How to pay your designer or contractor without the usual risk or headaches
When you’re investing tens or even hundreds of thousands of dollars in a construction project, you run some major risks. What if the designer or contractor runs off with your deposit, leaving you with nothing? What if the work doesn’t measure up to what was promised?
Fortunately, New Avenue is here to keep your risk (and your headaches) in check.
At New Avenue, we make it as risk-free and as easy as possible to pay for design and construction services. We provide bid management, invoicing and payment service to owners for free. You can hire a New Avenue designer or contractor, or you can hire your own designer or contractor, or you can do both. Our system is an indispensable tool no matter how you use it.
New Avenue keeps your proposals, bids, and payments organized.
This article assumes you’ve gotten a design proposal or construction bid. (If you need a designer or contractor, New Avenue has you covered.)
Once you’ve accepted the design proposal from your designer or the construction bid from your contractor, you can use the New Avenue system to process invoices and payments.
First, we’ll send you a form to set up an EFT, or electronic funds transfer. This is the same way almost all employers pay their employees and how online services like PayPal work. It’s easier and safer than checks.
As work progresses, you’ll receive invoices from your designer or, later, your contractor. You’ll get a chance to review each invoice. If it looks good, you can click “approve.” That authorizes your bank to send the funds through our system and pay the person who invoiced you.
The limit for any payment is the amount you approve when you click that “approve” button on the site. You will not be overcharged, and payments don’t go through until you say so. Payments range from a few hundred dollars for small design tasks to $100,000+ during construction.
Ideally, your designer or contractor will bill you every single month. It’s in your best interest to ask for an invoice if you haven’t received one. Invoices are the best way for you to keep track of expenses and the progress on your project.
Use New Avenue to simplify your project.
You can use New Avenue’s system with our New Avenue partners or with your own designers and contractors. It’s simple to set up, and it keeps your project running smoothly.
Schedule your free call to get started.
