General contractors like you know that offering early, predictable payments can help your trade partners’ cash flow―and keep your jobs moving forward. But trying to run your own accelerated payment programs manually takes a lot of effort, especially if you’re trying to run the programs across multiple projects.
Oracle Textura Payment Accelerator is an optional feature within Oracle Textura Payment Management Cloud Service that enables you to set up and operate accelerated payment programs within your existing payment management workflows.
The payment accelerator is a simple extension of your existing workflows, with similar integrations to your accounting system. That means you can set up and run your accelerated payment programs efficiently on any project—or all of them—extending the value of Oracle Textura Payment Management Cloud.
Without ever leaving the Oracle Textura Payment Management Cloud application, you simply navigate to the Oracle Textura Payment Accelerator (shown as TPA menu options in figure 1) to set up your payment accounts, manage your programs, or add programs to any of your projects. You can use either internal or external funding sources to fund your programs. Then, you can invite your subcontractors to enroll when they accept their contract or, later on, when they enter their invoice. Once enrolled, your trade partners can receive payment as early as when you approve the invoice and disburse—instead of after the owner funds that month’s draw. This provides payments potentially up to several weeks faster and gives your subcontractors certainty around payment timing.
If you’ve long wished to offer your trade partners early payment options without having to track programs in spreadsheets or worry about scale or errors, then adding the payment accelerator option to your existing Oracle Textura Payment Management Cloud Service is your solution. With Oracle Textura Payment Accelerator, you can easily offer your trade partners early and predictable payment, mitigating the risk of problems occurring on a job and making you a more attractive project partner.
Oracle Textura Payment Accelerator lets you set up and run your accelerated payment programs efficiently on any project.
Control how you fund, configure, and offer programs that make financial sense for both you and your trade partners. These programs allow your organization to set the specific conditions (for example, funding sources, enrollment text, and pricing terms) that will be offered to your subcontractors as part of their enrollment. You can configure one or many programs based on specific factors such as project risk level or project type.
Once an accelerated payment program has been configured for your organization, it can be offered on a per-project basis. You can adjust settings at the project, organization, and contract level.
Your trade partners will use their familiar contracts and invoicing user interface to manage their enrollment, making access convenient and accessible and encouraging adoption.
Subcontractors are presented with three different entry points into the Oracle Textura Payment Accelerator enrollment process for your projects.
When you set up your program, you can include enrollment text, your logo, a banner, and your terms and conditions―everything you need to market your program to your trade partners. Your subcontractors can choose to opt in and out, giving them a convenient and accessible option to elect to receive early, predictable payment when it best suits their financial needs.
Ready to learn how you can easily offer your trade partners early and predictable payment from within Oracle Textura Payment Management Cloud?