Introducing ProgressPay…

November 02, 2016 by Progress Pay

Here at Progressclaim.com we’re focused on solving billing problems for the construction industry. Our platform already automates, simplifies and speeds up the payment claim process, and we’ve now turned our attention to the next step in the process, getting paid.

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Say hello to ProgressPay™ – Financing the future of construction.

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The construction industry has the highest rate of insolvency of any industry in Australia, with cash flow problems and working capital identified as leading causes. Many Subcontractors now see putting their house on the line as the only way to access capital to grow their business.

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We decided there had to be a better way, and are proud to announce we have partnered with international debtor finance specialist Omniveta Finance to offer General Contractors the ability to empower their Subcontractors by providing them access to a new finance product that helps them manage their cash flows and strengthen and grow their businesses. It’s called ProgressPay™.

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progresspay-icon-v2Subcontractors who elect to use ProgressPay™ will be paid 85% of the value of their progress claim within 2 business days of its approval, and the remainder when the General Contractor completes the payment (on original agreed contract terms), less a discounting fee.

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As ProgressPay™ relies on the financial strength of the General Contractor the Subcontractor is working for, there are no personal or real estate security requirements for the Subcontractor. To ensure that everyone benefits, General Contractors who pay within their standard payment terms will receive an “On-Time Payment Incentive”; aligning the interests of all parties and helping minimise fees payable by Subcontractors.

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ProgressPay™ is completely optional; Subcontractors can elect to finance their progress claims on a claim-by-claim basis, and after joining ProgressPay™ Subcontractors can elect which invoices to finance with just a few clicks online using the innovative Progressclaim.com platform.

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Read the full press release here.

Just some of the benefits for General Contractors using ProgressPay™:

  • Stronger Subcontractors with lower risk of financial distress or business failure
  • On-Time Payment Incentive when invoices are paid within your existing standard payment terms
  • Improved relations on work sites
  • Receive tighter bids from Subcontractors
  • Point of differentiation, attracting higher quality Subcontractors
  • One main contact for supply chain finance rather than a large number of smaller claimants
  • No change to existing payment terms
  • No loss of control, with the ability to disable ProgressPay™ at your discretion

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We are very, very excited about ProgressPay™ and our partnership with Omniveta Finance. \

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We have listened to feedback from the industry and created a product which bridges the working capital gap faced by Subcontractors and benefits everyone in the construction supply chain. It’s a game changer!

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If you want to know more about ProgressPay™ just visit the webpage.

Visit ProgressPay™

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Financing the future of construction.

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"What used to take me two days, now takes me two hours. Because Progressclaim.com is online, adminstration of the monthly payment claim cycle is less time consuming and much easier to manage. No more processing everything on a spreadsheet prone to error, and the assessment can be carried out at the touch of a button."

PAUL LINKE

Contract Administrator, BUILT

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