The leading Canadian fintech company, Nuvei Corporation, has extended its Business-to-Business (B2B) payment solutions to support the fast-growing construction industry in America. The payment platform of the company has been integrated with Sage Intacct Construction Real Estate (CRE) supporting the already in place support of Sage 100 Contractor and Sage 300 CRE.
This strategic step has been taken to simplify (court the idea of simplifying) financial activities in the construction sphere and overcome difficulties including delayed payments, lien waiver tracking, tax compliance, and manual reconciliation.
Understanding the Construction Industry’s Payment Challenges
The construction industry has a reputation for having complex flow of payments along with multi-party billing. Contractors, subcontractors, suppliers and project owner usually struggle with efficient payment management. Those using traditional methods (paper checks and manual invoicing) are likely to experience delays and errors to cash-flow and project time lines. In addition to this, monitoring lien waivers and tax compliance are another added layer of complexity which financial management is faced in construction projects.
Nuvei’s Integrated Payment Solutions
Nuvei’s improved payment capabilities strive to streamline these complexities by integrating payment functionality right into the software that is typically used in the construction industry. Integrating with such platforms as Sage Intacct CRE or through payment links, Nuvei makes it easy for clients to accept digital payments with no difficulty within their current workflows. Some of the key features of Nuvei’s solution are:
- Real-Time Transaction Processing: Puts company’s transactions on time.
- Automated Invoicing: Thorough out manual errors and administrative work load.
- Surcharging Tools: Gives businesses ability to recover card processing costs.
- Lien Waiver Tracking: Ensures compliance with legal requirements.
- Tax Compliance Features: Simplifies adherence to tax regulations.
- Automated Reconciliation: Streamlines financial record-keeping.
Such characteristics overall guarantee increased efficiency, better management of cash flow, and limits the risk associated with financial discrepancies.
Benefits for Construction Businesses
Through using Nuvei’s integrated payment solutions, construction businesses have the possibility to enjoy the following benefits:
- Faster Payments: Shortened transaction processing time decreases the waiting times.
- Improved Cash Flow: Internal features provide for compliance with legal and tax restrictions.
- Operational Efficiency: Automation of invoicing and reconciliation release resource.
- Enhanced Compliance: Internal features provide for compliance with legal and tax restrictions.
- Cost Recovery: Surcharging tools are used as a means of recovering processing fees.
These benefits help the execution of the construction projects to be smoother and the construction firm to be financially healthier.
Nuvei’s Commitment to the Construction Industry
Philip Fayer, CEO & Chair of Nuvei, stressed the company’s commitment to the construction sector:
This spread demonstrates the commitment of Nuvei to offer customized solutions that meet the peculiar needs of the construction industry.
Looking Ahead
In view of the rapid development of the construction sector, there will be a need to increase the supply of efficient and reliable tools for payment. Nuvei’s improved multi-billion-dollar B2B payment capabilities identify the company as a pivot for serving the financial requirements of construction businesses. By harnessing technology for streamlining payment processes, Nuvei wants to help improve the overall efficiency and success of the industry.
