Feature Spotlight: Payments
Payment management is here! Now, you can approve and send subcontractor payments securely with confidence. Streamline payment approvals, control your payment processes, securely store sub banking information, avoid complications with delivering paper checks, review, approve & send payments.
So, what does Flashtract’s Electronic Payments system do?
- Easily identify what projects & pay period needs to be paid
- Comment on subcontractors or invoices
- Read the status of the invoice at a glance, or dive into more details with just a few clicks
- Review & set approval processes for invoices and compliance
- Pay out invoices right within the app, or create workflows for paper checks
Issue payments in just 4 steps
A user with the issuer role should go to the payments menu on the left side of the page, then, select invoices.
Select your desired invoice(s) using the checkboxes on the left.
At the top right corner of the page, click on “issue ACH payments”
Con firm the vendor and the amount of the payment, and click Release ACH Payment
🥳Congrats! You’ve issued your first ACH payment in Flashtract. The Subcontractor will receive an email notifying them of the payment.
Why does this matter?
The construction industry, historically, has a slower invoice collection time than the average industry. According to Construct Connect, while the average time is 45 days, the construction industry’s average is around 60 days. When payments are slow and invoices delayed, it causes massive strain on all parties involved.
Problems with invoices and payments lead to the rise of the unconditional lien waiver, as well, which is rarely seen outside of the industry. Construction businesses, regardless of size or type, are struggling to protect themselves and maintain a healthy cash flow. We wanted to create several solutions to help alleviate some of this strain.
Firstly, we can now issue ACH payments right within Flashtract. This means that you’re less at risk of lost checks or payment fraud. Secondly, our payments system goes hand-in-hand with our recently released Uncondtional Lien Waiver vault. Subcontractors and GCs can now more easily manage their unconditional lien waivers with less risk, and with more transparency.
How does this feature improve your billing collection?
Stop needing to chase down unconditional waivers
When GCs utilize the payments system within Flashtract, they’re able to automate the unconditional lien waiver process. The unconditional lien waiver vault works hand-in-hand with Flashtract’s built-in ACH payments. General contractors can securely pay subcontractors right within the app, and that payment is tracked in our system, making it easy to see who has and has not been paid.
Reduce the number of delayed or late payments
Flashtract’s easy-to-use interface makes it clear right away to everyone which invoices have or haven’t been paid. Rather than needing to cut a check, or go through less secure payment systems, contractors can issue payments and invoices right within our program. Accountants can stop wondering if something has been paid, reducing the amount of errors. Additionally, built-in calculators in the software make it easy to know exactly how much should be paid out.
Flashtract’s software is useable across many departments. We give you the ability to leave comments on specific invoices or subcontractors in order to make communication easier. Additionally, businesses get more control over their processes by assigning different roles, permissions and approvals before payments can be disbursed.
Reduce frustration & wasted time
Flashtract is helping companies be more efficient with their billing and paperwork. What took your team days or weeks when it came to processing invoices, confirming amounts, cutting checks, mailing them out, and then following up to make sure the contractor received it… can now be done in a matter of minutes.
Ready to learn more?
Our team would be happy to chat and answer any questions you have. Feel free to use the chat bot in the right hand corner, or fill out this form and we'll give you a call or email!