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RapidWorks Launches Innovative Rapid Payments Solution for Heavy Equipment Providers

RapidWorks, a frontrunner in field management solutions tailored for heavy construction equipment service providers, has officially unveiled its groundbreaking payments platform, Rapid Payments. This integrated tool is set to revolutionize how contractors manage their billing systems, making the payment process more efficient and connected than ever before.

In the traditionally fragmented world of heavy equipment service, the launch of Rapid Payments aims to eliminate cumbersome billing practices by embedding payment processes directly within the RapidWorks system. This innovation allows contractors to seamlessly handle everything from generating quotes to managing payments without the need for external billing applications. As a result, users gain real-time insights into payment statuses, simplifying reconciliation efforts and providing an intuitive self-service platform for customers to make payments securely and conveniently online.

According to Tim Curran, the CEO of RapidWorks, “Rapid Payments is a significant advancement in our platform's evolution. It helps remove the friction commonly associated with getting paid, which is one of the most challenging aspects of the job. By incorporating payments into daily workflow processes that contractors already depend on, we're providing heavy equipment service providers with enhanced predictability, risk reduction, and operational continuity.”

Addressing the Unique Challenges of Heavy Equipment Services

Heavy equipment service providers often find themselves losing countless hours pursuing payments through checks and correcting discrepancies in manually reconciled accounts. Rapid Payments solves these persistent problems by offering a unified platform where team members can track payment statuses, view invoices, and anticipate incoming funds all in one place.

Key features of Rapid Payments include:

• - Merchant Portal: Offering real-time insights into payment processing, customer interactions, and pre-authorizations.
• - Secure Payment Solutions: Includes payment links and virtual terminals designed to accept payments via both credit card and ACH transactions.
• - Customer Self-service Portal: Customers have the capability to pay invoices, access current balances, review payment histories, and receive statements whenever they choose.

The integration of Rapid Payments within the RapidWorks platform guarantees automatic alignment of payments to the appropriate invoices, substantially cutting down on the need for manual reconciliation.

Matthew Bullis, Chief Strategy Officer at RapidWorks, commented, “By embedding payments into the RapidWorks ecosystem, contractors can oversee the entire collection process within a unified framework while simultaneously enhancing their customers' experience. This move highlights our dedication to innovate our offerings and deliver a more seamless ‘quote to cash’ journey.”

Successful Pilot with Concrete Pump Partners

Concrete Pump Partners (CPP), a prominent player in the U.S. concrete pumping industry and a long-standing user of RapidWorks, was among the first to adopt Rapid Payments. Their feedback has proven essential in tailoring the platform to fit the nuanced billing, dispatch, and cash flow requirements typical in concrete pumping and broader heavy equipment services.

Michael Perry, CFO of CPP, shared, “Rapid Payments enhances our customer interactions since they can manage their payments without being dependent on our team’s availability. This not only alleviates frustration but significantly accelerates the payment process. The portal's modern, intuitive interface meets today’s customer expectations. Internally, features such as secure card saving capabilities enable us to uphold PCI compliance, better securing both our business and clients.”

Industry analysis has revealed that companies in the heavy equipment domain typically wait anywhere from 45 to over 70 days to collect payments, with those in construction often extending 60 to 90 days due to project-based billing cycles. Initial statistics indicate that users of Rapid Payments are experiencing a reduction of outstanding invoices by an impressive 25 days.

Ed Albin, the General Manager at Central Concrete Pumping, a veteran RapidWorks user, expressed the positive transformations: “The visibility into our operations has improved dramatically. We can see at a glance which invoices have been dispatched, which ones have been paid, and which remain outstanding. Our cash flow has stabilized, maintaining a regular two-week rhythm; payments are arriving more quickly, allowing us to fulfill our own financial responsibilities in a timely manner.”

RapidWorks Continues to Expand Its Platform

The introduction of Rapid Payments marks a pivotal moment in RapidWorks' ongoing journey towards providing a comprehensive suite designed for heavy equipment service entities. In addition to other offerings such as Rapid ERP, CRO Software, Visual Dispatch, and Rapid Fleet, this new payment solution further enhances RapidWorks' capacity to support clients throughout every stage of their operational lifecycle.

Rapid Payments is now accessible to all RapidWorks users, a testament to the company’s commitment to innovation in the heavy equipment services sector.

About RapidWorks

Operating out of Boston, Massachusetts, RapidWorks is globally recognized as a leader in developing specialized tools for the heavy equipment service industry. The firm’s solutions span a wide array of sectors including concrete pumping, hydrovac excavation, crane rentals, and waste management. RapidWorks provides contractors with the capabilities to book jobs, dispatch teams, manage field operations, and optimize their payment cycles to ensure speed and accuracy. Visit www.rapidworks.com for further information.