81% of businesses still use checks (JPMorgan, 2022) with 42% of all B2B payments made with paper checks, about $12 trillion in total business (AFP, 2022). The heavy building material industry lags behind other sectors in payment innovation, with a higher-than-average reliance on paper checks. Industry leader Command Alkon is modernizing payment practices, reducing the cost of slow payments, and creating incredible value for the industry.

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Opportunity

Cutting down the roughly $98 billion in overhead caused by slow payment cycles, which is a hefty 14% of construction costs, seems achievable.  We could significantly lower that figure if the industry starts using faster and more reliable card processing and pay-by-bank options, especially if those systems work smoothly with the software most construction companies are already using.

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Solution

Command Alkon has partnered with Fractal to introduce the construction and heavy building material industry's first fully integrated cloud-based payment solution. This provides Command Alkon with a new source of revenue, while offering their customers an innovative, convenient payment option that solves costly problems for their customers.

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Implications

The construction and heavy building materials industry faces high processing and business costs due to outdated payment systems and manual back offices. These factors result in a fragmented payments landscape that is riddled with fraud and chargebacks. Command Alkon can leverage its position as an industry leader with Fractal's next generation financial technology to address these issues.

By offering a payment solution embedded with Command Alkon’s leading software, both legacy and cloud software, construction and heavy building material companies of all sizes were able to realize these gains. See Case Study “How Command Alkon’s Walbec Leveraged  Fractal Payments to Streamline Operations”

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