Benefits for all contractors
- 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
- Lower working capital requirement
- No personal or real estate security required
- Enables more competitive bids, more business wins and stronger business growth
- Facilitates on-time payment to suppliers and employees, forging stronger relationships and potentially securing early payment discounts
- Access to an additional financing option at a reasonable cost
- Diversification of funding sources
- Known cashflow position leading to greater financial certainty
- Completely optional, with ability to turn on and off as required, even on an invoice by invoice basis
That keep construction moving.
Do it mobile
As ProgressPay™ works within Progressclaim.com technology, it works on all devices.
After joining ProgressPay™ Subcontractors can elect which invoices to finance with just a few clicks.
Payments are made within 2 business days of invoice approval; bridging the Subcontractor working capital gap.
The whole process is completely transparent between all parties.
Simple fee structure
ProgressPay™ leverages the General Contractor’s financial strength to offer very competitive fees with no hidden costs.
Simple and easy
Like all things Progressclaim.com we’ve made ProgressPay™ simple and easy to use whether on-site or at home
What is ProgressPay™?
Progressclaim.com has partnered with Omniveta Finance, an international debtor finance specialist, to offer General Contractors the ability to empower their Subcontractors by providing them access to a product that helps improve their cash flows and strengthen and grow their businesses.
Why is ProgressPay™ being offered?
Progressclaim.com had already simplified, improved and streamlined the claim and approval process for thousands of General Contractors and Subcontractors. We then turned our attention to the payment side of the process and have developed a solution that bridges the working capital gap faced by Subcontractors and that benefits everyone in the construction supply chain.
How much does ProgressPay™ cost?
Most debtor finance companies never disclose their fees. Our partner Omniveta Finance is proud to provide transparent and inclusive rates. There is an initial fixed fee of 3.5% of the invoice value, with nothing further payable until after 30 days, and only then if the invoice is still outstanding. From that point there is an additional 0.07% per day until the General Contractor makes payment. Omniveta Finance do not charge any additional interest, penalties, arrangement fees or management fees. This makes it far easier to understand and calculate the true cost, and avoids the typical hidden charges many industry participants rely on in order to market a “cheaper” headline rate.
Do I need to be using Progressclaim.com to be eligible for ProgressPay™?
Yes. ProgressPay™ is only available when your General Contractor uses Progressclaim.com and has elected to participate in the program.
How does ProgressPay™ differ from other factoring and invoice discounting products?
ProgressPay™ is not only a disclosed facility, it is only offered with the complete support of the participating General Contractor, and offers their Subcontractors the ability to receive advance payment of 85% of the invoice value, far higher than the construction industry standard. There is no minimum charge, no management fees and Subcontractors can choose which invoices they would like to receive advance payment for, even on a claim-by-claim basis.
Who is Omniveta Finance?
Omniveta Finance is an international debtor finance specialist. Omniveta Finance has its roots in Scandinavia, where they have been administering complex financial products on behalf of banks and other financial institutions for more than ten years. Combined with a company philosophy of simplicity and transparency, this experience has helped secure their position as a trusted business partner in delivering industry specific debtor finance solutions. Omniveta Finance are currently represented in Denmark, Sweden and Australia, and expect to open offices in Germany, UK and Norway in 2016-17.
Financing the future of construction.