{"id":522656,"date":"2025-06-16T12:23:16","date_gmt":"2025-06-16T11:23:16","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=522656"},"modified":"2025-06-16T12:23:59","modified_gmt":"2025-06-16T11:23:59","slug":"new-tool-aims-to-expose-construction-payment-bad-agents","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/tech\/new-tool-aims-to-expose-construction-payment-bad-agents-16-06-2025\/","title":{"rendered":"New tool aims to expose construction payment &#8216;bad agents&#8217;"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">An online tool has been launched to help protect small firms from the risk of late payment, by exposing \u201cbad agents\u201d in the construction sector.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Founded two years ago, Good for the Money (GFTM) was designed to help subcontractors identify late payers in real time, according to founder Jeremy Price.<\/span><\/p>\n<p><a href=\"http:\/\/www.gftm.ai\/\"><span style=\"font-weight: 400;\">The platform<\/span><\/a><span style=\"font-weight: 400;\">, which is free to all firms that contribute data to it, enables construction suppliers to share anonymised, high-level payment information in a bid to reduce credit risk and discourage late payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">GFTM has been part-financed by a \u00a3100,000 grant from Innovate UK, the government-funded innovation agency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cUnlike traditional credit agencies, which rely heavily on outdated or limited financial filings from Companies House, GFTM delivers live, data-backed insight directly from suppliers who trade with shared customers \u2013 making it vastly more relevant, current and actionable,\u201d Price said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis platform allows suppliers to weed out the bad agents, the companies that do not want to or are unable to pay, and hopefully serves as a reminder to all clients of their obligations to pay suppliers on time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis isn\u2019t just a platform \u2013 it\u2019s a shift in how construction suppliers protect themselves. Bad debt impacts everyone in the supply chain, even competitors. GFTM allows the industry to work together to tackle the problem, while keeping every contributor anonymous and secure.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The tool uses AI-powered debt-chasing, county court judgment alerts, real-time credit data and automated trade referencing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">GFTM syncs with all major cloud accounting platforms to allow suppliers to contribute anonymised payment-performance data instantly and securely.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt\u2019s such a simple concept,\u201d said Price. \u201cIf one customer stops paying a supplier, all other suppliers to that customer are told about it, there and then.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBy working together, bad actors can be highlighted and removed from the supply chain.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jason Hinsley, technical director at DroneWorks, which carries out construction and property surveys, said: \u201cWe deal with a wide range of contractors across the UK, and late payment can quickly undermine even the best projects.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cGFTM\u2019s ability to give us real-time insight, while keeping our client data confidential, is a game-changer.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The tool\u2019s launch follows moves by the Cabinet Office in April to<\/span><a href=\"https:\/\/www.constructionnews.co.uk\/supply-chain\/payment-spot-checks-in-sight-for-public-sector-jobs-28-04-2025\/\"> <span style=\"font-weight: 400;\">clamp down on late payment in the supply chain<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From 1 October, public sector organisations should \u201cconduct spot checks on invoices at random to deter non-compliance with the terms set out in the Procurement Act 2023\u201d, it said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Procurement Act requires 30-day payment terms throughout the public sector supply chain. It also stipulates that payment must be made within 30 days of a valid invoice being received by the contractor, rather than within 30 days of it being validated.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An online tool has been launched to help protect small firms from the risk of late payment, by exposing \u201cbad agents\u201d in the construction sector. Founded two years ago, Good for the Money (GFTM) was designed to help subcontractors identify late payers in real time, according to founder Jeremy Price. The platform, which is free &#8230;<\/p>\n","protected":false},"author":155153,"featured_media":376657,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[552,57171,579],"tags":[],"class_list":["post-522656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-supply-chain","category-tech"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New tool aims to expose construction payment &#039;bad agents&#039; | Construction News<\/title>\n<meta name=\"description\" content=\"An online tool has been launched to help protect small firms from the risk of late payment, by exposing \u201cbad agents\u201d in the construction sector. 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