Simplifying Construction Vendor Payments With FOUNDATION Pay® Bill Pay

Contractors must effectively manage vendor payments to keep projects on time and within budget.

But that can be easier said than done, especially if you’re working on multiple projects simultaneously.

Finding the right vendor, managing payment terms (30/60/90) with project schedules, handling change orders and milestones and dealing with cash flow constraints are a few common challenges contractors face.

That’s where a vendor payment service like FOUNDATION Pay Bill Pay can help by making payments for you.

Here’s how it works:

1. You select a batch of invoices in FOUNDATION
2. The batch is sent to Bill Pay where it’s held so you can double-check all the details and confirm accuracy
3. Once you’ve approved it, your job is done and payments are made for you
4. Liability is assumed (i.e lost checks) and you’ll receive the remittance advice

  Bill Pay turns vendor payments from a stressful process to a simple one.

How Bill Pay Works

Bill Pay manages construction vendor payments by executing approved invoices, coordinating vendor payment methods and resolving payment issues on your behalf.

When you’re already managing bids, crews and payroll, vendor payments can get lost in your list of tasks, leading to project delays or disputes. To avoid these issues, many contractors are turning to construction vendor payment services — like Bill Pay — to handle this process for them.

With Bill Pay, you simply select which invoices you want to pay, and our financial experts handle the rest by:

• Contacting your vendors and determining their preferred payment methods (ACH, checks and virtual cards) and pursuing rebates for you
• Managing vendor payments entirely for you
• Solving payment discrepancies (i.e. lost checks)
• Easily reconcile your accounts payable within FOUNDATION after payments are processed

Bill Pay allows you to take a hands-off approach to vendor payments while having the peace of mind that your payments are being processed accurately.

Complete Integration With FOUNDATION

The tie into FOUNDATION gives you improved visibility into your cash flow because you select the invoices you want paid and receive remittance advice after payment, so you’ll know exactly what was paid and when.

Additionally, that same connection allows data from completed vendor payments to sync from Bill Pay back into your payment record within FOUNDATION. That way you always know where your finances stand as soon as your vendor payments are processed.

Simplify Your Expense Management With FOUNDATION Pay

FOUNDATION Pay centralizes construction expense management by combining Bill Pay, Corporate Card controls and Online Payments into a single financial workflow.

As you juggle the many aspects of your projects, staying on top of vendor payments can start to feel overwhelming, but with Bill Pay you can take a hands-off approach. Bill Pay allows you to:

• Get peace of mind knowing your payments are managed and lost checks and liabilities are handled for you
• Match vendors’ preferred payment methods to improve relationships
• Use virtual cards to streamline payments and earn rebates

Additionally, FOUNDATION Pay offers complete expense management with Corporate Card and Online Payments modules to improve cash flow.

Corporate Card offers:

• The ability to set spending limits and define categories
• Real-time spend visibility
• Effortless receipt and description capture where cardholders take a photo of the receipt, and it’s automatically linked to the transaction within FOUNDATION

The Online Payment module is designed to help you get paid faster. It provides your clients with a secure payment portal, so you avoid delays and disputes, and it seamlessly connects with the rest of FOUNDATION to update your finances in real-time.

For more information about FOUNDATION Pay’s modules, talk to an expert today!