Contractors have long struggled with slow payments. Management consultant PwC said in a recent report that it takes an average of 83 days for payment to reach contractors after invoicing. The uncertainty and costs of late payments impose incalculable costs and risks that are only partly limited by state lien and prompt pay laws. Until now there was little or no public airing of pay-related experiences with specific companies.
One firm that provides services to help manage and expedite payment through cloud-based software, Levelset, has unveiled a new platform designed to do what Glassdoor does for employers or Yelp does for restaurants.