Time is money so it’s critical to move dollars quickly. Vendors get prompt payment in exchange for discount. Through prompt payment, vendors get paid in 5 to 10 days instead of 30 to 60 days, and in exchange, institutions receive a discount on their invoices which leads to hard-dollar savings. These savings go directly back into the institution’s budgets to stretch them even further.
This means there is only one source of the truth. ezNetPay centralizes all appropriate information and documents and are easily accessible by end-users at anytime. With the ability to date and time stamp all documents and pay applications, this creates an electronic audit trail. There are no more paper invoices or filing cabinets, everything is stored in the cloud.
ezNetPay is the only solution in the industry to offer simultaneous lien wavier release and exchange of payment. This gives Project Owners assurance that a lien risk has been removed while at the same time gives Contractors the confidence that payment has been made in exchange for the lien waiver. This rather cumbersome process is now automated and saves both Project Owners and Contractors time and money.
This online process creates transparency for both the Project Owner and the Contractor. It allows both parties to accurately manage and track pre-purchased materials, used materials, and payment for these materials. When materials are moved from stored to used, the Pay Application provides the ability to upload supporting documentation or evidence of this event, ensuring the project owner doesn’t accidentally get double-billed. Our solution also automatically tracks the percentage of materials stored per Schedule of Values line item, creating clear visibility into the materials stored status.
EzNetPay automates the approval and update process so there is no more chasing down the next approver in the payment process. End-users are able to customize the approval process to fit their needs, whether that be four approvers, six approvers, or more. Once a pay application has been created, all approvers are notified by email when it is their turn to sign-off. There is always transparency to the current status of the pay application and who has to take action to move it to the next step or final completion. Through automation, the approval process is reduced from weeks or months to days, and eliminates a lot of unnecessary steps along the way.
High-dollar transactions are quickly and securely processed once approved documentation has been received from each party. Money is placed in an escrow account and an encrypted electronic payment is sent using the ACH network through the Well Fargo treasury system. A courtesy email is sent to both the payer and the payee acknowledging the transfer of funds. This eliminates the need and risk of writing checks and sending them in the mail. Instead of paying invoices in weeks or months, this allows institutions to pay them in days and capture hard-dollar savings.
ezNetPay provides enterprise-wide transparency through it’s real-time status updates and reporting. End-users are given the ability to manage projects, contracts, and pay applications in as little or much detail that fits their needs. There is never a question as to what the status of a project, contract, or pay application is and truly holds all end-users accountable. The customizable real-time reporting allows end-users to gather accurate data that is meaningful and actionable for their institution.
ezNetPay provides a flexible, online retainage feature that gives the project owner the ability to customize the design and the execution of the retainage automatically. In addition, ezNetPay provides a claim hold feature, so if there is a claim, the project owner, can protect their interests with the click of a button. This provides insurance that a construction project is complete before full payment is made.
the ezNetPay® system is making sure contracts are being administered effectively and district accountability is well documented.Erik MilesLinn-Mar Public Schools
Positive feedback has been provided by contractors and architects that input data and approve the ezNetPay® applications … ezNetPay has proven to be a very efficient and secure process.Darrell GierstorfDes Moines Public Schools