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Revolutionizing Construction Payments with BuilderPay™

BuilderPay is changing the game in construction payments. Find out how this revolutionary platform is reshaping the industry.
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The Evolution of Construction Payments

In the traditional construction draw process, payments are typically made at specific milestones or stages of the project. However, this can lead to delays in payment and disputes between contractors and trades. BuilderPay aims to address these challenges by introducing a performance-based payment system.

With BuilderPay, payments are made immediately upon task completion and approval. This eliminates the need for waiting weeks or even months for funds to be transferred. By incentivizing trades to complete tasks promptly and efficiently, BuilderPay streamlines the payment process and ensures faster access to funds.

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Benefits for All Stakeholders

BuilderPay offers benefits to all parties involved in the construction process.

For lenders, BuilderPay decreases the risk of construction loans by ensuring that funds are used to enhance the value of the underlying asset. It also reduces loan servicing costs.

Builders can make payments easier with lower overhead, improve relations with lenders and trade contractors, and reduce financing and insurance costs.

Trades benefit from BuilderPay by getting paid faster and decreasing the risk of payment default. It also allows them to better engage with homebuilders and establish mutually beneficial relationships.

Overall, BuilderPay improves efficiency, reduces costs, and enhances collaboration between contractors, trades, lenders, and other stakeholders in the construction industry.

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The Role of Blockchain in BuilderPay

Blockchain technology plays a crucial role in the BuilderPay platform. It ensures that transactions are transparent, secure, and immutable.

By recording all payment and project progress information on the blockchain, BuilderPay creates a decentralized ledger that serves as a single source of truth. This eliminates the need for manual record-keeping and reduces the risk of fraud or disputes.

The transparency provided by blockchain technology also enhances trust and accountability among all parties involved in the construction process. Builders, trades, and lenders can easily access and verify payment and project information, creating a more transparent and efficient ecosystem.

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Transforming the Construction Landscape

BuilderPay is more than just a payment mechanism; it's a strategic tool that transforms the construction landscape.

By incentivizing speed, quality, and transparency, BuilderPay not only expedites project completion but also elevates the quality of construction projects. The performance-based payment system encourages trades to complete tasks promptly and efficiently, leading to faster project delivery.

Furthermore, the use of detailed checklists and photo/video documentation ensures that every task is clearly defined and verified before payment is released. This reduces the likelihood of disputes over payments and progress, creating smoother and more reliable relationships between contractors and trades.

With BuilderPay, the construction industry can embrace a future where payments are faster, project progress is transparent, and collaboration between stakeholders is seamless. It paves the way for a more efficient and mutually beneficial construction ecosystem.

BuilderPay is powered by the BuilderChain Network, and the BuilderChain Network is powered by Palantir

HOW TO COMPETE FOR THE BEST TRADES AND WIN EVERY TIME

You can trust that once your trade contractor's task is completed and all checklist items for that task is approved by the appropriate personnel, BuilderPay will immediately execute the payment process that automatically transfers project escrow funds into your trades' checking accounts.

Our streamlined payment system guarantees that your trade contractor's payment will be made with a turnaround time of 2 to 24 hours.

Your trades will love you for it...

What We Do

BuilderPay is focused on the unique requirements of distributing fiduciary funds used during the construction process (draws) that require tight governance and control, and thus is unlike PayPal or Venmo. 


How We Do It

BuilderPay can now pay at a much more granular level, typically at the completed task, and transfer task payments to a vendor’s checking account within 24 hours. 

As opposed to the weeks, or even months, it takes with the existing legacy payment process. 

PROBLEM

Slow payers will cost construction industry $136 Billion in 2021

construction broadsheet slow payers will cost construction industry

Legacy Constructon Draws

The construction draw process works the same today as 50 years ago.

It’s done with milestone inspections at the construction site. Draws come days or weeks later. Then the trade contractors and suppliers are paid even later than that.


Cash Flow Constraints

Trade contractors need better cash flow.

Homebuilders and general contractors need a much easier way to create that trade contractor cash flow.

SOLUTION

We start with a clean slate and completely revision the entire construction draw process from the ground up.

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Cash Flow as a Competitive Advantage

Faster trade contractor payments creates significant competitive advantage to the homebuilders and general contractors that provide their trades with improved cash flow.


