Introducing a Powerful New Way to Pay and Get Paid
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Within the construction industry, cash-flow is the driving force that keeps projects moving. DrawPay provides construction invoice factoring services which enable you to drive your business forward. Because DrawPay was designed by construction industry professionals, we understand the unique needs within our industry and specialize in assisting construction companies with their cash-flow needs. With DrawPay you’re able to access the financial support you need to meet payroll, pay trades, maintain your credit rating with prompt payments, meet overhead expenses, pay taxes and bid on larger projects with cash liquidity.
In our industry, we value experience because it is essential to the quality of the job. When it comes to factoring services, DrawPay also believes that experience is vital and has multiple affiliates whom have extensive knowledge in working with general contractors and subcontractors across various trades.
We all understand it takes capital to run, grow and succeed in this economic environment. Your company could be at a competitive disadvantage without access to working capital. When you use DrawPay, you have access to a valuable source of operating capital which enables your company to respond to the competitive landscape, pivot when opportunities arise, as well as build on momentum. Imagine your sub-contractors no longer waiting for payment before starting on the next phase of a project, or before starting a new one.
With DrawPay, sub-contractors are paid within a few days for the first payment and virtually within hours for each subsequent invoice payment. Speeding up cash flow creates flexibility to seize opportunities cash-strapped companies cannot.
Factoring is a financial transaction that enables your business to sell its account receivables to a third party at a discounted rate. This enables you to access your funds faster to run your business. Because you are selling an asset, DrawPay is not a loan and does not focus on the credit worthiness of your company. It is a form of off balance sheet financing and allows you to access time-delayed funds and enables you to access the capital tied up in your 30/60/90 invoice cycles.
By unlocking these funds now, you can operate and grow your business without taking on new debt. You receive up to 80% of your invoice value with funds wired directly to your account. The remaining 20% (your reserves less discount fee) is paid once the invoice has been paid.
Every stakeholder on your project gains faster payment when work is completed, creating goodwill for your company, happier trades and maximum efficiency.
We offer one of the lowest rates in the industry at 2% and encourage you to compare our rate against any competitor. Our fee is all-inclusive and we will not nickel and dime you. There are no up-front fees, no wire fees, no hidden charges, no interest charges – period.
While other financial institutions may charge as much as 1% of your total request, we offer zero origination fees and cost. Because this is an asset sale, we work with companies who have limited or no credit history. There is no long-term contract, no monthly minimums and no penalties for non-usage.
