Solve Cash Flow Problems with Flash Capital Construction Financing

Flashtract is now offering construction financing options for contractors directly within the application via Flash Capital. This comes whitelabeled through Lendflow, a company that provides embedded lending infrastructure for vertical SaaS platforms to offer capital programs to their business customers. 

Additionally, Lendflow has strong ties to the construction industry, having partnered with Procore in October of 2020. Those ties made selecting a financing partner that much easier for Flashtract. 

Shahrukh Arif of Flashtract

Shahrukh Arif
Head of Product

We’re excited to offer this service to our users, as it further simplifies the billing and payments process for contractors. We know contractors are plagued by cash flow problems and this service offering will allow contractors to inject capital into their businesses, unlocking growth opportunities. Contractors rely on Flashtract to save them time and money, and this additional offering tracks to that same goal.

Once logged into their Flashtract account, users will complete a quick qualifying questionnaire. Next, they are connected with multiple lending institution options directly within the application. This provides a seamless financing experience. Additionally it allows them to keep a project on track when cash flow may be lacking. The offering includes options for working capital, material, and pay app financing. The construction industry has presented a clear need for growth financing. As Flashtract is the fastest growing construction billing solution in the US it was a natural next step for the organization.

This offering, along with a myriad of additional features, will continue to further simplify the billing process. Flashtract continues to empower teams and drive projects forward efficiently.

The Benefits of Financing

Cash flow is a serious issue in the construction industry. Companies like PricewaterhouseCoopers (PWC) report an average 96-day turnaround on payments. This means that most of their contractors are not seeing money from a job until a quarter later. And this problem is widespread. As a result, studies by Rabbet showed slow payments cost general contractors a startling $64 billion in 2019. In contrast, the 2018 report saw a roughly $40 billion waste. Unfortunately, it appears the problem has only been growing. 

Sometimes, no matter how well you file paperwork and contracts, the payout timeline is simply too long. Or perhaps a project has incurred unexpected expenses. You know you will get the money eventually, but it doesn’t help you now. That’s where financing comes in, and at Flashtract, we’re here to make that easy, too. 

Construction Office Employees Can Complete AIA G702 or AIA G703 forms quickly with Flashtract.
About Flashtract

Flashtract is a cloud-based software company that simplifies the billing and payment process for contractors that was designed to track, manage and expedite payment applications, lien waivers, compliance requirements, change orders and all other documents that keep construction projects running. Flashtract was built specifically for construction, which creates a level of focus and drive that has made the organization the fastest growing billing solution in the industry.   

In addition to the core functionality, Flashtract works alongside contractors’ existing technologies like accounting programs, ERP systems, and project management tools. The company focuses on being easy to work with, having an implementation time of just a few hours and a “usage-based” pricing model, which allows companies of all sizes to take advantage of this new approach to construction billing. Most importantly, Flashtract maintains the highest level of customer satisfaction, which can be seen at Capterra. Learn more about how Flashtract is empowering construction organizations across the country here.

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