Icon pride themselves on being a good payer within the industry. Ensuring they have a strong and loyal supply chain is fundamental to how they do business. The challenge for any business is that suppliers will always need prompt payment to bridge working capital and support taking on new work.
For Icon, their key drivers are streamlining payment terms and managing cash flow as optimally as possible. Having several sites meant there was a heavy administrative burden and additional negotiation when early payments needed to be made to subcontractors. The challenge for Icon was finding an innovative early-payment solution for subcontractors that could be easily integrated into their construction software and accounting systems.
“The simple onboarding and tools to engage suppliers have seen a strong take-up by subcontractors – a first in the industry! Partnering together can make a significant impact to the growth of hundreds more Australian businesses. The additional cash in the hands of subcontractors will stimulate more projects, jobs growth and economic expansion”.