Construction industry payment and financing platform LinqPal has officially launched, connecting developers and contractors with construction supply vendors, according to a Thursday (Jan. 28) announcement.
“For a long time, [small- to medium-sized businesses (SMBs)] in the construction industry have been neglected by banks and financial institutions,” CEO Yaser Masoudnia said in the announcement. “We founded LinqPal to change that. We strongly believe that SMBs are the core of the U.S. construction industry, but also an overworked and underserved community.”
LinqPal’s technology reshapes the way in which construction supply vendors handle and take in payments, according to the announcement, which noted that these companies have the ability to simplify and digitize invoice collection while providing clients with financing through the offering.
The platform lets contractors make expedient payments for supplies in any location with mobile through the payment method that they prefer like LinqPal financing, the announcement stated. An array of payment options is available to developers, builders and contractors. like LinqPal’s buy now, pay later (BNPL) selections.
Vendors can harness the company’s system to provide clients with invoices through text message and expediently obtain payment. LinqPal assists vendors in enhancing payment collections and the client experience, while helping them sell more product by making their supplies more affordable to additional clients, according to the announcement.
The pandemic has driven firms in multiple industries to simplify bulky payment workflows that are siphoning off time and financing resources that they can no longer afford to lose, PYMNTS reported.
Construction firms are encountering time and cash crunches because of the decreasing work opportunities and slower payment timelines during the pandemic. They are waging uphill battles to financial recovery as the negative impacts of the pandemic’s first few months linger. Late or slow payment workflows can expand costs.
In a Deep Dive, PYMNTS explored the payment and procurement challenges construction companies are encountering during the pandemic and which digital accounts payable (AP) technologies could be applied to these obstacles.