2020 has been a difficult year for everyone including construction businesses. However, experts are making positive predictions for our industry, with digital transformation a key focus. Construction Industry Recovery As we navigate the coronavirus pandemic we can expect to see positive change. We need more resilient business models. For instance, construction businesses will need to …
At PongoPay, we’re passionate about helping tradespeople avoid late payments. We understand that they’re not only bad for your cash flow but mean that you spend more time than you should be chasing your clients.
Did you know tradespeople in the UK are overdue billions of pounds in unpaid or overdue invoices? That’s from both consumers and businesses. The truth is that most tradespeople will lose out in unpaid invoices at some point or another in their lifetimes. It’s an unfortunate part of running a business. However, at PongoPay, we’re working hard to help make that history.
Our new tradesmen payments service allows you to send customers contracts and invoices. They can then pay for your services in advance. Once they have paid for your job, they’ll be able to monitor your progress inside of the PongoPay app. You can send them updates on the status of the project and request additional funds for your work. You can even resolve potential disputes without leaving the app.
For consumers, it offers added peace of mind when working with you. They’ll only be paid once you have completed the job. For you, it means that you can have the confidence to work on the project. You’ll be safe in the knowledge that your customer has already paid. The money will be sitting waiting for you in a secure account.
Once you’ve finished the job, you can request for the funds to be released, and you’re done! Visit our website to find out more about the PongoPay service. And subscribe to our Late Payments category for advice on dealing with late payments as a self-employed tradesperson.
Contractors in the construction industry have a long-standing issue with late and non-payment. Lloyds Bank reported in 2016 that SMEs are owed £586 billion in unpaid invoices. The construction industry has one of the worst payment records in UK business. When Did The Problem Start? Companies increased outsourcing in the 1970s to allow them to reduce …