How Builders and Suppliers Can Effectively Use a Payment Management Software Across Networks
Suppliers play a central role in driving revenue for Home Builders, therefore, being able to consistently work with reliable, high-quality Suppliers is integral to a thriving residential construction business. With that said, a primary goal for Builders should be to forge long-lasting, trusted relationships with dedicated Suppliers by treating them like partners. Cash flow is as important to Suppliers as it is to Builders, so paying them promptly is essential to retaining their services. Investing in easy-to-use payment software like Hyphen Wallet enables making timely payments to your Suppliers and establishing long-term trust. Building strong and enduring relationships with Suppliers will help you weather times of uncertainty like the pandemic, which caused unprecedented global supply shortages.
Save Time and Money When Paying Suppliers
It costs an average of $8 to $14 to process one paper check, including labor costs, supplies, delivery, oversight and reconciliation. And on average, it costs a small accounts payable (AP) team $70,000 per year to process payments. When you manage payments with automated AP software, this enables paying purchase orders with absolutely no discrepancies. When you no longer use paper checks, this eliminates the time-intensive task of doing it by hand and reduces costs associated with issuing and processing checks. If you’re a Builder, automation can help you avoid hours or days of verifying invoice data because you’ll no longer have to track down paper documents. In fact, AP automation can reduce invoice processing time by over 80%.
Increase Security and Reduce Fraud
An estimated 82% of organizations report that checks are the primary target for fraud. Fraudulent activity includes altering the amount on checks, issuing checks without proper authorization and using information to create new checks. Paying Suppliers with paper checks or ACH payments can make your business susceptible to fraud. With Hyphen Wallet, Suppliers won’t have to store bank information with you, which offers them enhanced security and peace of mind.
View Builder and Supplier Payments in The App
The ability to see everything in a secure, real-time payment system provides numerous benefits, from streamlining the bank reconciliation process to tracking past and present expenses. The app provides real-time messaging and complete transparency for Builders and Suppliers. While Hyphen Wallet offers seamless integration with the residential construction ERP BRIX, Suppliers don’t need to be on SupplyPro to enjoy its benefits.
Allow Suppliers to Choose and Change Their Preferred Payment Method
With Hyphen Wallet, you can give Suppliers complete control on how they receive payments. The secure app provides 24/7 access to check the status of payments and funds and the ability to easily change payment options in real-time versus a one-time payment selection at setup.
Effectively Use a Payment Management Software Across Networks with Hyphen Wallet For Builders and Suppliers
Hyphen Wallet will enable you to provide quick, easy and secure electronic payments to Suppliers, Contractors and Trades. By giving Suppliers a choice of how and when they get paid, you’ll help increase their cash flow visibility and minimize their back-office support, while streamlining your AP processes, saving money and reducing fraud. All of these benefits help ensure Supplier satisfaction, which ultimately improves your ability to complete projects on time and your bottom line. Make sure your billing and payment systems are compatible with current and future Suppliers by scheduling a demo today. To get a head start, sign up to watch ToolBox Talk: Pay Your Suppliers Faster and More Securely with Hyphen Wallet.
If you missed the first and/or second blog in this series, we suggest reading them to learn more about how implementing an integrated payment management system in residential construction benefits Builders and Suppliers.