Profiles on 23,000 subcontractors in the U.S. indicate how likely individual subcontractors are to pay their suppliers, therefore avoiding potential time-consuming and costly liens on building projects
NEW ORLEANS, June 3, 2021 (Newswire.com) - Levelset, the leading provider of software services that improve payment and compliance for construction firms, today announced the launch of Subcontractor Payment Profiles. For the first time, general contractors and material suppliers will be able to read performance reviews, obtain project histories and get payment rankings on more than 23,000 subcontractors throughout the U.S.
"Working with new subcontractors has historically been a coin toss. General contractors and material suppliers have traditionally resorted to word of mouth to find the best subs and that doesn't always end well," said Scott Wolfe Jr., CEO of Levelset. "With this new feature, we're taking the guesswork and stress out of the equation, increasing industry transparency and arming contractors and suppliers with the tools to assess risk and protect cash flow."
In addition to performance reviews, project histories and payment rankings, Subcontractor Payment Profiles include contact details, license and bond information, payment data from recent construction jobs, preferred payment paperwork (e.g., Waivers, PayApps, Notices) and a portal to request documents or payment from the subcontractor. The data and content used to populate the profiles comes from Levelset's expansive database of millions of construction projects, vetted reviews from construction companies that have utilized the respective contractor's services and industry data.
Subcontractor Payment Profiles join Levelset's more than 37,000 General Contractor Payment Profiles, together providing additional transparency and insight into the construction industry. Both platforms provide businesses with not only the ability to assess risk but also to showcase their own business' track record and reputation, ultimately elevating them up to the top of the search results page.
To build a business profile, contractors need to claim their Payment Profile and share it with suppliers and general contractors they've worked with who can add information about their work with the business. Reviews are anonymous to the public but verified through an internal process to ensure their validity, and all ratings and reviews are monitored and must meet community guidelines. All profile owners are also encouraged to respond to any negative reviews.
All of the data and information is free and available to the public. In addition to being a valuable asset for general contractors, credit managers can reference Subcontractor Payment Profiles to help them evaluate subcontractors' creditworthiness and mitigate risk.
"Being able to do additional research on a new client before we open a line of credit and see if they pay their bills has been a helpful improvement to our credit approval process," said Rachel Sales, Senior Director of Financial Services at SRS Distribution in McKinney, Texas. "Subcontractor Payment Profiles will further allow us to reduce our risk in extending credit, be proactive in managing customers and grow our business with confidence."
Levelset's mission is to empower contractors to always get what they earn. Levelset's products help millions in the construction industry each year to make payment paperwork and compliance easier, get cash faster, monitor the risk on jobs and contractors, and better understand payment processes and rules. The results are faster payments, access to capital, and fewer surprises. Backed by investors like Horizons Ventures, S3 Ventures, Altos Ventures, Operating Venture Capital, and Brick & Mortar Ventures, Levelset is headquartered in New Orleans, Louisiana, with offices in Austin, Texas, and Cairo, Egypt, and has over 200 employees. Learn more at www.levelset.com.