BlueTape, which provides payments and financing offerings to the construction sector, on Tuesday (Nov. 9) launched a buy now, pay later feature that gives construction pros a new way to pay for their building materials over time — 30, 60 or 90 days — through a partnership with building material suppliers.
BlueTape’s BNPL offering comes with no risk for building suppliers, dealers, distributors and manufacturers, all of whom can offer risk-free financing options to their customers and get paid upfront. It also means better qualification rates for builders through a construction-specific underwriting for small and medium-sized businesses who don’t have many options when it comes to financial resources.
BlueTape customers who pay within 30 days will pay no fees. Construction pros can get instant approval and pay their invoices in a few clicks on their mobile phones from the job site — or anywhere else that’s convenient — without reams of paperwork.
“Our team is proud to give the hard-working 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,” said Yaser Masoudnia
, CEO and co-founder of BlueTape.
“We started BlueTape with the goal of helping all small and medium-sized businesses in the industry,” he said. “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.”
Related: New BlueTape Tech Lets Builders Make Mobile Payments To Vendors
BlueTape debuted its payment offering for construction pros in July. The company lets building material vendors, distributors, dealers, retailers and manufacturers digitize AR, transmit invoices and payment reminders through text, and allows clients to make payments for their construction supplies purchases by the way of automated clearing house (ACH) or credit cards through their mobile devices.
Contractors who must buy materials from suppliers generally deal with monthly deadlines when every invoice is due, but BlueTape’s BNPL platform gives them more financial flexibility.
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