The business world has undergone a rapid digital transformation in recent years and industries with complex, traditionally analog operational processes, such as the construction industry, can benefit.
Construction companies have a lot to juggle, including the unpredictable payment cycleswhich can be exacerbated by complicated field operations and inconsistent payment terms.
Manual payment processes in the construction industry, which are often complex and time-consuming, contribute to payment delays for both contractors and suppliers. These delays, combined with tight deadlines, can lead contractors to pay upfront labor and material costs that strain their working capital, which is not ideal for businesses looking to scale and grow.
Expanding on its long-standing commitment to merchants in the construction business, American Express is working with business-to-business (B2B) companies such as Billthat offer contemporary solutions to bring value to construction companies as they grow. Now eligible Amex merchants can refer their eligible commercial contractor customers to Billd for extended payment terms and other select partnership benefits.
“The construction industry contributes to the success of many other industries and communities. And construction right now faces unique challenges, and that requires unique solutions,” he said RJ Ancona, vice president and general manager of B2B products, customer and partnership management, and merchant services at American Express. “To help address payment delays, American Express is working with Billd to offer customers of eligible merchants access to extended payment terms.”
Billd’s extended payment terms help contractors free up their available cash for working capital needs.
Billd is a leading provider of construction financial services that guarantees commercial contractors payment terms of up to 120 days on purchases of eligible materials. The company offers project-based financing solutions designed specifically for construction, increasing purchasing power with vendors and maximizing material discounts when available. The goal? Provide stability and predictability by purchasing materials from suppliers in advance.
In an industry with long project cycles and high upfront costs, access to working capital is essential. By helping eligible merchants who accept Amex refer their contractors to Billd, Amex focuses on expanding the working capital of merchants and contractors, helping them manage the realities and uncertainties of their business.
“Billd is excited to partner with American Express in this collaborative effort to help eligible commercial contractors obtain material financing,” he said. Chris Doyle, Billd CEO. “Together, we can provide a financial solution that allows tradespeople to receive prompt payments while also providing trade contractors with a working capital option that helps mitigate unpredictable payment terms in the construction industry.”
Amex is committed to helping construction companies as the construction industry evolves.
As the construction industry continues to evolve and thrive, construction business owners should look to optimize their business operations so they can focus on achieving their growth goals. Amex’s latest construction referral partnerships, such as Billd’s to support predictable cash flow, further enhance the value the company provides to construction tradespeople by providing them with access to solutions to help to grow
It’s important for merchants to work with partners to bring their processes into the digital age, streamlining business operations and freeing up time and resources to focus on the future.
If you are an eligible merchant that accepts Amex, you may refer eligible merchant contractor customers to Billd to access available benefits; Contact your dedicated Amex Customer Manager to find out how.
To learn more about how Amex supports businesses, including additional discounts through Business savings suitevisit here.
