Products Used:
Company Overview
Horrocks Engineers is a full-service civil engineering and professional services firm coordinating all the necessary disciplines to study, plan, and design infrastructure projects for communities in the western United States
Challenges
The COVID-19 pandemic had major impacts on the AEC industry, including delayed payments that steadily increased Accounts Receivable (AR). According to the 2021 Construction Cash Flow & Payment Report, only nine percent of construction firms are paid on time, a decline of nearly 60 percent from 2019. Before 2020, paying by check was the norm, as offices were fully staffed. With the rise in hybrid work environments, receiving payments via check was becoming more difficult and contributed to Horrocks’ increasing Accounts Receivable (AR). “Some clients aren’t interested in paying by check. They want to easily make payments either through credit card or ACH. Plus, they want to get payments off their desk quickly. Checks don’t allow them to do that,” explains Brittany. “We anticipated EVPay would be a helpful method where clients could pay us faster and easier, and we were right.”
Why EleVia Software
Make the Payment Process Easier for Clients and for the Accounting Team
“The embedded link feature in EVPay is great because it matches up perfectly with the customer’s invoice structure. It’s less work for them to pay and less work for us too.” EVPay’s ‘Pay Now’ link is a unique feature embedded within an invoice or email, that is specific to a particular invoice so there is no question as to what the payment is for, eliminating the reconciliation typically associated with ACH payments. This easy and secure portal for customers to pay helps Horrocks maintain a lower A/R balance.
Secure Payments
EVPay removes the burden of writing and mailing checks and puts customers at ease with secure transactions. When Horrocks’ clients utilize EVPay, they enter their ACH information only the first time, reducing error and risk in future transactions. “While the transactions can take one to three days to post, we know there is minimized risk to us and our clients,” said Brittany.
Reduced Administrative Workload
The responsibility of overseeing the invoicing and payment collection of a thousand active projects can be daunting. With EVPay, Brittany’s team can spend less time on manual reconciliation.