Sending lien waivers in exchange for payment

Overview

Built connects lien waivers and payments in one seamless workflow. By using the In Exchange for Payment option, you can ensure vendors are paid only after signing — protecting both parties and simplifying your process.

Payments are sent at no cost to Payors or Payees by default. At the time of payment acceptance, Payees whose banks support instant transfers can choose to receive funds in minutes for a fee.

Part 1: Configuring Built Payments

Description

Configuring Built Payments: Follow the steps to verify your business & connect your bank account(s) for secure payments.

If you didn’t complete your payments setup during onboarding, follow these steps:

1. Click the gear icon ⚙️ in the top menu bar.

2. Click Payments in the left sidebar.

3. Click the blue Start Verification button.

4. Follow the steps to verify your business and authorized user information (business name, EIN, address, ID upload, etc.).

5. Connect your bank account:

   • Use Plaid for instant connection, or manually add your account and routing number.

   • If added manually, Built will send two micro-deposits to verify your account (1–3 business days).

   • You can add multiple bank accounts by clicking + Add New Bank Account.

Built partners with Plaid to ensure your data remains private and secure.

Best Practices

• Verify that your business and bank verification are complete before initiating any payments.

• Familiarize yourself with cut-off times and expected timelines for payments sent through Built:

  • Sending a Payment: When approved and submitted before 11:50am Central Time, a payment will be processed on the same business day. Payments initiated after this cut-off, or at any time on weekends/bank holidays, will be processed the next business day.

  • Processing Time: Once processed, funds are moved to a secure escrow account and will be ready for acceptance by Payees within 3 business days.

  • Accepting a Payment: Payments accepted before 12pm Central Time will be received the same business day. Payments accepted after 12pm Central Time will be received the next business day.

• Configure approval workflows for internal review of larger transactions.

• Connect all necessary accounts before sending your first payment.

Part 2: Sending a Lien Waiver In Exchange for Payment

Description

Sending a Lien Waiver In Exchange for Payment: Follow the steps to learn how to send a payment in exchange for a signed lien waiver.

1. Navigate to the Payables tab in the top navigation bar.

2. Create a new payable or open an existing one.

3. Under lien waiver settings, select In Exchange for Payment as the exchange method.

4. Click Request Signature to send the lien waiver.

5. Once the vendor signs, funds are automatically sent through Built Payments.

Exchange Method Definitions

• On Demand: Vendors sign electronically, but payment occurs outside Built Payments.

• In Exchange for Payment: Vendors sign, and Built automatically releases payment — free for both sides.

Best Practices

1. Always use In Exchange for Payment for faster, safer, and cost-free transactions.

2. Remind vendors payments are sent immediately after signing — they pay $0 in fees.

3. Check payment progress in the Transactions tab.