BlueTape today announced the BlueTape Virtual Card, adding to its existing set of payment and financing tools for the construction industry. Since the launch of BlueTape, general contractors and subcontractors have used BlueTape financing to buy their building materials at partner building material stores. This new feature allows contractors all around the country 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, pay their suppliers upfront using the virtual card at check out online, over the phone, or in-store. They will have 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. 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. With its industry-specific algorithms, BlueTape's approval rate is higher than traditional loans and in-store trade credits, making financing more accessible to construction pros.
Patrick Gannon, COO and co-founder of BlueTape, said: "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. 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."
About BlueTape: Launched in 2020, BlueTape is a financing and payment company tailored for the construction industry. Its innovative and easy-to-use payment and financing solutions have transformed payments in the construction industry by providing tools to get invoices paid fast with low merchant fees. BlueTape's goal is to empower construction businesses to reach their full potential and make financing accessible to underserved businesses. BlueTape offers contractors a quick and hassle-free way to pay for building materials on the go. All loans on the BlueTape platform are originated by CBW Bank, member FDIC.
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