Top 3 Reasons to Use Digital Payments for Construction
As we all know, cash and check transactions are on the decline making way for more convenient digital payment methods. However, the notoriously slow-to-adapt construction industry has been hesitant to change. It is understandable in most cases. There is a certain “if it ain’t don’t fix it” logic in play. Online payment processing has made great strides over the past several years – minimizing the added expenses and labor slow and more dated payment methods. Perhaps it’s time to take another look at digital payment platforms. Secure, automated platforms offer a streamlined approach to payment processing while still providing General Contractors with complete control. The efficiencies created can greatly increase profitability and security.
There are dozens of reasons you should consider a switch, but here are the top 3 reasons to use digital payments:
Reason #1: Improved Cash Flow Management
Cash flow is the key to growing a successful business and should be considered a top priority. With a digital payment system in place, tracking incoming and outgoing payments is simplified. Payments can also be recorded and documented for future reference. Reason #2: Making Your Partners in Construction Happy
Digital payment methods provide faster transactions, and more options for Trades and Vendors. Rather than having Trades call for payment status inquiries, wait for their checks, and take their lunch break to go deposit them, they can be paid right away through digital means. They can even access their funds as quickly as the same day. This flexibility and convenience go a long way towards maintaining good relationships with your Trade Partners. Read how Agile Homes, a Fruitland ID Builder has improved their relationships with Trade Partners through Sekady.
Reason #3: Better Data and Payment Security
Paper checks are easily misplaced, stolen, and ideal for criminals, but digital payment processing protects both funds and your sensitive data. Look for a payments platform that is SOC2 certified and meets or exceeds bank-grade security standards. Sekady’s platform strictly adheres to those standards, allowing you to keep both you and your Trades’ information secure.
Related article: Keeping Your Construction Business Safe in the Era of Evolving Internet Crime
Onboarding to the Sekady platform is quick and easy, and our customer success team is available to provide assistance along the way.
- Our staff onboards Subcontractors and Vendors (Payees)
- All draws are processed through our platform
- GC maintains oversight and approval on all payments
- Lien waivers are signed and captured digitally
- Trades and Vendors choose expedited OR your standard payment terms
Digitize your payment methods and get started today!
NEXT: Protect your project and improve efficiency with digital lien waivers.
