Transforming construction banking

By Jesse Sanchez. 

New solutions bring efficiency and security to construction banking.   

In this MetalCast™ episode, host Karen Edwards sat down with Matthew Smith, CEO and co-founder of Truss, to explore how this innovative banking platform is transforming financial operations for contractors. As the construction industry faces challenges with traditional banking, Truss offers a forward-thinking, digital approach tailored specifically to contractors’ needs. 

Matthew, with a background in software engineering, recognized the stark difference between the tech industry’s adoption of digital banking and the construction industry’s reliance on traditional systems. “In the tech world, most companies... I would say almost all companies in the tech world do not use traditional banking,” Matthew explained. His goal? To bring that same digital revolution to the construction sector by offering solutions that streamline payments, reduce costs and enhance security. 

One of the standout features of Truss is its ability to simplify expense management. Matthew discusses how the platform enables contractors to issue virtual or physical cards to staff members, giving managers control overspending with just a few taps on their phone. “You can issue virtual or physical cards to all your staff. You can, from the click of a button on your cell phone, control how much that staff member can spend. You can see what they've spent on,” he noted. This system eliminates the hassle of shared company credit cards and ensures proper financial tracking. Contractors also benefit from automated receipt uploads and seamless integration with accounting systems like QuickBooks. 

Matthew expressed the importance of adapting to modern financial tools, especially in an industry that has been slower to embrace digital transformation. With Truss, contractors no longer have to rely on outdated methods like mailing checks. “Our goal is to create a solution that kind of brings all of those innovations to the construction industry that are already being taken advantage of by the tech industry,” Matthew said, hinting at even more advanced features like customer financing, which will allow contractors to offer flexible payment options for large projects. 

Read the transcript, Listen to the podcast or Watch the webinar to learn more about Truss and its innovative solutions!