Providing small businesses with tailored funding solutions since 1999, Viva Capital Funding’s Construction Quick Pay Program can help general contractors build stronger relationships with subcontractors and boost profitability with prompt payment solutions. It’s a fast funding solution for construction contracts that streamlines the subcontractor financing process.
Construction Quick Pay for Contractors and Subcontractors
You’re a seasoned contractor. You know how to lock in projects with payment methods that already have funding secured and have built a strong reputation with clients and subcontractors alike. As a general contractor, you understand the construction industry, but also know that business customers don’t always pay what you expect when you expect it. The online payment system simplifies the way to handle bills.
Meanwhile, your subcontractors are racking up their own bills. They’ve paid for supplies and labor. Waiting for subcontractor payment from you is hard and sometimes not even an option. Relax – paying your subcontractors doesn’t need to be a hassle. You’ve got Viva’s Quick Pay Program on your side to help you simplify your subcontractor financing solutions and ensure payment. With Quick Pay, you can ensure select subcontractors get paid when they need cash most and keep more money in both your pockets.
How Quick Pay Solves Common Payment Problems in Construction
In the construction industry, general contractors and subcontractors often face cash flow challenges due to long payment cycles, delayed billing, and unexpected project expenses. Many contractors rely on Quick Pay to access funds sooner, allowing them to cover payroll, purchase materials, and pay vendors without disrupting ongoing projects. By providing payments within just a few business days of application approval, Quick Pay reduces the burden of waiting 30 days or more for project payments, helping contractors manage expenses promptly.
Quick Pay’s cloud-based online portal also simplifies the application and approval process, reducing the administrative load. Contractors can manage pay timelines electronically and gain greater control over finances, with payments issued directly to subcontractors who’ve completed qualifying work. This automation eliminates the need for manual paperwork, keeping projects running smoothly and strengthening business relationships.
An added advantage of Quick Pay is the integration of lien waivers, which protect both contractors and subcontractors by ensuring financial security and compliance. The Quick Pay program helps contractors avoid reliance on credit cards or asset-based lending, offering a seamless, efficient way to cover costs while maintaining control over payment terms. As a reliable solution to construction payment problems, Quick Pay supports contractors in maintaining steady cash flow and achieving project success without financial setbacks.
Quick-pay options for contractors can be an effective way to address cash flow challenges and ensure construction projects stay on track; learn more about these quick-pay options for contractors.
Construction Quick Pay Process
Sign up and offer Quick Pay to selected subcontractors
You choose which of your subcontractors qualify for Quick Pay.
Add projects to Quick Pay Portal and link subcontractors to their projects
You’re in total control of which projects subcontractors can request Quick Pay on too.
Your subcontractor applies
Subcontractors can then choose to apply or wait for your standard payment terms.
You approve and determine the amount. When a subcontractor submits their payment application, you’ll receive a notice and be asked to visit the Portal to approve the request and determine the total amount approved for payment.
Viva funds the subcontractor
The subcontractor will be asked to sign and upload documents (i.e., partial lien releases, waivers, etc.); they can receive the payment right away via wire transfer or check.
The account is settled at client payment
Once your client pays you and payment has been made to Viva, the account is cleared based on the terms set in your Quick Pay Program agreement.
To further simplify the subcontractor’s payment process, Viva’s Quick Pay Program makes it easy for contractors to move forward without the usual complexity. Teams often struggle with managing the collection of documents and supporting documents required to approve payments, but Quick Pay ensures that all receivables and deliverables are handled in a timely manner.
Whether your subcontractor has completed a portion of the work or the entire project, they can submit a conditional payment request and receive payment without delay. This helps keep projects on track, avoids potential payment disputes, and reduces the risk of a lawsuit between the subcontractor and project owner. Viva’s system ensures smooth transactions, so you can focus on project success.
Building Better Relationships with Your Subcontractors
Quick Pay Benefits and Uses: Contractor and Subcontractor Financing Solutions
Quick Pay Benefits and Advantages for General Contractors
Increased Profitability
General contractors pay nothing to participate. Quick Pay helps keep your projects on track, and you may even qualify for rebates that add more money to your pocket.
Funding Control
From start to finish, you’re in control of who gets funded, how much, and when with Quick Pay billing features. Simplify your payment cycle with automation.
