How it works
Our process is SIMPLE, the below is a simple illustration of how it works.
- Subcontractor submits a simple timesheet
for the previous weeks work.
- The Site/Ops Manager will be alerted [via email] to the new timesheet and approves it.
- myTRADEpay will advance a portion of the money relating to the approved timesheet into the subcontractors business bank account.
- When the subcontractor invoice is subsequently paid, any advances will be deducted from the payment.
All advances made to the subcontractor are subject to 5% admin fee. (charged to the subcontractor)
Contractors
myTRADEpay works alongside you and your subcontractors. We have a simple system whereby the subcontractor can submit a timeslips for the previous weeks work. If you approve the time-slip, we can offer the subcontractor money in advance of their future invoice.
Accelerates subcontractors payments.
Enables subcontractors to receive money faster without affecting your (the contractors) cash flow.
Improved engagement
In offering this unique service, subcontractors will be incentivised to work for you rather than your competition.
No risk
The money advanced to the subcontractor is from us, the financier, there is no risk to your (contractor) business or impact on cash flow.
No cost
Use of our Priority Payment Service does not cost, you (the contractor), a single penny.
Increased retention
In offering this unique service, with its positive personal benefits, subcontractors will be encouraged to stay on your books.
Enhanced productivity
A happy worker is a productive worker!
Sub-Contractors
myTRADEpay works as an intermediary between you and your contractor. Our simple system acts as a payment advance, meaning you get access to your owed funds quicker and your contractor pays us at an agreed time separately.
Fast payments
Once approved money can be in your account the same day.
No set up fees
There is no subscription charge, monthly charge or set up fee to gain access to this service
No credit checks
We do not need references or need to take a credit check.
No delay.
No more waiting for 5 weeks to get your first payment.
