AvidXchange, a U.S. fintech that provides accounts payable and automated payment solutions to midsize businesses, announced on Monday it has teamed up with GCPay to launch an automation solution for construction firms. The new solution, called AvidXChange Construction Payment Solution, has features that managing an entire project lifecycle. While sharing details about the AvidXChange Construction Payment Exchange, Michael Praeger, CEO and Co-Founder of AvidXchange, stated:
“As technology continues to evolve, the construction industry is experiencing a need to reduce cost, increase efficiency, and elevate performance levels. For this reason, construction firms are required to be incredibly pro-active in the early stages of the construction phase – ensuring that all the steps from contract agreement to anticipating final costs are secure. The solution, Construction Payment Exchange, meets the needs of the stages – acting as a single source of truth for all the construction projects by eliminating speculation and guesswork between parties.”
AvidXchange also noted that the Construction Payment Exchange delivers extensive benefits to construction. The company noted:
“By aligning AvidXchange Pay solutions with GCPay’s management process – the solution helps build the working relationship between all parties including control and visibility for the schedule of values, application for payment, change order, compliance, lien waivers, and payments.”
GCPay COO, Daniel Bruneilli, added:
“Our partnership with payment industry leader AvidXchange affords our clients a best-of-breed method to safely, securely, and quickly pay their contractors electronically throughout the life of a construction project. The technology both companies have developed for the Construction Payment Exchange provides users with unmatched payment flexibility along with automated processes that reduce risk significantly for general contractors. The combination of AvidXchange and GCPay.com resources provide construction entities with a seamless process to automate everything associated with invoices from, and payments to, their contractors, suppliers, and vendors,” Brunelli said.