The new feature allows contractors to use BlueTape to finance their building supply invoices at any construction supply store.
BlueTape has launched the BlueTape Virtual Card, adding to its existing set of payment and financing tools for the construction industry.
Launched in 2020, BlueTape is a financing and payment company tailored for the construction industry. Since its debut, general contractors and subcontractors have used BlueTape financing to buy their building materials at partner building material stores.
The latest feature will allow contractors to start using BlueTape to finance their building supply invoices at any construction supply store.
General contractors and subcontractors can purchase supplies from any material suppliers and pay their suppliers upfront using the virtual card at check out online, over the phone, or in-store.
The new feature includes the flexibility to pay BlueTape back in 30, 60, 90, or 120 days. Construction pros will get quick paperless approval with just a few taps on their phone without affecting their credit score, BlueTape said.
They can enjoy 0% in fees and no payments for the first 30 days. BlueTape Virtual Card is a more flexible and low-cost alternative to traditional credit cards.
According to BlueTape, its industry-specific algorithms provide a higher approval rate than traditional loans and in-store trade credits, making financing more accessible to construction pros.
“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,” said Patrick Gannon, COO and co-founder of BlueTape. “We are thrilled to launch the BlueTape Virtual Card to help our SMB customers improve their cash flow and take on more projects. With this new financing feature, we can help contractor businesses, including those who may not have access to traditional financing options.”
All loans on the BlueTape platform are originated by CBW Bank, member FDIC.