BlueTape, which provides payments and financing offerings to the construction sector, has launched the BlueTape Virtual Card, giving contractors across the U.S. the ability to finance their building supply invoices at any construction supply store, according to a Friday (May 13) press release.
With the BlueTape Virtual Card, general contractors and subcontractors who gain paperless approval can purchase supplies from any material suppliers, pay their suppliers using the virtual card at checkout online, on the phone or in-store and pay back BlueTape in 30, 60, 90 or 120 days with no fees and no payments for the first 30 days, per the release.
“Our customers have loved using BlueTape’s flexible financing at our partner stores and they asked us to give them the option to use BlueTape’s Trade credit and Build Now Pay Later everywhere,” BlueTape COO and Co-founder Patrick Gannon said in the press release.
“We are thrilled to launch the BlueTape Virtual Card to help our SMB customers improve their cash flow and take on more projects,” he said. “With this new financing feature, we can help contractor businesses, including those who may not have access to traditional financing options.”
In November, BlueTape debuted a buy now, pay later (BNPL) 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 on their mobile phones.