Construction financing and payment company BlueTape launched its Buy Now Pay Later feature, allowing construction professionals to buy building materials and pay back amounts due to suppliers over time. The feature is designed to help builders and contractors manage invoices and improve cash flow, according to BlueTape.
BlueTape partners with building material suppliers to offer contractor and builder customers a wide range of payment options, including risk-free, flexible financing. Contractors and builders can access 30-, 60-, or 90-day financing with BlueTape’s fast online process.
“Our team is proud to give the hardworking men and women in the industry tools to help them run their businesses more efficiently and have access to financing to fuel their business when they need it,” BlueTape CEO and co-founder Yaser Masoudnia said in a news release. “We started BlueTape with the goal of helping all small- and medium-sized businesses in the industry. With the Buy Now Pay Later launch, we are able to help business owners who might not have easy access to traditional financing options have an opportunity to succeed.”
BlueTape said the company’s construction industry-specific underwriting offers financing options to “undeserved small- and medium-sized businesses that have limited opportunities to access financial resources.” Construction pros can get real-time approval through the Buy Now Pay Later feature and pay their invoices with a few clicks on their phones from jobsites without the need for lengthy paperwork.
BlueTape launched in 2020 and allows building material suppliers, dealers, distributors, manufacturers, and retailers to automate accounts receivable, send invoices and payment reminders via text, and offer customers an easy way to pay for materials with credit cards and automated clearing house (ACH) on their mobile devices. The company is a member of the National Lumber and Building Material Dealers Association’s (NLBMDA) Manufacturers and Services Council.
“As a builder, I dealt with payment problems in the construction industry firsthand. Material suppliers lose a lot of time to managing invoices and accounts receivable, and following up on unpaid invoices,” Masoudnia said at the time of BlueTape’s launch. “Builders and contractors also spend hours managing paperwork, writing checks, and reading credit card numbers on the phone multiple times a day. My team and I have worked tirelessly to create a product that will change the way payments and financing are conducted within the industry.”
See the original article here.