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For any business, cash is king. Yet, in construction, cashflow issues are often cited as a reason companies struggle to stay afloat. Frequently, firms that go into administration may have projects scheduled and the skillset to carry jobs out but encounter problems paying bills – or receiving payments.
Poor payment practices have long been intertwined with the industry, but could change be on the way? Ambitious ideas such as project bank accounts have been floated as a potential solution. However, they have failed to gain traction. But could the increasing adoption of digital payment systems begin to chip away at the problem?
Modernising how a business can pay – and receive – invoices, digital solutions can provide greater transparency and remove uncertainty. Payapps’ Head of Partnerships, Angus McAlpine, and Senior Business Development Manager, Anthony Puma, joined Construction News for a roundtable discussion, assessing the role technology can play in fixing the age-old payment conundrum.