Payment delays are being felt all across the construction industry. This widespread issue is causing disruptions in costs, project cancellations, and competition. According to Built, a whopping 70% of contractors are facing delayed payments regularly. These delays don’t affect only the contractors—when their money is late, they can’t pay their subcontractors or material suppliers on time, either. Now, everyone is paying higher upfront costs, avoiding hiring additional labor, and are forced to turn down new projects due to cashflow risks.
Slow payment cycles in construction are nothing new. Projects are uncertain and always changing, invoice cycles are unpredictable, and many construction companies are still processing payments manually. Inefficient and outdated systems are costing the industry money, and contractors know it’s time for a change: 82% are willing to adopt digital payments to accelerate their cash flow. Suppliers and contractors alike need a better system—one that gives them more control and simplifies the payment experience.
A lack of invoice visibility and tracking is one of the top causes of payment delays—information is scattered across emails, paper forms, and different systems, so there’s no clear view of what’s pending, overdue, or approved. With the SkyOS Contractor Portal, your customer simply logs in and can view all their invoices and payment requests in one central location—see what’s outstanding, due, or complete, and quickly search for a specific transaction. Every invoice tells them how much is due, what they’re paying for, important dates, required agreements, and detailed line items. Less back and forth about invoice details means a faster payment.
Once your customer has reviewed all the details and signed any necessary agreements, they can pay by card or bank right within the Contractor Portal through a secure payment experience, powered by Fractal. The Contractor Portal connects with your SkyOS dashboard, keeping your systems connected and creating a better experience for both your team and your customer.
Reduce payment delays by making it easier for contractors to pay you, so you can get paid faster. Step into the Contractor Portal and book a demo today.
