Haskell

Haskell is a global company delivering integrated AEC solutions that ensure the certainty of outcome. Haskell pioneered the design-build model over fifty years ago and brought it to its rightful place with the AEC industry.

Credit: Dysruptek

Dysruptek, a Haskell venture, is investing in disruptive AEC technologies that can reshape our built world. Its mission is to embrace emerging technology and innovate on abstract ideas for the future of AEC. Dysruptek works to invest, invent, and innovate with new technologies that hold promise to disrupt the construction industry. Discussion led by Cutler Knupp, Director of Strategy and Innovation.

Credit: Haskell

Vertical makes the drawing process easier, faster, and better for all construction job participants. Vertical centralizes all data and documentation, making it easy for everyone to know the status of the project and contribute accordingly. Discussion points will review recent experiences consolidating payment platforms using various fintech solutions, led by Mike Fitzgerald, Head of Sales.

Credit: Vertical

FinTech to Streamline Payments, Aid Transparency, and Protect Data

Within construction, there are several stakeholders within the ecosystem. From general contractors to subcontractors and suppliers to consultants, holding on to financial obligations is cumbersome. While construction spending is growing, productivity growth remains low. With this inefficiency between inputs (labor and material) and outputs (productivity), stakeholders within construction have a layered process with an army of third parties: architects, engineers, environmentalists, suppliers, subcontractors, insurers, lawyers, consultants, etc.

This complex ecosystem of third-party contributors results in a highly fragmented and cumbersome ecosystem that further burdens productivity. Fintech can be leveraged to manage these complexities and automate payments, improve financial transparencies to partners, and protect valuable financial data.