Every time a contractor gets paid in under forty-five days, an angel gets his wings. Today, lienwaivers.io continues its quest to help contractors get paid faster with the release of four new features: Electronic Waiver Notarization, Same-Day ACH Payments, Automatic W9 Collection with 1099 Preparation, and a partner-ready API.
For contractors using lienwaivers.io , it truly is a wonderful life. “Since our initial launch in January 2016, we’ve been leading the charge of reducing paper in the construction disbursement process. These new features put us at the forefront of the digital
revolution in construction payments.
And now, with our developer-friendly API, other construction software providers are inv ited to join us,” says CEO and Co-Founder, Geoff Arnold. Just as we’ve witnessed elsewhere in technology , when open platforms like l ienwaivers.io enter the market, there’s a shift from buyers purchasing expensive, one-size-fits-some software suites to customers choosing innovative technologies which communicate through APIs.
In partnering with industry leaders such as Notarize.com and HelloSign , lienwaivers.io has empowered their customers to seamlessly take control of their disbursement process.
As Arnold explains, “At first our customers were skeptical that their contractors would adopt electronic workflows, however we’ve seen the shift from paper to electronic processes on our platform increase at a rate of 69% per month since launch.”
Arnold continues, “Waivers sent out for e lectronic signa ture through lienwaivers.io are returned on average in 2.8 days, compared to 12 days for paper signatures. Builders who are adopting electronic processes on the platform are realizing the benefits of reduced paperwork and streamlined pay cycles.
Now, with the addition of electronic notarizations, we are able to extend those efficiencies to contractors operating in situations where notarization is required.” “Notarize is improving the way businesses and individuals execute their most important transactions. We’re ex cited to launch an integration with lienwaivers.io, which for the first time in the country will empower construction companies and their trade partners to make payments
faster and more securely by notarizing their documents remotely online,” says Notarize Co-Founder and COO, Adam Pase.
With lienwaivers.io , lenders, contractors, title companies and property owners can automate their disbursement process and build better relationships with their contractors, all at a price point that competes with the cost of a check.
In Jan. 2016, Geoff Arnold, Luis Trejo and Sean Richardson started lienwaivers.io with the
mission of creating a better way for all parties involved in a construction project to collaborate in the disbursement process. With their combined background in construction, finance, technology and product marketing, the team is uniquely equipped to solve this problem. Their solution is a simple, secure, cloud-based platform that integrates directly with common construction accounting software.
A lien waiver is a legal document from a contractor, subcontractor, supplier, equipment lessor or other party to the construction project stating they have received payment and waive lien rights to the property for the amount of that payment. Lien waivers are exchanged anytime a payment is made during a construction project. lienwaivers.io generates, distributes, collects and intelligently archives lien waivers, reducing
Contractors’ administrative timeline from weeks to minutes.
Contractors can now use lienwaivers.io to bypass paper checks and automatically issue
payment when lien waivers are signed. By acting as a trusted third party, lienwaivers.io ensures that every signed lien waiver results in a payment, and for every payent a signed lien waiver is returned. Instantly! The lienwaivers.io platform sits in the background facilitating the exchange of lien waivers and payments, enabling contractors to remain in control of who they are paying and when.
As of October 2016, the U.S. is on track for 1,323,000 housing starts in 2016.