Country for PR: China
Contributor: PR Newswire Asia (China)
Monday, July 19 2021 - 15:21
SYD construction lockdown: 'Fear and panic' as subbies scramble for faster payments through fintech, Earlytrade
SYDNEY, July 19, 2021 /PRNewswire-AsiaNet/ --

Sydney construction subcontractors recorded a 500 percent spike in demand for 
early payments, as they scrambled to comprehend the unexpected Covid shutdown 
of the sector on the weekend.

Supplier payments fintech, Earlytrade( 
), released data that showed the 'alarming' activity across Greater Sydney as 
subcontractors and site managers were given until the end of Sunday to close 
sites across the city.

Earlytrade chief executive and co-founder Guy Saxelby said the on-demand 
payment platform, the largest of its kind in Australia and New Zealand 
accessible to 60,000 suppliers, had not experienced similar behaviour from a 
single sector before. 

"We're seeing fear and panic among Sydney subbies. The construction shutdown is 
seen as a slap in the face given these business owners kept the economy ticking 
in 2020," Mr Saxelby said.

"Subcontractors made more than 2,200 requests for early payments over the 
weekend. That's about five-times over and above usual levels in just 48 hours.

"This level of demand is highly unusual and alarming as weekends are typically 
dead quiet on our platform and our 20-day moving average sits at around 240 
requests per day."

Mr Saxelby said construction subcontractors as a sector were already suffering 
from cash flow access and affordability issues with traditional lenders for no 
fault of their own. 

"This shutdown could push subbies and their employees over the edge and the 
knock-on effects to projects, employment, and overall economic health will be 
devastating," he said.


Earlytrade is Australia & New Zealand's largest supply chain payments network, 
trusted by 60,000 suppliers across APAC

Earlytrade provides unique supplier and subcontractor management software that 
allows large businesses, like corporate clients to make fair and affordable 
cash flow available via early payments without the need for third party 
financing or lengthy approval processes.

Media contact
David Robertson, 0478 067 732 

Source: Earlytrade