Banner connects property managers with contractor service providers, making it easy to procure standardized bids for services and supplies. Banner customers get 20% cheaper bids on average, in 20% of the time. With Banner, contractors’ licenses, insurance, references, and credentials are automatically included with their proposals. It’s equally easy to work with current vendors and find new ones, while Banner’s tool streamlines the entire workflow.
Challenge
Banner was creating invoices manually using Stripe and managing them offline.
Since construction managers typically require milestone payments, Banner sought to manage both online invoicing and milestones together. They were looking for a solution to give construction managers flexible payment methods beyond credit cards, with the ability to quickly and simply release vendor payments at the right time, sometimes to multiple vendors.
Solution
By leveraging the Balance Platform, Banner has made it easy for construction managers to adjust the payment plan based on the structure of their deal. Contractor vendors get paid in milestones, which breaks down large transactions and streamlines them. Balance removes the administrative overhead of this payment mechanism by taking care of automatic collection and settlement. Once a contractor is awarded a bid, Banner uses the Balance platform to generate digital invoices for the manager’s records, and automates direct payouts by milestone, so neither Banner nor the contractor needs to worry about collection or settlement.
The Balance team has been incredibly helpful, and we couldn’t be happier with the product. We highly recommend trying them out for any B2B payments processing flows, like milestone payments, multi-vendor payouts, and invoicing – start to finish.
Mark Murphy, CEO at Banner
Learn more
With Balance, businesses can automate laborious administrative overhead and vendor payouts while offering flexible payment methods and terms. Learn more today.
