BlueTape, a payment and financing solution for the construction industry, has today announced the official launch of its payment solution. Professionals in the industry can use BlueTape to make and receive payments on their mobile phones. The company says that this is the start of many product launches over the next few months that will aim to improve the payment and financing experience in the constriction industry.
What is BlueTape?
BlueTape is a Fintech company tailored for the construction industry. Its innovative and easy-to-use payments and Buy Now Pay Later solutions aim to transform the way building materials are paid for and financed in the industry. Previously known as LinqPal, the company is based in San Francisco, CA, and has so far raised US$4mn in 2021. BlueTape's goal is to “revolutionise access to capital by serving the under-resourced and overworked construction industry”, and make payments and financing universally accessible to small and medium-sized businesses.
What does BlueTape’s payment solution aim to achieve?
BlueTape is geared towards providing a payment and lending solution for contractors and construction material suppliers. “Building material suppliers, dealers, distributors, manufacturers, and retailers have the ability to automate accounts receivable, send invoices and payment reminders via text, and offer their customers an easy way to pay for building material with credit cards and ACH on their mobile device. This launch aims to give construction material suppliers a great tool to get paid fast while lowering their transaction costs”, BlueTape claims.
Yaser Masoudnia, CEO and Co-Founder of BlueTape, said: "as a builder, I dealt with payment problems in the construction industry first-hand. Material suppliers lose a lot of time to managing invoices and account receivables and following up on unpaid invoices. 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.
“It is easy to use and it makes checks and unpaid invoices a concern of the past. We are giving material suppliers a payment tool to simplify their payments and enabling them to prioritize their business's success”, Masoudnia added.