Sunday, December 22, 2024
Jesse Weissburg | Cofounder/CCO of Billd | Billd website

Billd partners with American Express to aid U.S. construction payment cycles

Billd and American Express have joined forces to tackle payment challenges in the construction industry. The partnership aims to provide eligible commercial contractors, who are also American Express merchants, with flexible working capital options.

Based in Austin, Texas, Billd is a financial services provider catering to commercial contractors. Through this collaboration with American Express, B2B suppliers accepting Amex can extend payment terms to their buyers. This initiative helps contractors maintain cash flow and credit lines while allowing suppliers to offer terms they cannot support internally. The arrangement seeks to enhance flexibility for contractors and reduce risk for suppliers.

In the construction sector, contractors often face the challenge of paying upfront for labor and materials. This requirement puts a strain on their working capital and limits growth opportunities. According to the 2024 National Subcontractor Market Report, contractors wait an average of 57 days before receiving payments, placing the financial burden squarely on them.

The Billd-Amex partnership intends to address these issues by providing Billd’s material financing solution to eligible contractors. This solution aims to alleviate working capital constraints, enabling contractors to focus on their work and pursue larger projects confidently.

Chris Doyle, CEO of Billd, stated: “Working with Amex further delivers on our goal of providing purpose-built, industry-specific solutions that allow contractors the financial freedom to focus on doing the best work of their lives.” He added that Billd's mission is "to change the $1.5 trillion industry status quo by creating solutions that ease the financial burden for contractors.”

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