#USA #Montreal #Nuvei #Construction Industry #B2B Payments

Nuvei Enhances B2B Payments for Construction Industry

In a significant move to support the rapidly growing construction sector, Nuvei, the global payments technology company, has announced an expansion of its B2B payment capabilities targeted specifically at the U.S. market. With the construction industry on a trajectory to reach a staggering $1.54 trillion by 2028, it's essential for businesses within this vertical to adopt more efficient financial solutions that can address their unique challenges.

Strategic Integration with Sage Intacct CRE

The cornerstone of Nuvei's strategy involves a new integration with Sage Intacct Construction Real Estate (CRE) software. This integration builds upon existing partnerships with Sage 100 Contractor and Sage 300 CRE, aiming to streamline various aspects of payment workflows crucial for construction businesses. By embedding payment systems directly into software platforms used by industry operators, Nuvei seeks to improve operational efficiency and cash flow management significantly.

Addressing Industry-Specific Challenges

Construction firms often face intricate payment challenges stemming from multi-tiered subcontractor systems, lien waiver compliance, and project-based billing cycles. These complexities have historically led to delayed payments and manual processes that burden operations. With Nuvei's new capabilities, businesses can now streamline workflows with:

• - Real-time payment processing: Which ensures immediate transactions and reduces wait times.
• - Automated invoicing: Making billing processes less time-consuming and prone to errors.
• - Seamless reconciliation: Allowing for smoother financial records management.
• - Surcharging options: Enabling businesses to recover credit card processing costs, bolstering profitability without passing additional costs onto clients.

These enhancements are designed not only to increase efficiency but also to promote faster cash flow—a crucial factor for success in an industry where financial agility can make a significant difference.

Market Growth and Digital Adoption

As the U.S. construction market continues to forecast a 5.0% compound annual growth rate (CAGR) through 2028, the urgency for digital payment adoption is evident. Contractors, subcontractors, and suppliers are increasingly integrating digital solutions into their project finance operations. Nuvei’s specialized payment solutions are well positioned to tackle these evolving challenges by reducing manual tasks, improving operational workflows, and enhancing cash flow management—elements that are vital for securing competitive advantages in this dynamic market.

Expert Support for Clients

In addition to its technology, Nuvei offers expert consulting services with teams that possess decades of industry experience. This ensures that clients receiving Nuvei’s services have access to both robust technological solutions and practical, on-the-ground support. Nuvei’s strategy reflects a deep understanding of the construction sector, showcasing their commitment to providing tailored solutions that meet the specific needs of their clients.

Statements from Leadership

Philip Fayer, Chair and CEO of Nuvei, expressed confidence in the potential of these developments. He stated, "The construction industry has historically been underserved when it comes to payment technology. With our latest integration into Sage Intacct CRE, we're enabling thousands of firms to reduce complexity and accelerate cash flow. This is a prime example of Nuvei's strategy to create value by intertwining deep vertical expertise with embedded payment infrastructure."

As Nuvei continues to innovate and expand its offerings, the construction sector can anticipate enhanced financial processes that alleviate the burdens of traditional payment methods, ultimately allowing for a more streamlined and prosperous industry.

For more information on Nuvei’s services and new offerings, visit www.nuvei.com.