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Introducing Easy Extended Payment Terms for Material Purchases
This entry was posted on September 17, 2020.
At RelightDepot, we’re invested in your success. When your business grows, we grow. And when you struggle with construction payment cycles that require you to pay for materials before you’ve been paid for the work, everyone is impacted. We believe contractors should start expecting more from their suppliers and we're prepared to provide our customers with the support they need. That’s why I’m excited to announce our game-changing extended payment terms program through our partnership with Billd, with the sole purpose of bringing cash flow stability to your business.
What Is Project-Based Contractor Financing?
Billd is a construction finance company, focused solely on providing project-based material financing for contractors working commercial projects. By taking advantage of Billd's upfront funding for the purchase of materials like light fixtures, you can eliminate accounts payable bottlenecks that may be holding up the growth of your business. Billd helps reduce material supplier's risk and provides you with 120-day payment terms. The first 30 days of these extended terms are payment-free with absolutely no cost to you. If you only need 30 days, you pay nothing. If you need more time, then you have it. It’s a win-win. Our aim is to give you flexible payment options so you can focus on growing your business.
What Type of Extended Payment Terms Are Available?
Through our partnership with Billd, we're not only able to offer a 30-day payment free period, but also low-cost extended payment terms of up to 120-days. This helps control cashflow on projects where you might not be paid for 90 days or more. We're helping you eliminate the need to float the cost of materials for almost 2 months and reduce the strain this puts on your business.
How Does It Work?
The best part about our construction finance program with Billd is that the process is incredibly simple!
- Start by enrolling with Billd at https://go.billd.com/relightdepot - enrollment takes less than 5 minutes.
- Finalize material quote - We continue working with you as we always have. We provide a material quote and related pricing as well as estimated ship dates. Your cost will not change if you choose to use our extended payment terms.
- We create a Material Purchase in Billd - When you're awarded the job and want to move forward with the material purchase, we upload the same material quote we provided to you onto the Billd portal. You can then upload your job contract to the portal and sign the Billd Purchase Statement.
- Billd approves your Material Purchase - Billd reviews and approves material purchase, typically same-day.
- Materials are shipped - Your 30-day payment-free period starts when the material is shipped. After 30 days, you have an additional 90-day term.
Is This For Me?
We’d love for you to use Billd for all of your purchases. However, we understand that not every construction business wants to finance their materials. The following are good examples of when this may make sense for you.
Financing for Growth
If you’re in growth mode, whether you’re growing from $1m to $5m, or from $15m to $30m, the idea is the same. Without strong cash flow, it’s extremely challenging to take on larger projects. With a pay-when-paid solution for your material purchases, you can finally stop moving money from one project to fund material for another.
COD or Credit Card Customers
If you’re currently paying COD or through company or personal credit cards, Billd is a great option for you.
Credit cards typically have lower credit limits and many times are not sufficient to cover large material purchases. Additionally, running up a credit card balance can negatively impact your credit score, and may even cause an immediate reduction in any credit lines you have available.
COD contractors are fronting capital for their GC or Property Owner for many months, causing big strains on cash flow. We're hoping to help you fix this through our partnership with Billd.
How Much Will This Cost?
Because of RelightDepot’s partnership with Billd, you receive a 30 day payment-free period at no cost to you. There’s no prepayment penalty so you can pay within 30 days and incur zero cost. If you need more than 30 days, that’s when payments to Billd start. Typically, Billd charges $50 per $10,000 borrowed on a weekly basis, but pricing and terms may vary.
You can get an estimate of your weekly payment by checking out Billd’s payment calculator here.
You can also use Billd’s cash flow estimating calculator here, to determine how much cash is needed to take on a new project.
Let's Get Started!
If you're interested in taking advantage of our extended payment terms for your project business, enroll now by visiting https://go.billd.com/relightdepot. If you have any questions, discuss it with your sales rep or give us a call at 888-548-6387. We would be more than happy to answer any questions and walk you through the process.