Last month, Procore, a vendor of construction management software, announced a service timed for 2023: Procore Pay, intended to address the cash cycle in construction.
In construction and real estate, even with all the strategies around financial engineering to make projects "pencil," managing aspects of cash can often get overlooked and, as a result, can be done badly.
"It is a very old story with new and faster technology around it," Anne Hollander, CEO of Lobby CRE, a Thirty Capital company, told GlobeSt.com in the summer. "Historically, we all knew it was an issue, but it hasn't been adopted [widely] in real estate."
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