BlueTape to transform payments in the construction industry
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.
BT and Microsoft unveil strategic partnership
BT and Microsoft have launched a strategic partnership to accelerate innovation across enterprise voice, cyber security and industry-focused services in sectors from digital manufacturing to health.
BT has already been named one of the first development partners for Microsoft Operator Connect and Operator Connect Conferencing. The renewed agreement will allow BT to build on this relationship and offer its own branded global managed voice services directly through Microsoft Teams, with an approach that further enhances customer experience and creates new opportunities for growth.
The strategic partnership will build on BT’s existing portfolio of cyber security services built on Microsoft technology. It will see the companies push forward with the design and launch of a new generation of managed security services to enable and protect the modern collaborative workplace. BT will work closely with Microsoft to develop distinct security propositions to defend customers’ operations across the cloud as well as its own IT estate.
Sustainability and collaboration on digital skills are integral to the partnership. BT and Microsoft will work together on further enhancing sustainability credentials within their supply chains and join forces on promoting digital skills in the communities.
“BT and Microsoft are at the forefront of innovation in global digital platforms and connectivity that will take technology and communication beyond limits,” said Bas Burger, CEO of Global at BT and executive sponsor of BT’s partnership with Microsoft. “This partnership will ensure all of Microsoft’s solutions work ‘Best on BT’ and support both companies’ commitments to improving digital skills in the community.”
Omar Abbosh, corporate vice president of industry solutions at Microsoft, said: “BT can use Microsoft’s cutting-edge tools to develop new communications services that meet the needs and demands of today’s customers. By aligning our visions for communication, connectivity, security and digital technology, Microsoft and BT will support real growth for businesses across the world.”
Microsoft's vision is to transform construction and built environment businesses with design innovation, a supply chain you can control, and a connected, safer, more productive workforce.
Microsoft recently unveiled strong results for the quarter ending June 30:
- Revenue totalled $46.2 billion, up 21%
- Operating income was $19.1 billion, up 42%
- Net income was $16.5 billion, up 47%
- Diluted earnings per share was $2.17, up 49%
For the year, revenues totalled $168.1 billion (up 18%), operating income hit $69.9 billion (up 32%), net income was $61.3 billion GAAP and $60.7 billion non-GAAP, and increased 38% and 37%, respectively.
“We are innovating across the technology stack to help organizations drive new levels of tech intensity across their business,” said Satya Nadella, chairman and chief executive officer of Microsoft. “Our results show that when we execute well and meet customers’ needs in differentiated ways in large and growing markets, we generate growth, as we’ve seen in our commercial cloud – and in new franchises we’ve built, including gaming, security, and LinkedIn, all of which surpassed $10 billion in annual revenue over the past three years.”
In a trading update last month, BT reported profit after tax £2m, down £446m, due to a "one-off tax charge in the quarter to reflect the remeasurement of deferred tax balances following the enactment of the new UK corporation tax rate of 25% from April 2023".