Best-in-class technology platforms team up to take the stress out of the payment chain.
There’s a huge problem facing the construction industry, but we’re not talking about the industry’s labor shortage or the emerging threat of new tariffs.
We’re talking about payments, and specifically, that the system of payments in the construction industry is broken. This is not surprising and it’s not exactly news — certainly not to anyone reading this. But what might be surprising to some of you is that no one is immune.
Navigating the dysfunctional system of payments causes problems and stress for everyone involved on a project, from top to bottom.
GCs go into each new project stressed over the looming threat of liens and burdened with the process and paperwork (lien waivers) to avoid them. The lack of visibility into all of the sub-tiered participants on a project exposes GCs to risk and leads to a fear of the unknown. Subcontractors and suppliers absorb stress associated with late payments and the inevitable cash flow problems, problems which ironically are caused by payments delayed due to the paperwork and process designed to remove those very same problems. The system in place for construction payments is so dysfunctional that it’s at odds with itself!
It’s no surprise that everyone worries – and is desperate to avoid – having a mechanics lien filed on the project, the figurative equivalent of a heart attack that can stop a project in its tracks.
Making Construction Payments Stress-Free
But we’ve got some good news. Procore, the leading construction management software, and Levelset, the leading collaboration-driven payment solution, joined forces with a revolutionary integration that automates the waiver process for the very first time. This is a giant leap forward on the path to eliminating construction payment stress, forever.
Procore’s phenomenal rise is the stuff of legend. From its humble beginnings, Procore is now the #1 construction management software in the world, with over 2.5 million users managing billions of dollars worth of construction volume every year.
Founded in 2008, Levelset has built a technology platform focused on fixing the construction industry’s payment problem. Our technology platform fosters collaboration and makes it easy to exchange essential project information and payment documents such as notices, pay apps, and waivers.
Announcing the First Automated Waiver Solution on the Market
If it sounds like we’re a little excited or perhaps a tad bit proud, well, it’s because we are. Exchanging lien waivers has been one of the most challenging, vexing, and persistent problems facing the construction industry for decades. Every year, the construction industry wastes tens of thousands of man-hours on the waiver process. And what does the industry have to show for all that time and effort? Usually, just more stress — half the time, these firms don’t even know if they’ve gotten their lien paperwork right or if they’re even doing the process correctly.
Until now that is.
With the integration, Procore users will be able to do the following with each document type within the Procore user interface:
Send, request, receive, and manage lien waivers
Automatically trigger waiver requests for approved requisitions
Ability to request waivers for multiple requisitions at once
Receive and store preliminary notices
See and keep track of who is on every project
Connect notices to projects, contractors, and waiver requests
Recipients of the waiver requests are alerted via email with a direct link to review, respond and e-sign the document within minutes. They also have the option to save the signed documents in a free Levelset account for their records. Signed waivers are then automatically pushed to Procore and can be accessed as an attachment to the associated requisition, as well as in the document library.
Fixing the Payment Chain and Reducing Stress, One Project at a Time
This partnership is innovation at its best. What better way to curb the stress of chasing down legal documents than to simply automate the process? This is what happens when some of the most brilliant minds in two forward-thinking companies collide. We are beyond excited at Levelset to build on our partnership with Procore and introduce more innovative solutions to fix the payment chain in construction.
Learn more about how you can benefit from the Procore-Levelset integration in the Procore Marketplace