Imagine you were paid a full 9 days earlier than expected. It would give you extra financial flexibility, alleviate any concerns you might have about balancing your bills, and deliver an advance on your peace of mind. This type of payments timeline boost is exactly what SaaS company lienwaivers.io set out to provide to the construction industry when they launched their platform at the beginning of 2016.
Through an easy-to-use online platform, lienwaivers.io facilitates the exchange of lien waivers and payments between payers and payees on construction projects. They’ve developed key features like accounting software syncing, automatic tracking, and electronic signing flows to ensure seamless payments for all involved.
In April 2016, the company integrated the HelloSign API to power the preparation and signature of these documents online. Since then, their customers have experienced an increase in document turnaround of over 79% – from 12.4 days to 2.6 days.
“Waivers sent out for electronic signature are returned on average in ~2.6 days on our platform, whereas paper signatures are returned in ~12.4 days.
What this means is builders who are adopting electronic signatures through our platform are able to pay their subcontractors faster without increasing risk, which is crucial in construction where cash flow is king.”
Further, the companies employing contractors are effectively able to stay on payment schedule and out of lawsuits.
How lienwaivers.io is Upturning an Entire Industry
With backgrounds in both tech and construction, lienwaivers.io founders Geoff Arnold, Luis Trejo, and Sean Richardson knew it was high time to update the payment system between funders of projects, builders, and the subcontractors they employed. Liens have long been the standard way to uphold promise of payment to subcontractors, providing the “right to keep possession of property belonging to another person until a debt owed by that person is discharged.” (Source) This right is traditionally waived, however, upon receipt of payment to the subcontractor.
While effective in theory, the process of signing lien waivers has proven to be tricky. The companies making payments are hesitant to release payment until they’re absolutely sure subcontractors won’t later file a lien. Those being paid, on the other hand, are wary of releasing their right to lien before they receive rightful payment. That’s where lienwaivers.io steps in.
The lienwaivers.io platform acts as the trusted third-party for lien waivers, ensuring that the signing process is speedy and that both sides are protected throughout. In addition to providing legally binding electronic signing via the HelloSign API, lienwaivers.io also integrates with construction accounting systems like QuickBooks Desktop and QuickBooks Online, making it easy to sync relevant data in lienwaiver.io’s system.
“Just as we've seen in other industries, when open platforms like lienwaivers.io enter the market, there's a shift from users purchasing large one-size-fits-some software suites to combining best-of-breed products which communicate through APIs. lienwaivers.io is proud to be at the forefront of this transformation in the construction industry.”
Where HelloSign’s Seamless Signing Comes into Play A huge driver of lienwaivers.io momentum, of course, depends on the successful management of the lien waivers themselves. lienwaivers.io’s customers need a way to effortlessly fill, send for signature, and store their documents online. lienwaivers.io chose HelloSign to power the preparation and electronic signing portion of this workflow.
Customers using lienwaivers.io can upload their templates to the platform, customize fonts and logos, and auto fill information into the documents using special text tags. When all is said and done, the document is quickly and securely populated, signed, and stored whether in the office or out in the field.
A Quick Integration With Astounding Results
When lienwaivers.io’s founders first introduced the idea of electronically signing waivers they were met with skepticism. Most construction companies are entrenched in outdated or “good enough” processes. Yet since integrating the option to auto-populate and electronically sign documents into their software, they’ve swayed more than a few businesses to adopt a new mindset. Many of their customers have since transitioned from paper-laden to paperless.
“Originally our customers were skeptical that their contractors would adopt electronic signatures, however we've seen a shift from paper to electronic signatures through our platform increase at a pace of 60.1% month-over-month since we launched the feature in June 2016.”
These numbers are especially impressive considering the integration of HelloSign into lienwaivers.io was a snap. They were able to integrate the value of electronic signatures into their system in a short period of time.
“We were sending documents for electronic signature through the API within 30 minutes or so. The majority of the implementation time was on ingesting signed documents back into our system, and most of this was due to environmental issues with Google App Engine.
Because the SDKs are open source we were able to get things working in short order and even contribute back some improvements. When all was said and done, we were ready to go live within 2 weeks.”
What’s Next for lienwaivers.io?
lienwaivers.io looks forward to becoming a total payments solution for the construction industry, offering an easy and reliable way to facilitate everything from lien waivers to the actual payments and beyond.
“When we launched in January 2016, we were first to market with basic features such as construction accounting system synchronization, bulk lien waiver generation and customizable templates. We’re now leading the charge on advanced payment flows and automated waiver management.“
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Visit their website to learn more about how lienwaivers.io is changing an industry. Tell them we say hello!