The construction industry had to quickly shift due to the Coronavirus pandemic. In this Q&A with Brent Meyers, vice president of sales for Comdata, we discuss how the construction industry’s back offices made the shift to work remotely, how payment trends within the construction industry changed and how we’re dealing with fraud.
Q: What are the key shifts commercial construction companies have made in the way payments are handled?
One of the interesting threads of the COVID-19 story is how it pushed businesses to adopt new technology. According to research by McKinsey, the pandemic likely sped up digital transformation by about 10 years. Industries like construction, which are generally more comfortable sticking to tried-and-true back-office processes, began searching to ways to complete the same work remotely. But even prior to the start of the pandemic, construction companies were beginning to look at alternatives—the pandemic simply encouraged the process to happen…