We are pleased to announce the launch of our Company-Level ePayments and Waiver Exchange feature, designed to streamline and simplify your subcontractor payment processes across all your projects from one centralized dashboard. With the new ePayments tab, general contractors can efficiently review payables, queue payments, and submit payment batches for their entire portfolio without having to manage payments exclusively at the project level.
Treasury roles can organize payables at the company level by subsidiary, project, or month, and then sort by Period To, contract details, or keywords to identify and review specific payment applications. After submission, treasury users can monitor real-time payment status information as payables progress through the payment rails to subcontractors' bank accounts.
The GCPay platform is overtly user-friendly, allowing users the ability to create a custom experience by offering unique settings at the company, project, and payment level. However, to access even more features, if needed, without complicating the user experience, there are additional settings that go beyond what a general contractor can control themselves. To help with this, GCPay Support offers several extra settings that only they can enable for each user upon request.
A few of these additional feature options include:
Editable AFP Numbers – this feature allows general contractors and subs the ability to edit AFP numbers to accommodate unique sequences.
Disabling AFP uploads for a subcontractor – the feature removes the ability for subs to upload backup documents to their AFPs.
Expose EIN information in contractor billing summary report – for additional reporting purposes or owner requirements, EIN is considered personal identifiable information (PII), so this is normally not recommended.
Enable Capped Retainage – Capped Retainage is a retention strategy in which the user can establish a retainage rate for the first 50% of a contract and another rate for the second 50% of a contract. Capped Retainage is sometimes stipulated by state law.
For other feature reminders or in-depth articles, use theresource center to view current and past articles.
ePayment with FastPay - One Year Later
The warm summer days have set in all across North America and with that comes lots of construction. There are very few places during the summer in the US or Canada where construction cannot occur. This time of year also brings about family vacations and employee absences which can add to the complication of ensuring your contractors are paid on time! Are you still cutting checks and sitting them on someone’s desk to be signed?
At this time last year, we were in our final phase of transition to FastPay’s fully automated payment platform, allowing clients to authorize and pay contractors within a few days. I am happy to report that we’ve seen the tremendous consistency and reliability of the platform, as well as a steady, ongoing increase in client adoption. This change also brought many new enhancements including a new permission profile called the Treasury Assistant, the Queued status for payments, and most recently, the Company-Level ePayments and Waiver Exchange feature described in the article above.
Over the past year, the number of electronic payments per month has been averaging 2400 transactions per month and the payment volume has increased to almost $200 million in paid invoices each month. That is something to be proud of, but it’s just another step in our ePayment journey. We are committed to consistent improvement of the features, making it an offering that every customer should strongly consider adding to their GCPay arsenal.
In this new feature, we'll take you behind the scenes and introduce you to members of the GCPay Team who have crucial roles in delivering the high-quality product and service you've come to expect from GCPay! This month, we feature Evan Hughes, GCPay Product Manager!
Evan Hughes has been a Product Manager at GCPay since October of 2021. He came to GCPay with experience managing operations for a fintech company and then playing a key role in identifying developer resources and helping create software to solve a specific problem his team was facing. With his eyes opened to the dynamic world of Product Management, he decided to pursue future roles in that area.
As a Product Manager at GCPay, Evan’s responsibilities range from gathering customer feedback on the product, prioritizing software improvements and enhancements to working directly with the developer to build the enhancements and testing each one to ensure accuracy upon completion. The variety in his job is what he finds most interesting with every day offering new challenges and opportunities to make the product better for our customers. “Having to think through the lens of every department and consider how product decisions affect each one is such an important part of the role,” Evan tells us. What he likes best about working at GCPay is the comradery with the team as well as everyone’s involvement and dedication to the company’s goals.
The one thing that Evan wishes every user of GCPay knew about is how great the search capability in the product is. He shares “The search filter is a very simple, but very powerful tool that is critical for the efficient navigation of the software. It can be used to filter specific data elements—SOVs, AFPs, line items, waiver/templates, or you name it—in seconds, which can be hard to otherwise locate in a sea of information.”
On the personal side, Evan has a wide variety of hobbies including running, weightlifting, hiking and camping, real estate investing, traveling (to over 40 countries), and reading books on technology and historical events.
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