Managing cash flow and providing easy payment options are critical for suppliers like SolarTek, who serve fast-growing industries such as solar installation. Recently, SolarTek made the decision to partner with Daylit for its customers Accounts Payable solutions, transitioning away from BlueTape.
The result? A streamlined experience that delivers more flexibility, support, and growth potential for SolarTek and its customers, such as Custom Pro, a solar installation leader.
Here’s how SolarTek is leveraging Daylit’s solutions to create a better financing ecosystem for their customers and why this change is helping them optimize their business.
Challenges with Financing for Solar Suppliers
SolarTek, like many suppliers, needed a financing partner that could address key pain points:
- Efficient Onboarding: SolarTek’s customers often operate on tight timelines and need fast, frictionless access to credit to keep projects moving. It can take weeks to onboard new customers with countless emails and contracts.
- Wider Coverage: The diversity of their customer base meant SolarTek required a solution offering flexible terms for established companies and new players alike. Many SolarTek customers struggle to get access to better payment solutions.
- Scary Terms: Acting as a guarantor for customer credit lines increased SolarTek’s financial exposure—something they wanted to avoid.
While BlueTape provided a starting point, it fell short in several areas. Daylit stepped in with a solution built specifically to address these needs.
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Why SolarTek Switched to Daylit
1. Frictionless Customer Onboarding
SolarTek’s customers experienced a dramatic improvement in the onboarding process with Daylit. The platform offers a user-friendly interface and fast, nearly instant approvals, allowing customers to apply for payment plans with a two-minute application by connecting bank and accounting or ERP data. This seamless experience encourages more customers to use financing, helping SolarTek drive additional sales.
2. Risk-Based Pricing for Every Customer
One of the standout features of Daylit is its ability to offer risk-based pricing. Larger customers benefit from bank-like rates and extended payment terms, while newer or smaller businesses still receive tailored offers without the fear of rejection. This inclusivity means SolarTek can cater to a broader range of customers, strengthening relationships and expanding their market.
3. No Guarantor Requirement
Since Daylit is able to more accurately price risk and assess customer relationship, SolarTek no longer has to act as the guarantor for their customers’ financing. This eliminates a significant financial risk and frees SolarTek to focus on growing their business without taking on unnecessary liabilities.
”Daylit has been one of the best decisions for our business and our customers. Their quick onboarding process and flexible credit options allow our customers to access financing quickly, while we avoid the financial risks of acting as a guarantor. Direct communication and quick responses from their customer support teams make Daylit feel like a true partner.”
- Uros Ceglaj, CEO of SolarTek
Custom Pro: A Happy, Converted Customer from BlueTape
Custom Pro, a solar installation company and one of SolarTek’s key customers, is already seeing the impact of the switch to Daylit from BlueTape.
Custom Pro has used Bluetape for a year before applying to Daylit. In that time, they had several challenges and were delighted to move their factoring line to Daylit’s PayLater.
Here’s how they’re leveraging their line of credit with Daylit to optimize operations:
1. Financing Across Vendors
Daylit allows Custom Pro to use their line of credit with multiple vendors without the friction of onboarding. Instead of asking a new vendor to onboard, an important step with BlueTape, Daylit’s able to seamlessly auto-approve new relationships. This flexibility simplifies their purchasing process and helps them maintain cash flow across the entire project.
2. Scalable Credit Line
Custom Pro appreciates how their line of credit with Daylit grows as they continue to use it responsibly. Unlike other lenders, Daylit does not impose limits on credit lines, allowing Custom Pro to scale their financing to levels larger than what their previous lender offered. This flexibility empowers them to take on bigger projects with confidence, knowing they have the financial tools to support their growth.
3. Dedicated Customer Support
Daylit’s team provides hands-on support to Custom Pro, ensuring they have the guidance and resources they need. This exceptional service builds trust and makes financing a seamless part of their business strategy.
”Daylit has made financing simple and effective for our business. The flexibility to grow our credit line as we use it has been a huge advantage, and their team is always available to provide support. Daylit isn’t just a financing provider—they’re a valuable partner in helping us achieve our goals.”
- Drew Jansky, CEO of Custom Pro
A Partnership Built for Growth
For SolarTek, the switch from BlueTape to Daylit wasn’t just about finding a better financing partner—it was about creating a better experience for their customers. With Daylit, SolarTek is driving innovation in customer financing, offering solutions that are simple, scalable, and designed to meet the diverse needs of their clients.
Are you ready to optimize your supply chain financing? Learn how Daylit can help you provide seamless, scalable solutions for your customers.
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