Hyphen Wallet: The Builder Experience
Hyphen Wallet is a real-time payment management system that helps Builders reduce the cost of processing payments to Suppliers and Trades via one central, secure platform. Hyphen Wallet combines payment methods, currencies, subsidiaries and regions using payment integration in real-time. Automation makes it easy for Builders to check records, track past and present expenses and identify fraudulent charges.
The best way to assess the benefits of Hyphen Wallet is to talk directly to Builders who use it. We love interviewing customers and publishing Customer Stories because they provide proof from real users about the real-time benefits of products like Hyphen Wallet. From our most recent interview, we gleaned invaluable insights on the benefits Hyphen Wallet delivers to Dallas-area Grenadier Homes, a DFW-based townhome Builder that has been in business since 1991. These are the top three reasons they’re thankful they transitioned from manual payments to Hyphen Wallet.
Processing payments manually was an excessively time-consuming process due to their company structure. Before implementing Hyphen Wallet, their owner was manually approving and signing all checks. Hyphen Wallet's automation has proven highly effective for Builders, reducing invoice processing time by an impressive 80% and decreasing invoice errors by 23%. Additionally, Suppliers have reported increased satisfaction with the streamlined payment process.
Time and Cost Savings
Hyphen Wallet eliminates the need for employees to stuff envelopes and mail checks. The ability to upload a spreadsheet for invoices and processing payments through Hyphen Wallet saves considerable time and aggravation. Grenadier Homes reported that thanks to Hyphen Wallet, they saved the equivalent of 80 hours a week when two full-time employees left and they didn’t need to replace them. Furthermore, these time and cost savings helped offset longer lead times due to ongoing product shortages related to the COVID pandemic that have just started to ease.
Suppliers complained that they hadn’t received checks that were mailed three to four weeks earlier, most likely due to mail delivery issues that have impacted the US Postal System (USPS) for the last five years. Hyphen Wallet eliminated or substantially reduced the need to answer questions or frantic phone calls from Suppliers and Trades about the status of their payments. While the possibility that the checks were stolen wasn’t specifically mentioned in this interview, this issue has been a growing problem nationwide and in Texas. Moving to an automated construction billing and payment software reduces the possibility of error, fraud and checks lost in the mail.
In February 2023, CBS News Texas reported complaints of check fraud in several cities where USPS collection boxes were found overflowing with mail. In April, a man was arrested for purposely stuffing boxes with big manila envelopes filled with bed pillow material so he could reach in and grab valuable mail, stealing over $300,000 of checks and cashing them. Texas has also been impacted by the alarming and growing incidence of letter carriers being robbed of arrow keys at gunpoint. These keys can open any collection box and have been found for sale on the dark web for $2,000 a piece. Grenadier Homes was already a Hyphen Wallet user, so they didn’t have to worry about this recent criminal activity impacting their business!
Learn How Hyphen Wallet Can Benefit Your Company
Hyphen Wallet provides Builders with a secure, quick and easy portal to electronically pay Suppliers, Contractors and Trades. Giving Suppliers a choice of how and when they get paid helps increase cash flow visibility, minimizes back-office support and streamlines accounting processes. As this Dallas-area Builder shared, Hyphen Wallet saves time and money and eliminates worrying about issues affecting USPS. Schedule a demo to learn more about all the benefits of Hyphen Solutions’ integrated construction payment software.