StructShare and Billd, a disruptive payment solution for the construction industry, announces partnership to help subcontractors streamline material procurement and manage costs more effectively.
According to a recent Subcontractor Market Report, 63% of contractors claim they pay for materials before getting paid for work, which causes significant cash flow challenges for the contractor and causes substantial project delays for GCs and Property Owners. Additionally, the manual practices of material procurement and vendor invoice management are time-consuming, inefficient, and ripe with errors.
The StructShare and Billd partnership will streamline the material purchasing process for subcontractors during construction. In reality, there has been significant back and forth between the field and back-office of subcontractors for order processing, invoice approval, and procurement while using multiple undedicated tools and disjointed workflows.
The combination of Billd and StructShare will simplify the entire cycle from procurement planning, PO processing through deliveries, and invoice reconciliation, directly to an efficient pay process with 120-day terms.
The pairing allows subcontractors and self-performing general contractors to procure the materials they need to complete projects faster and more profitably whether or not they’re running up against supplier credit limits or slow payments are causing a cash crunch.