Optimise working capital and improve business relationships
For construction businesses striving to comply with UK regulatory requirements around the fair payment of subcontractors choosing the right payment method to support efforts made is vital.
Traditional payment methods, such as cheque or bank transfer, can be slow and require a great deal of time consuming manual work. Virtual payments offer a number of benefits over traditional methods that can help facilitate fair payments.
Benefits of WEX Virtual Payments for construction businesses
- Optimise working capital – Access extended payment terms at no cost so you can pay subcontractors on time without cash flow implications
- Improve business relationships – Faster and earlier payment can help strengthen relationships with favoured subcontractors
- Earn money on payments made – Get money back on payments made in the form of a rebate
- Reduce administration and enhance reporting – Enhanced data capture faciliates improved reporting and transaction tracking
The importance of credit funding
To thrive in tough operating conditions you need to constantly look at the way you operate to ensure that you are equipped to adapt to challenges effectively and efficiently. Choosing the right supplier payment strategy is a key enabler of success and access to a credit line is central to this.
WEX Virtual Payments give you access to free, unsecured credit and allow you to pay subcontractors and other suppliers straight away. This ensures you have the flexibility to meet regulatory requirements surrounding subcontractor payments even when cash flow is stretched, for example when you are awaiting incoming payments. It also allows you to take advantage of early payment discounts where these exist.
Beyond access to a credit line to improve cash flow, Virtual payments allow you to earn on payments made, provide savings when paying international suppliers and save time on reconciliation and enhance reporting.