GCPay’s ePayments platform can bring significant time savings and enhanced control to the subcontractor payment management process and for the construction accounting team. Here’s how transitioning to ePayments can optimize your current payment processes:
Centralized Payment Review: Instead of manually tracking invoices, our ePayments module offers a dashboard where you can easily review all invoices eligible for payment, streamlining the approval process.
Payment Exchange Waivers:One of the biggest time-savers with ePayments is the payment exchange waiver process, which automatically releases unconditional lien waivers once payments are made. This eliminates the need to chase down subcontractors for signed waivers after issuing paper checks.
Automated Compliance Management: Payments for non-compliant invoices are automatically blocked. The platform checks for required documents like certificates of insurance (COIs), safety certifications, licenses, bonds, and expiry dates in multiple systems, ensuring payments are only issued when all compliance requirements are met—reducing manual oversight.
Faster Document Verification: Internal reviews become more efficient, as the platform quickly verifies required backup documents, ensuring all records are in order before approving payments.
Payment Queue and Approval Process:Payments close to eligibility can be earmarked, and a two-step approval process ensures that payments are fully reviewed before being released.
Outsource Subcontractor Account Verification: GCPay and our partners at FastPay handle the verification and security of subcontractor accounts, sparing accounting teams from this time-consuming task. FastPay employs algorithmic technology to verify each subcontractor account added to our platform. Additionally, outsourcing account verification helps protect accountants from constant spam communications and reduces the risk of check fraud and other malicious activities.
GCPay is also working on future enhancements, such as manual payment holds, tier payment control waivers, and ERP payment reconciliation (for supported ERPs), which will add even more efficiency and control compared to traditional payment methods.
By adopting ePayments, your team can reduce manual tasks,avoid compliance risks, and streamline the overall payment process—all within the GCPay platform.
GCPay’s Robust Stored Material Feature has Many Benefits for Users
GCPay allows subcontractors to add financial values for “stored material” when submitting a SOV on a project. To better help general contractors and subcontractors manage expenses, it’s a separate column that helps isolate the amount of the SOV that is dedicated to this need which helps with tracking and reporting. GC’s can “block” this feature and not allow for stored material billing by having a GCPay support member enable the feature.
Conversely, GCPay also allows for GC’s to require subcontractors to manually move stored material with each pay application. This feature gives general contractors the ability to track stored material as much or as little as each user wishes.
The Manually Stored Materials feature, when enabled, will require subcontractors to manually deduct materials installed from the Material Stored column (column F) and add them to the $ This Period column (column D) with each new payment application. Subcontractors manually move material only when said material is installed.
When unchecked, stored material will automatically move from column F to column D the following pay period. Historically, this option could be toggled by either the general contractor or the subcontractor. This presented issues, as some general contractors did not want their subcontractors to bill for stored materials in this way.
General contractors can select the setting to require backup for stored materials as well. This will enable the requirement for subs to attach documentation to further explain the stored material included in the billing. Subs have the ability to upload an attachment to multiple line items, making this feature less burdensome on their part.
Reminder: GCPay has a Material Report that lists every project containing stored material, the project number, and the aggregate value of the stored materials on the project. This report is available in XLCS format, can be pulled by month, and can include subsidiary companies.
For more information on requiring subcontractors to manually move stored material, click the button below.
I am excited to announce our participation in several key industry events this fall. These conferences offer a valuable opportunity for us to engage meaningfully with both prospective customers and you, our current customers, about payment management needs.
In person events are more than just a showcase of our solution—they are a chance for us to connect directly with you and the broader construction community. These interactions help us understand your unique challenges, gather feedback, and discuss how GCPay can continue to support your business effectively.
We’re excited to invite you to visit us at the following fall events:
Oct. 15-17: AU 2024 The Design & Make Conference, San Diego, CA
Nov. 11-13:Trimble Dimensions User Conference, Las Vegas, NV
Our team will be available to discuss your experiences, answer questions, and explore how we can enhance your payment management processes. Plus, we’ll have some fantastic swag to share!
We look forward to connecting with you and continuing to support your business’s growth.
"Since adopting GCPay, I'm happy to report that my team feels like they’ve entered the 21st century. Part of growing a successful business is adapting to new technology and solutions. I'm happy my team is “upping their game.” Alcorn Construction
"GCPay makes my life a lot easier and the product is true to form. Everything we requested or needed was implemented and completed. It is just great!" Verdad
"I told our CFO, if for any reason you get rid of GCPay, I’ll quit!" Cityscape Residential
"The customer service with GCPay is at such a level that you can be confident you will be successful." Chandos Construction
GCPay, including our Customer Support team, will be closed on Monday, October 7th for Autoday, a company-designated closure. We appreciate your understanding and will be back to assist you on Tuesday, October 8th.
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