AvidXchange™, a leading fintech provider of accounts payable and payment automation for midsize companies, and GCPay today delivered an emerging best-in-class solution for construction firms. Through a strategic partnership with GCPay, the construction industry’s leading online platform for automating subcontract management processes, the solution – Construction Payment Exchange powered by AvidXchange, encompasses end-to-end features that efficiently manages the entire project lifecycle and solves for the complexities of the lien waiver process.
As technology continues to evolve, the construction industry is experiencing a need to reduce cost, increase efficiency, and elevate performance levels
stated Michael Praeger, CEO and Co-Founder of AvidXchange. “For this reason, construction firms are required to be incredibly pro-active in the early stages of the construction phase – ensuring that all the steps from contract agreement to anticipating final costs are secure,” continued Praeger. “The solution, Construction Payment Exchange, meets the needs of the stages – acting as a single source of truth for all the construction projects by eliminating speculation and guesswork between parties.”
The Construction Payment Exchange delivers extensive benefits to construction. By aligning AvidXchange Payment solutions with GCPay’s management process – the solution helps build the working relationship between all parties including control and visibility for the schedule of values, application for payment, change order, compliance, lien waivers, and payments.
“Our partnership with AvidXchange affords our clients a best-of-breed method to safely, securely, and quickly pay their contractors electronically throughout the life of a construction project.The technology both companies have developed for the Construction Payment Exchange provides users with unmatched payment flexibility along with automated processes that reduce risk significantly for general contractors,” said GCPay Chief Operating Officer Daniel Bruneilli.
“The combination of AvidXchange and GCPay resources provide construction entities with a seamless process to automate everything associated with invoices from, and payments to, their contractors, suppliers, and vendors,” Brunelli said.
AvidXchange™ revolutionizes the way companies pay their bills. Serving more than 5,500 clients throughout North America, AvidXchange is an industry leader in automating invoice and payment processes for midmarket companies spanning multiple industries including Real Estate, Financial Services, Energy, and Construction. AvidXchange has been recognized as the top software company in North Carolina by the North Carolina Technology Association, one of the 50 fastest-growing private companies in the Charlotte area for six consecutive years, ranked among Deloitte’s Fast 500 this past year, and was recently named the top 100 technology companies in North America by Red Herring. In the midst of record growth, AvidXchange has remained true to its most valued competitive advantage—its people. AvidXchange has been recognized as one of the Best Places to Work in Charlotte for eight consecutive years. For more information, contact us at 800.560.9305 or info@AvidXchange.com. You can also request a demo of our construction payment software here.
GCPay.com is the construction industry’s leading online platform for automating subcontract management processes, specifically invoicing, compliance and lien waivers. The company was founded in 2002 and is headquartered in Richmond, Va. The GCPay portal is accessed regularly by more than 20,000 entities, including General Contractors, Owners, Developers, Financial Institutions, Government Agencies, Engineering and Architectural Firms, and Subcontractors. The company has established strong software development partnerships with industry-leading financial systems including Vista by Viewpoint and Sage 300 Construction and Real Estate.