Construction Technology Company Dedicated to Making Payments Easy for Contractors Is Accelerating Document Exchange Across the Industry.
Levelset, a construction technology company, announced that they crossed a major milestone: they exchanged their millionth payment document on a construction project this week. In addition to the 1,000,000+ documents exchanged, Levelset is using millions of other data points to deliver payment warnings and alerts to project participants across the country.
Levelset’s platform for helping contractors get paid contains over 2.8M project participants on slightly more than 3.1M construction projects nationwide. Projects that pass through the platform amount to over $20B in invoices to date and $100M in lien and bond claims every month.
Cash flow and payment pains are a major problem for millions of contractors across the world. In a recent survey of contractors, more than half of respondents stated they were not paid on time, and almost all (98%) had filed or threatened to file a mechanic’s lien in the last year.
“The physical payment documents being mailed and emailed are the tip of the iceberg in terms of construction project and payment data passing through our platform,” said Andrew Dunn, Director of Business Intelligence at Levelset. “We are delivering the insights from this data every day in real-time alerts to project participants in an effort to help them avoid non-payment situations.”
All of this project-level data allows Levelset to alert users to spot payment problems before they manifest in harmful ways, such as damaged relationships, stalled projects, or mechanics lien and bond claims.
In addition to the alerts, Levelset’s public directory of more than 13,200 contractor profiles, including the ENR 400 and other large construction companies in the USA, shows payment and lien activity as well as reviews and ratings from those who have worked with them. These profiles make payment practices more transparent for all parties in the industry, resulting in more informed business decisions and fewer payment problems. Levelset continues to add more profiles to the directory, as well as more data points, to give every profile the most accurate representation possible.