Billd and StructShare partner to help subcontractors better manage procurement and cost management
Austin, Texas – Billd, a disruptive payment solution for the construction industry, today announces a partnership with materials management software firm, StructShare.
According to a recent Subcontractor Market Report, 63% of contractors claim they pay for materials before getting paid for work, which causes major cash flow challenges for the contractor and causes significant 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.
This new partnership will streamline the material purchasing process for subcontractors during construction. Traditionally, 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. 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. This will allow subcontractors to procure the materials they need to complete projects faster, whether or not they’re running up against supplier credit limits or slow payments are causing a cash crunch.
“Our payment solution has helped thousands of contractors stabilize cash flow by aligning revenue and expenses. With this partnership, we make it even easier to access our 120-day payment terms by inserting ourselves right into the contractor’s existing purchase process,” says Jesse Weissburg, CCO of Billd. “This partnership will also benefit GC’s and Property Owners, who no longer have to worry that their subs can not procure materials in a timely manner to keep projects running on schedule.”
Billd and StructShare both serve the construction industry, primarily targeting subcontractors working on commercial construction projects. Billd is a new payment solution for purchasing materials, providing 120-day payment terms that align with payment cycles so specialty subcontractors can stabilize cash flow and grow their business. StuctShare is construction software designed to make procurement of materials easier and more seamless by allowing for instant field ordering and PO processing, as well as automated delivery capture and invoice approvals. All while providing accurate real-time material cost and inventory tracking.
“The partnership with Billd adds tremendous value to our customers by providing seamless access to flexible payment for the materials they need, when they need it.” said Or Lakritz, Co-Founder of StructShare. “The vision is clear; together, we will help subcontractors manage their businesses more efficiently by giving them full control over their finances.”