Flexibility
Use Quick Pay as needed and maintain control of the payment cycle with your subcontractors without depleting your cash on hand.
Maximizes Working Capital
Your subcontractors are covered without any cash out of pocket from your company so that you can maximize your resources for your operations.
Improved Subcontractor Relationships and Loyalty
Accelerated subcontractor payments keep subcontractors happier, so you can build stronger relationships and boost repeat projects with the best ones.
Reduced Subcontractor Funding Inquiries
With Quick Pay, subcontractors know exactly when they’ll get paid, so you can all focus on the task at hand. Automate your construction project management with Viva.
Quick Pay Benefits and Advantages for Subcontractors
Reduced Funding Inquiries to General Contractor
With a payment application for the construction industry that is as effective as Quick Pay, subcontractors know when they’ll be paid and how much, plus everything is managed via the portal, so there’s less back-and-forth.
Flexibility
Quick Pay can be leveraged for individual projects and milestones, allowing the subcontractor to choose when to accelerate payment after it’s been offered.
Cash Flow Acceleration
Subcontractors get paid faster, so they have more working capital for project expenses and less stress.
Affordable
Viva offers competitive rates, making Quick Pay an affordable way to accelerate cash flow.
Quick Pay Use Cases
The Viva Quick Pay Program is designed for experienced general contractors or a subcontractor who typically work on projects that already have funds earmarked, such as government contracts and those with large corporations. It offers a powerful tool to simplify your payment, making it the best fit for accounts payable and accounts receivable.
Once you’re set-up, you can add all types of subcontractors to your Quick Pay portal, including those who specialize in:
Carpentry and floor work
Concrete
Demolition
Drywall
Electrical
Excavation
Fire alarms and sprinklers
Framing
HVAC
Windows and doors
Landscaping
Masonry, stonework tile setting, and plastering
Painting and paper hanging
Plumbing
Roofing, siding, and sheet metal work
Quick Pay Success Stories
Find out how some of our clients have forged better relationships with subcontractors with the help of Viva Capital Funding’s Quick Pay Program, a comprehensive construction payment management platform.
Request More Information
At Viva, we understand how important it is to keep your project on schedule and maintain strong working relationships with quality subcontractors because we’ve been supporting the construction industry for decades. With our specialized subcontractor payment solutions, we offer self-service portals for you and your subcontractors to fast, affordable, and reliable funding, we make the process as simple as possible, so you can all focus on the task at hand and build stronger, more profitable businesses. Discover the way to maximise your expense management and enhance compliance documents with software like Viva’s Construction Quick Pay Program.
Construction Quick Pay FAQs
What is Quick Pay in construction?
Quick Pay in construction refers to an agreement where contractors arrange for selected subcontractors to request and receive payment after completing work or reaching specific milestones rather than waiting for the project or milestone to pay out. This helps improve subcontractors’ cash flow, ensuring they have the funds to cover expenses such as materials and labor.
How does Quick Pay benefit contractors?
By providing faster payments for subcontractors, Quick Pay helps general contractors keep projects on track. It also helps strengthen subcontractor relationships and can lead to greater profitability overall.
How do I qualify for construction Quick Pay?
Most general contractors working for creditworthy clients qualify. To find out if you do, connect with Viva Capital. If you’re a subcontractor, your general contractor sets their own requirements and makes the final decision using their own criteria.
Is Quick Pay the same as factoring for contractors?
No, Quick Pay and factoring are different. Quick Pay involves getting paid faster directly from the general contractor or head of the project, while factoring is a financial service where a contractor sells their accounts receivable to a third-party company for immediate cash.
Can Quick Pay improve supplier relationships?
Yes, Quick Pay can improve supplier relationships by ensuring that contractors have the funds to pay suppliers on time or earlier. This fosters trust, strengthens long-term partnerships, and can lead to better terms or discounts from suppliers in the future.
What if I only want some subcontractors to qualify for Quick Pay?
Quick Pay keeps general contractors in control. You decide which subcontractors qualify, which projects they qualify on, how much they can receive, and more. It’s very customizable. When you work with a company like Viva Capital, everything is digital, too, which makes the process seamless.
What if my subcontractor is approved for Quick Pay but doesn’t do the required work?
With Viva’s Quick Pay Program, all requests come to the general contractor for approval before payment is made. This step ensures only those who qualify for early payment receive it.
