Payment Verification Request- FAQ’s
Am I legally required to reply to this email with the word “agreed”?
No, you are not legally required to reply to this email with the word “agreed”, unfortunately, however, absent your reply we will be unable to advance funds to your subcontractor or vendor.
How does replying to this email benefit me?
You get the benefit of paying your subcontractor or vendor in the normal course of business and your subcontractor or vendor gets the benefit of improved cash flow. In turn the improved cash flow helps ensure that suppliers & vendors are paid promptly which keeps your job running smoothly.
Why does my vendor or subcontractor need funds advanced by you?
Subcontractors and vendors that are experiencing strong growth typically retain FK Construction Funding to provide our Cash Management & Funds Control Services which gives them instant access to capital when they need it most. Funds are used for a number of reasons such as to pay for material, make payroll, and pay their own subcontractors, suppliers and vendors working on your project.
The credit lines you enjoy with your SSV’s will still be available for your use on non-financed projects however on financed projects it is required that we receive proof that all the SSV’s have been paid prior to funding.
When should I “agree” to this email?
You should agree to this email only when you are satisfied with the work performed and/or the services provided by your subcontractor or vendor.
Should I reply with a corrected amount due if it is inaccurate?
Yes, we rely on you to reply with a corrected amount due so your response accurately reflects the current pay application(s) and/or invoice(s) that you have accepted from your subcontractor or vendor. This will allow us to advance the correct amount of funds to your subcontractor or vendor, which in turn will correctly reflect the amount you will be required to pay.
Does this effect my agreement with my subcontractor or vendor?
No, your agreement with your subcontractor or vendor remains in full force and effect. You stay in complete control, only approving what you want, when you want.
I still have questions, whom do I call?
Feel free to reach out to our Construction Finance Department with any questions or concerns that you may have. Call 800 918-7830 today!