BankLabs Introduces +Pay To Automate Payments Streams For Construction Industry

BankLabs, a provider of mobile technology products for community banks, has launched +Pay, an automated payment stream between builders and sub-contractors.

It speeds the payment process and eliminates the need for paper with electronic lien waivers and invoices, as well as automated 1099 tax reporting.

With new payment options including Same Day ACH, +Pay enables sub-contractors to be paid efficiently and, in turn, efficiently pay their employees. This mobile and web-based service increases transparency in the payment stream process, which greatly reduces unnecessary friction between builders and subcontractors.

Countryside Bank chief credit officer and commercial banking head David Veurink said: “Our software for cutting checks and making payouts was outdated, and we needed a product that could interface with our core system.

“+Pay does just that, and the team at BankLabs has been extremely responsive and customer-oriented in their approach.”

BankLabs president and co-founder Matt Johnner said: “Countryside Bank was our first customer on +Pay last year. “They have been very helpful in working out any kinks and we are thrilled that they are seeing process improvements with our technology.”

Banks can leverage +Pay to increase both fee income and attract deposits. The two initial financial institutions using +Pay have already processed more than $126m in construction payments combined, and more banks are already under contract. In addition to financial institutions, builders and sub-contractors can also use +Pay.

Source: Company Press Release