Payment processor
A company that provides payment processing services.
A payment processor handles the authorization and processing of financial transactions, ensuring secure and efficient payment flows between parties. In construction, reliable payment processing is vital for maintaining cash flow, facilitating vendor payments, and ensuring project continuity.
Used in a sentence
The payment processor ensures that all transactions are securely and efficiently executed.
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How GCs Can Enhance Financial Accuracy with Automation Tools
Automation is super-powering construction. Many teams now use autonomous drones or other self-driven devices to capture progress on the jobsite alongside systems that automatically remind stakeholders to review submittals and respond to requests for information (RFIs). There’s no shortage of places where automation is helping construction professionals get more done with less effort. Still, there’s […]
Construction Accounting Software: Key Features and What To Look For
Commercial contractors manage large and complicated budgets that can have slow payment rates and volatile costs. They also have to accurately allocate job costs based on specific factors such as project, phase, or cost codes. Compliance requirements add another layer of complexity to construction budgets, since contractors have to track measures such as prevailing wages […]
Are Construction Financial Systems Ready for Next-Gen Technology?
Are construction financial systems equipped to handle the demands of next-generation technology? In episode 7, we’ll explore the evolving role of the construction CFO and whether financial leadership is truly ready for the advancements in data analytics, ERP integration, and automated platforms—or if cultural resistance is still holding back progress. What are the organizational barriers […]
BIM for Construction Cost Control & Budget Management
As the construction industry advances in its digital transformation journey, building information modeling (BIM) is becoming increasingly common. Teams and individuals who push back against using the 3D model and its associated processes usually have one common complaint: cost. Certainly, there’s some investment in BIM software, plus the training required to help team members use […]
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