Net30 provides general contractors with an easy online platform to manage subcontractor invoices and lien waivers. You simply create a project, invite your subcontractors and open a draw for an invoice period. Your subcontractors log in and generate invoices based on the percent complete. As invoices are submitted, you are notified to review, approve or reject the submitted amount.
Do I have to replace my existing accounting software?
No. Net30 works in sync with your existing software. You can easily export the invoice data created directly out of Net30 with an export.csv file. For custom integrations, contact email@example.com.
How much does Net30 cost?
Please refer to our pricing page or contact firstname.lastname@example.org to learn more.
How do I collect lien waivers?
Each invoice that is submitted will be accompanied by a legally signed state statutory conditional waiver. You can export the waivers with every invoice.
What happens when an invoice is rejected?
If you are in disagreement with the invoice value, contract value or change orders presented on an invoice, you can reject the invoice. The subcontractor will be notified that the invoice was rejected and can resubmit based on your comments. The original lien waiver will be void and a new lien waiver will accompany the submitted invoice.
Why should I pay subcontractors early?
Interest rates are at record lows and you are earning next to nothing with money in the bank. Net30 gives you the flexibility to put your cash to work and earn double digit APR's on your spare cash. Besides making significant returns, other benefits include improving relationships, decreasing subcontractor default risks and subs will prefer to work on your projects.
How are early payment discounts calculated?
We use the annual percentage rate you set and the the date that the the subcontractor wants to be paid to calculate the discount. For example, if the subcontractor wants to get paid 30 days early and you set a 20% APR the discount would be 1.6% of the invoice value.
For Subcontractors & Suppliers
How do I submit an invoice?
The prime contractor will create a draw for specified a billing period. Simply click on the invoices tab under in the project and you can see the open draws available to submit an invoice on.
How much does it cost?
Subcontractors pay a transaction fee to receive a payment in exchange for using the service.
How are lien waivers processed?
After you submit an invoice, you will be directed to electronically sign the state's statutory conditional lien waiver template. After the lien waiver is signed, you are able to export a copy of the invoice and waiver by clicking on the invoice number and “Print”.
Additional compliance documents
Depending on the project, the prime contractor may require additional compliance documents (union letters, certified payroll, etc.). Simply attach those documents as required. You can also attach any backup you feel necessary, such as photos.
Do I have to download any software?
No, Net30 is cloud based and can be accessed from any browser. In fact, Net30 is compatible on virtually any phone, tablet or device! Feel free to submit an invoice from the field.
What happens if my invoice is rejected?
If your invoice is rejected, you are notified via email. Click the link to the invoice that was rejected. View the reasons for rejection and click “Revise Invoice”. Make the changes, submit and sign the updated lien waiver.
Early Payment for Subcontractors & Suppliers
How do I get paid early?
Once an invoice has been approved, you can request to be paid early by selecting the date you want to be paid and the associated discount.
How much does it cost?
The discount rate is determined by the annual percentage rate the general contractor sets and how soon you want to receive payment. No additional fees for the use of Net30 are included.
What are the main benefits of early payment?
Improve cash flow and reduce outstanding invoices.
Access low cost liquidity on demand.
Guarantee your payment dates.
Spend less time chasing late payments.
No additional debt on your balance sheet.
Why should I request early payment?
Subcontractors who use Net30 have access low cost liquidity on demand. Many subs also use early payment to fund additional projects, take advantage of subcontractor discounts and improve their balance sheets for additional funding. Net30 is the best way to guarantee you will get paid on time.
Couldn’t I just use a factoring service or borrow money from a lender?
Factoring services are not only expensive, but also require significant amounts of paperwork for your customer in order to determine their creditworthiness. Lenders require risk-based underwriting, higher rates and recurring fees in general. Net30 is a much more cost effective solution where you get access to cash with a few clicks and without liability.
How will I be notified of an early payment offer?
Once your invoice is approved (outside of Net30) you will receive an email with a link to view your early payment offer. Once you sign in, you can select the payment date and the discount terms. You can view a summary of all your pending, accepted and paid offers when logged in.