If you’re unable to pay your subcontractors as fast as other companies, chances are, you’re going to lose the best people to the competition.
Most of the linesmen and other pros you rustle up to answer emergency calls are subcontractors. They live and die on the work that’s funneled to them from general contractors like yourself.
If you have a long-term relationship with them, they’ll likely cut you some slack but this won’t always be the case. And you need to know they’ll be there to answer the call the next time nature runs amok. That’s where we come in.
The Process of Success
When disasters like Hurricane Michael strike, countless storm restoration companies like yours answer the call. Your tireless efforts in the face of extreme adversity help turn the tide and set communities on the road to recovery.
But what happens when you return home with hundreds of thousands, perhaps millions, of dollars in outstanding invoices and little hope of seeing payment for another 3 months? And what happens to the subcontractors and freelancers you brought with you, who need to get paid so they can keep a roof over their heads and feed their kids?
Fortunately, Payost provides a simple, hassle-free process for retiring your invoices in the here and now and keeping your subcontractors in the fold. The result? A future for you that becomes a land of opportunities instead of frustrations.
If a utility company or AAA credit rated company is willing to sign off on work you performed in the field, that's good enough for us. We'll get you the money you need. That way, you’ll avoid the financial roller coaster and chart a consistent road to success.
If you have outstanding invoices with a AAA credit rated company or you’re a subcontractor working for a company that does, we can help.
This process can be summed up in just 7 easy steps:
Step 1: You perform storm restoration work for a utility.
Step 2: You invoice that utility for completed work.
Step 3: The utility makes you wait 30 to 120 days for payment.
Step 4: Employees and subcontractors begin to get anxious. You contact Payost for assistance.
Step 5: Payost verifies your invoices with the utility or other AAA credit rated company.
Step 6: Your employees and subcontractors get paid in days, not months.
Step 7: When you get paid by the utility, we get reimbursed plus a modest fee.
When the next disaster hits, those subcontractors answer your call. You continue to grow and provide essential services to communities in need.
Payost doesn’t provide personal or business loans and your company’s credit history is irrelevant. That’s because Payost works off the creditworthiness of the company that will pay the invoice (typically the utility)—not the company that generates it (you).
Remember: We don’t ever contact the company holding your invoice. Nor do we demand they send payment through some new or unusual channel. Everything from their end is handled the same way it always is.
We’re There for Those That Answer the Call
At Payost, we understand that as a storm restoration company, natural disasters can happen suddenly—sometimes without warning. You need capital to get to the scene, which is sometimes thousands of miles away. You need money to keep your trucks and personnel in the field, working to restore power.
At the same time, you have insurance payments, gas payments, vehicle maintenance, flat tires, and a hundred other things all making demands on your bank account. Yet, chances are, you haven’t been paid yet for the last storm you worked.
Leveling out the financial roller coaster is what Payost is all about. Our process ensures your process moves forward unabated and that the people that need the help you provide get it.
Who is eligible to apply?
While our business is focused on helping storm restoration and powerline companies, the fact is we can help any company that fits the model laid out above. So if you have outstanding invoices with a AAA credit rated company and need assistance to steady your cash flow, Payost can help.
In addition, if you need capital to grow your business and you have outstanding invoices with triple A credit rated companies, Payost can step in and provide capital for as little as 2.5% interest.
The Bottom Line
If you need a bridge loan, a big impersonal bank might keep you waiting weeks for an answer. Whereas with Payost, you can get started in just a few minutes.
If you're performing work for a AAA rated company either directly or indirectly and you need financing, we can help you keep your operations afloat!