Blink Payment says it is targeting late payments for construction contractors by partnering with Business Pilot. The company points to data that indicates that 74% of construction contractors are affected by late payments.
The Fintech said it is integrating with the fitting industry enterprise resource planner (ERP), Business Pilot.
They estimate that over 4,500 UK window and door installers and 101,000 construction contractors would like to be paid more quickly.
Apparently around 69% of construction contractors are waiting up to 60 days to be paid following an invoice being issued, and 74% of construction contractors’ financial wellbeing has also been affected by late payments. Many insolvencies are said to be due to late payments.
Blink Payment’s integration with Business Pilot is said to enable fitting and installer contractors to adopt open banking and card payments directly via payment links within an invoice. Integrated payments can generate far quicker settlements, and Blink says around 40% of customers pay bills within 24 hours.
Ben Cohen, CEO of Blink Payment, explained there is a “knock-on effect” for construction firms that impedes cash flow and growth.
“We know from our partnership with individual installers and fitters how valuable payment links have been in stabilising their cash flow. We’re delighted to now be able to scale this offering to the wider industry through our integration with Business Pilot.”