Compel events to conform to plans

- Billy E. Goetz
Palantir Dynamic Scheduling Dashboard

BuilderPay introduces a groundbreaking approach to payment and project management within the construction sector, harnessing the cutting-edge capabilities of blockchain technology to redefine operational efficiency and quality. This innovative payment platform is designed specifically for project owners and general contractors, enabling them to provide their trades with a rapid, detailed, and highly secure payment method that directly correlates with their on-site performance. By fostering a system where payments are closely linked to the successful initiation and completion of tasks, BuilderPay not only accelerates project timelines but also significantly uplifts the standard of work executed.


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Marginal Improvement is No Longer Sufficent

We make no attempt to marginally improve the existing, legacy construction draw process.

W
e replace it entirely starting at the source of funds.


At the heart of BuilderPay's advantage...

Is its ability to incentivize the trades to commence and conclude tasks more promptly. This is achieved through a performance-based rewards system, where timely task execution is directly rewarded, thus encouraging a more efficient workflow and markedly improving the overall cycle-time performance of construction projects. The platform's utilization of blockchain technology ensures that these transactions are not only faster but also transparent and secure, offering peace of mind to all parties involved.

BuilderPay goes beyond merely optimizing payment timelines. It revolutionizes the way project progress is monitored and verified. 

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Traditionally, construction progress assessments are conducted by project managers or general contractors, often leading to subjective "percent complete" evaluations that can result in disputes and delays. BuilderPay eliminates this ambiguity by mandating a detailed checklist for each task, supplemented with photo and video documentation. This process guarantees a granular, task-level view of project completion, ensuring that every task is clearly defined, documented, and verified by at least two parties before payment is released.


From Periodic to Performance...

This paradigm shift from periodic progress payments to immediate, performance-based remuneration eradicates common points of contention, streamlining project execution and fostering a more harmonious working environment. The requirement for thorough documentation including photos and video related to the task, and adherence to a comprehensive task checklist process prior to payment approval further motivates the trades to allocate their most skilled crews to complete each task.

This ensures that work is completed to the highest standards, efficiently and without unnecessary delays, thus assuring accelerated payments and optimized cash flow for the trades.

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In essence, BuilderPay is more than just a payment mechanism; it's a strategic tool that transforms the construction landscape. By incentivizing speed, quality, and transparency, BuilderPay not only expedites project completion but also elevates the quality of construction projects. It promises a future where disputes over payments and progress are a thing of the past, paving the way for smoother, more reliable, and mutually beneficial relationships between contractors and trades.


How it Works with logo bkgrd

BuilderPay Step 1

Replace the entire construction draw process.


BuilderPay Step 2

Tokenize the source of funds with a digital twin.


BuilderPay Step 3

Assign token properties with project, vendor and task identifiers to apply absolute governance and control over the distribution process


BuilderPay Step 4

Provide an immutable project ledger that serves as a single source of the truth across organizational boundaries.

BuilderPay Immutable Token with Parameters Branded

Benefits - a true win for all parties with logo bkgrd

Lender

  • Decrease risk of construction loan
  • Ensure 100% of funds are used to enhance value of the underlying asset
  • Increase Origination Fees and turn loans faster
  • Expand Geographic footprint
  • Decrease loan servicing costs
  • Verify a Project’s Trade Contractors
  • Reduce Mechanics lien risk

Builder

  • Make payments easer with lower overhead
  • Obtain non-recourse financing on qualified presales
  • Improve relations with Lenders and Trade Contractors
  • Reduce financing costs and insurance costs
  • Verify a project’s General Contractor credentialing
  • Reduce Mechanics lien risk
  • Enhanced throughput and cycle-time performance

Trades

  • Get paid faster, much faster
  • Decrease risk of payment default
  • Source new projects easily
  • Better engage homebuilders
  • Reduce insurance costs
  • Enhanced throughput and cycle-time performance
  • Verify a project’s General Contractor credentialing
  • Enhanced throughput and cycle-time performance

Hear the backstory of the BuilderPay conception...

In 1998, a homebuilder in Atlanta grew from 300 homes to over 1500 homes a year over a two-year period.

They had a severe trade contractor shortage…

BuilderPay is a composable back-office merchant operating on the Palantir Foundry enabled BuilderChain Network

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