Mining the data field: Get paid faster and easier with online payment processing
Buildertrend is more than just project management software for builders. By the numbers, here’s how it also manages cash flow through Payment Processing.
Numbers don’t lie – they tell a story. That’s why we’re mining our data field to uncover facts and figures based on Buildertrend users. Insights like these can then fuel data-driven decisions that lead to long-term success.
This month, we’re taking a deep dive into Buildertrend online payment processing. This is the modern way to pay and get paid. Powered by Chase, Payment Processing empowers teams to pay and get paid right in our software for builders. No more chasing down checks. No more wondering if you paid that sub. No more stress.
As a construction business owner, you have enough to worry about. It’s time you took the pain out of pay day. Online payment processing automates and streamlines your cash flow – let us show you; you can trust us.
Let our numbers show you the difference Payment Processing makes on businesses just like yours.
Teams get paid 16 days faster
According to proprietary data of customers using Buildertrend Payment Processing, it takes teams 26 days on average to get paid from an invoice. That’s when viewing time between the moment a project was created and the payment date. Comparing that to customers who aren’t using online payments, it takes them 42 days to collect. That means those using online payments get paid 16 days faster.
Efficiency to that level is priceless. Online payment processing change the game. After all, there’s a reason it’s called snail mail. The slow, old way of getting paid involves first anticipating checks via mail (or driving around town collecting from clients) then heading to the bank and waiting some more until the deposit hits your account.
Our software for builders allows clients to fill invoices right in the Customer Portal feature. Or, teams can further request payment through Change Orders. With Payment Processing synced to QuickBooks, it’s easy to assess income throughout the project lifecycle, too. That’s more money, more quickly, more accurately tracked.
Subs get paid 3 days faster
With online payments, it’s not just builders who get paid faster – subs also profit quicker than ever. On average, subs get paid in 15 days when their contractor is using Payment Processing. Trades working with teams who haven’t digitized their financials are missing out. It takes them 18 days to get paid. That’s a three-day gap – and one that can make all the difference when it comes to winning over subs. You don’t like waiting to collect, and neither do your subs.
Additionally, builders who use our platform to pay partners online see better collaboration. When the only way you pay subs is through an online portal, this incentivizes subs to start using tech. Then, once they’re on board, you can make the most of other features such as the Schedule, Messages and Bids. This brings all the work of sub management under one roof.
Consider this: Builders who use online payment processing engage 25% of their subs in the platform. That’s compared with just 10% of subs in Buildertrend for teams who still rely on antiquated payment methods.
You don’t have to waste time cutting checks, and your subs collect faster while staying more in the loop. Everyone’s a winner here.
$105 million in payments last month alone
That staggering nine-figure amount ran through Buildertrend in just the month of March. So, what’s an entire year look like? Those millions stretch close to crossing the billion-dollar mark. Last year, $903 million was processed through Buildertrend – a 47% increase from 2019’s figure of $614 million.
Moreover, the number of online payments processed though Buildertrend has increased steadily each year, too. Throughout 2019, there was a total of 104,576 payments compared with 141,417 payments in 2020. That’s a 35% increase, and 2021 is currently pacing 56.1% ahead of last year.
That shows the popularity and demand for online payments is on the rise. Clients want to hire contractors who make it easy for them to pay, and subs want to work with those who make it easy to get paid.
This is your way to make payments a strategic advantage for your business.
Take control of your finances with Payment Processing
If you’re a current Buildertrend customer, you’re already using tech to better your business – it’s time to take payments online, too. That’s the power of Buildertrend Payment Processing, powered by Chase.
It’s faster, simpler and smarter for you, your clients and subs. Our data demonstrates this, through and through. Plus, there are no setup fees or contracts. Get started with online payments today.
Money in. Money out. It’s that simple.
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