BlogRevolutionising construction finance: How Paid is transforming the industry.

Revolutionising construction finance: How Paid is transforming the industry.

Emmy Burrell
Published February 18, 2024
In the ever-evolving landscape of the Australian construction industry, the need for efficient financial solutions has never been more critical.

With 1709 construction companies facing administration between July 2022 and April 2023* and a staggering $3 billion in unpaid bills annually, the industry is at a crossroads. In this blog post, we'll explore how our innovative payment platform, is emerging as a game-changer, offering a suite of features designed to address the unique challenges faced by construction professionals.

(*data from ASIC)

1. Fast Payments: Accelerating Financial Transactions

Paid.inc recognises the importance of timely payments in maintaining a healthy cash flow for construction projects. Explore how our platform facilitates fast payments, ensuring that funds are transferred quickly and securely. This feature not only reduces the risk of late payments but also contributes to the overall efficiency of construction projects.

2. Progress Payments: Linking and Reserving with Precision

One of the standout features of our platform is its ability to streamline progress payments. Learn how the platform enables users to link and reserve progress payments, providing a transparent and organised framework for financial transactions. This feature is instrumental in preventing disputes, fostering collaboration, and ensuring that stakeholders are aligned with project milestones.

3. Cash Flow Funding: Sustaining Financial Health

Cash flow is the lifeblood of any construction project. Explore how we offer cash flow funding solutions, providing construction professionals with the financial support needed to navigate economic uncertainties. Our platform acts as a safety net; allowing projects to proceed smoothly without the fear of financial setbacks.

4. Enhanced Transaction History: A Comprehensive View

Our platform goes beyond conventional payment platforms by offering an enhanced transaction history that includes detailed claim information. Dive into the benefits of having a comprehensive view of financial transactions, allowing users to track payments, monitor progress, and easily access detailed information for claims. This transparency contributes to better financial management and decision-making.

5. Transforming Construction Management: A Holistic Approach

We do not just offer a payment platform; our comprehensive solution for construction management, keeps everyone connected; subcontractors, suppliers, home owners and builders can track the whole project and understand how funds are being utilisied. Explore how the combination of fast payments, progress payment management, cash flow funding, and detailed transaction history creates a holistic approach to financial management in the construction industry. Discover how our integrated solution can transform the way construction projects are planned, executed, and monitored.

We're empowering the construction industry to take back control.

Paid.inc stands at the forefront of revolutionising the construction finance landscape in Australia. By addressing the specific challenges faced by the industry, including company liquidation, and constantly chasing payments, our platform provides construction professionals with the tools they need for success. Create, sign and administer digital construction contracts, secure your payments, capture evidence, submit claims and get paid instantly. Through features like InstaPaid providing cash flow when you need and SecurePaid - before you start work, make sure your funds are locked away and kept safe for you. Paid.inc is empowering the construction industry to thrive in an increasingly complex financial environment. Embrace the future of construction finance with Paid.inc and witness the positive impact on your projects.

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Paid Dot Pty Ltd (trading as Paid.inc) issues the Paid Transaction Account. Consider the Product Disclosure Statement and Target Market Determination and whether the Paid Transaction Account is appropriate for you, before acquiring or continuing to hold it. Paid.inc does not hold an Australian Financial Services Licence (AFSL) nor is it an authorised representative of an AFSL holder. The Paid Transaction Account is issued by Paid.inc pursuant to an intermediary authorisation granted by Gobsmacked Loyalty Pty Ltd (ABN 60 098 218 216) (Licensee), which has an AFSL number 444609. The Licensee has also authorised Paid Promotions Pty Ltd (ABN 91 670 052 856) (Paid Promotions) to provide general advice, and to offer to arrange for the issue, variation or disposal of the Paid Transaction Account by Paid.inc.

Any advice included in this website is general only, is provided by Paid Promotions and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation or needs. You should also obtain and consider a copy of the Product Disclosure Statement before making any decision about whether to acquire the Paid Transaction Account.
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