B2B payment delays can crush a small business in any industry. Often considered a cash flow problem of larger corporates waiting longer to pay their small suppliers in an effort to protect their own financial positions, delayed B2B payments create a domino effect of consequences, including late payroll and bill payments.
The construction industry has garnered a notorious reputation for its B2B payment challenges. A mix of complex supply chains populated by contractors, subcontractors, suppliers and more, as well as the industry’s struggle to modernize back-end workflows, has created an environment in which B2B payment delays and cash flow bottlenecks can run rampant.
