{"id":15270,"date":"2022-03-01T06:26:40","date_gmt":"2022-03-01T06:26:40","guid":{"rendered":"https:\/\/www.plastiq.com\/?page_id=15270"},"modified":"2024-04-19T00:09:58","modified_gmt":"2024-04-19T00:09:58","slug":"construction","status":"publish","type":"page","link":"https:\/\/www.plastiq.com\/industry\/construction\/","title":{"rendered":"Construction"},"content":{"rendered":"\n

\n\t\tPayments
Deep Dive: Construction\n\t<\/h2>\n\t\t\t\n\t\t\t\t\t\t\tsign up now\n\t\t\t\t\t<\/a>\n\t

The shape of payments in the construction industry today.<\/h2>\n\t

The construction industry’s payment ecosystem is highly complex. Individual construction jobs function like a mini company with distinct owners, business entities and an ever-changing roster of local and specialty contractors, subcontractors and suppliers. Inherently large financial risks are involved and money moves slow. Construction suffers from one of the longest Days Sales Outstanding (DSO) at 51 days. One in five companies do not use any accounting\/operations software. By automating and streamlining payments, construction firms can unlock value from suppliers and manage cash flow much more efficiently and effectively.<\/p>\n\t\t\t\n\t\t\t\t\t\t\tsign up now\n\t\t<\/a>\n

\n\t<\/h2>\n\t

Key Payment Challenges<\/p>\n

\n\t\tConstruction firms are facing some common challenges.\n\t<\/h2>\n

\n\t<\/h2>\n\t\t\t\t\"Payment\n

Cash flow
maintenance<\/h3>\t\t\n\t\t\t

Over 80% of construction companies say they spend a substantial amount of time chasing payments.<\/p>\n\t\t\t\t\"Tight\n

Tight supply
challenges<\/h3>\t\t\n\t\t\t

With building materials of all sorts in tight supply, construction companies scramble to ensure materials will be available when needed.<\/p>\n\t\t\t\t\"Show\n

Slow legacy
payment methods<\/h3>\t\t\n\t\t\t

Most construction firms operate in the world of paper bids, invoices, and checks-a significantly longer process than digital payments.<\/p>\n\t

Plastiq Solutions<\/p>\n

\n\t\tPlastiq Accept and Pay help meet these challenges.\n\t<\/h2>\n

\n\t<\/h2>\n\t\t\t\t\"Predict\n

Preserve cash on
hand<\/h3>\t\t\n\t\t\t

Plastiq Pay increases working capital by allowing firms to use existing credit cards to pay suppliers and contractors faster, while extending the time a bill is due up to 105 days.<\/p>\n\t\t\t\t\"Great\n

Great supplier
relationships<\/h3>\t\t\n\t\t\t

Paying suppliers on time, or ahead of time helps you stay ahead of the competition and ensure supplies are received and projects stay on track.<\/p>\n\t\t\t\t\"Reduce\n

Reduce Days Sales
Outstanding<\/h3>\t\t\n\t\t\t

Plastiq Accept facilitates efficient ways to get paid sooner and increase automation, so you don’t get bogged down in legacy payment methods.<\/p>\n

\n\t\tPlastiq solves payment problems before they’re problems.\n\t<\/h2>\n\t\t\t\t\"\"\n\t\t

Promotes real-time payment collection<\/h3>\t\t\n\t\t\t

Promotes real-time payment collection<\/p>\n\t\t\t\t\"\"\n\t\t

Tracks open “unpaid” payment requests<\/h3>\t\t\n\t\t\t

Tracks open “unpaid” payment requests<\/p>\n\t\t\t\t\"\"\n\t\t

Advanced reporting & real-time notifications<\/h3>\t\t\n\t\t\t

Advanced reporting & real-time notifications<\/p>\n\t\t\t\t\"\"\n\t\t

End-to-end payment reports<\/h3>\t\t\n\t\t\t

End-to-end payment reports<\/p>\n\t\t\t\t\"\"\n\t\t

Flexibility to adjust to payment challenges<\/h3>\t\t\n\t\t\t

Flexibility to adjust to payment challenges<\/p>\n\t\t\t\t\"\"\n\t\t

Automated process shortens collection times<\/h3>\t\t\n\t\t\t

Automated process shortens collection times<\/p>\n\t\t\t\t\"\"\n\t\t

More flexibility-offers multiple options<\/h3>\t\t\n\t\t\t

Offers more flexibility with multiple options<\/p>\n\t\t\t\t\"\"\n\t\t

Enables card acceptance for budget-constrained SMBs<\/h3>\t\t\n\t\t\t

Enables card acceptance for budget-constrained SMBs<\/p>\n\t\t\t\t\"Get\n

\n\t\tUse Plastiq Pay and
keep cash on hand
in your hands.\n\t<\/h4>\n\t

Plastiq Pay helps construction companies preserve cash on hand so they can pay suppliers fast, lock in materials, and pay employees and subcontractors on time, which might be weeks before they are paid for the project. Plastiq helps evolve their payments processes with a simple, all-in-one service for paying and getting paid.<\/p>\n\t\t\t\n\t\t\t\t\t\t\tlearn more\n\t\t\t\t\t<\/a>\n\t\t\t\t\"Plastiq\n

\n\t\tFox Financial uses Plastiq to keep cash coming in.\n\t<\/h3>\n\t

The challenge: Construction suffers one of the lengthiest DSO rates, 51 days on average. CEO Stuart Fox says “I would often have to tell suppliers, ‘sorry we haven’t been paid yet, so we can’t pay you for three weeks.’ [This] is just the norm in construction.”<\/p>\n

The Plastiq solution: Plastiq Pay let Fox use existing credit cards to start paying suppliers earlier. “Plastiq has helped me manage cash flow and pay bills ahead of having the cash on hand.”<\/p>\n

\n\t\tThink Plastiq is right for your business?\n\t<\/h2>\n\t

Reach out for more information or to request a demo.<\/p>\n\t\t\t\n\t\t\t\t\t\t\tget started\n\t\t\t\t\t<\/a>\n\t\n\n","protected":false},"excerpt":{"rendered":"

PaymentsDeep Dive: Construction sign up now The shape of payments in the construction industry today. The construction industry’s payment ecosystem is highly complex. Individual construction jobs function like a mini company with distinct owners, business entities and an ever-changing roster of local and specialty contractors, subcontractors and suppliers. Inherently large financial risks are involved and…<\/p>\n","protected":false},"author":61,"featured_media":0,"parent":15178,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"categories":[],"tags":[],"resource_type":[],"header":[198],"footer":[5],"yst_prominent_words":[],"_links":{"self":[{"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/pages\/15270"}],"collection":[{"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/comments?post=15270"}],"version-history":[{"count":16,"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/pages\/15270\/revisions"}],"predecessor-version":[{"id":23318,"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/pages\/15270\/revisions\/23318"}],"up":[{"embeddable":true,"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/pages\/15178"}],"wp:attachment":[{"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/media?parent=15270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/categories?post=15270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/tags?post=15270"},{"taxonomy":"resource_type","embeddable":true,"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/resource_type?post=15270"},{"taxonomy":"header","embeddable":true,"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/header?post=15270"},{"taxonomy":"footer","embeddable":true,"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/footer?post=15270"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.plastiq.com\/wp-json\/wp\/v2\/yst_prominent_words?post=15270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}