01 Payment delays have become a defining challenge in the construction industry, where manual payment systems lead to persistent cash flow constraints. 02 Slow payments not only raise costs but also contribute to labor shortages in construction, calling for solutions that go beyond payments innovation to ensure a stable workforce. 03 Digital payment innovations empower construction businesses to unlock measurable value through improved cash flow management and stronger developer-contractor relationships. 04 PYMNTS Intelligence presents a guest feature by Nate Henderson, Chairman & CEO of BILT, on how his company is providing technology solutions to the labor shortage that is deeply interwoven with late payments in the construction industry.Systemic payment inefficiencies in the construction industry hamper timely project completion and drive higher costs. General contractors spend more time managing payments than they did in 2023, despite the growing availability of digital payment tools. Meanwhile, payment uncertainty impacts the labor supply chain

Billd and American Express have teamed up to address payment challenges in construction by offering eligible commercial contractors of American Express merchants flexible working capital options through the Amex referral partnership.AUSTIN, Texas, Dec. 3, 2024 /PRNewswire/ -- Billd, a leading financial services provider for commercial contractors, is teaming up with American Express to help business-to-business (B2B) suppliers, who accept Amex, extend payment terms to their buyers. The collaboration enables contractors to preserve their existing cash flow and credit lines and allows suppliers to offer terms they are not able to support in-house. The move drives flexibility for contractors, reduces risk for suppliers, and solidifies strong working relationships across the purchasing ecosystem. Contractors need to pay for labor and materials up front, which strains their working capital and limits their options for growth. According to the 2024 National Subcontractor Market Report, they wait an average of 57 days before being repaid