Putting the ‘Pay’ Back into Paycheck

Are you using Textura? If not—and you execute or require lien waivers on your projects—then you might want to consider it. Textura is considered the bill-pay site of the construction industry, and uses the internet to remove the physical—and painfully repetitive—exchanges of paper that take place when contractors receive paychecks and issue lien waivers. Basically, it eliminates the inefficiencies of the construction payment and management process by replacing the mountains of paper payment documents with an internet-based computer program. Using the computer program, it electronically connects everyone involved in the payment process, including owners, general contractors, and subcontractors. According to http://www.texturallc.com/, it reduces the process of filling out forms, obtaining signatures, and transporting documents that used to take days, into a few simple clicks on the computer.

Textura claims to serve more than 25% of the top 400 contractors in the United States, thousands more subcontractors, and a growing list of owners. More than 20,000 firms are using it to get paid faster and save as much as 20,000 per project.

Some industry insiders also believe that Textura may eventually become a new kind of social network. Textura’s chairman and CEO, Patrick Allin, says that “Textura has the potential to explode like Facebook.” And already, a dozen general contractors and 6,000 subcontractors are using it as such.

Just something to keep in mind if you’re interested in getting paid faster, saving thousands of dollars in back-office costs, or networking with thousands of other contractors—all through your computer.

For more information contact Jared M. Scarbrough at jscarbrough@holmwright.com or (480) 477-8589.