PORTSMOUTH, N.H., Feb. 13, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced its Small Business Solutions group has released a new version of its award-winning platform that enables real-time lending at the point of sale for business purchases.
CIT's point-of-sale platform simplifies and accelerates financing for small business purchases of $2,500 or more. Business customers can shop for products, be approved for credit, select terms and receive electronic documents to secure their purchase via a seamless electronic experience, typically in a matter of minutes1. The platform is available online and on mobile devices, making it a truly anytime-anywhere, self-serve B2B lending solution.
For equipment and technology vendors, the platform transforms the process of selling products with financing to business customers. They are now empowered to provide real-time monthly payment quotes, get customers approved instantly, digitally design and select finance terms (generally 12 to 60 months), and automatically send electronic documents to the customers for review and e-signature. The approval and contracts process can be completed in minutes.
The platform upgrade also includes next-generation API-driven technology that helps vendors quickly integrate the POS lending platform into virtually any sales channel, including their B2B online e-commerce store. Other enhanced features integrate monthly payments on any product, digital credit application and digital terms selection.
In 2018, CIT's point-of-sale platform was recognized with a FinTech Breakthrough award for "Best Small Business Lending Solution."
"As digitally-enabled sales continue to grow, businesses and their customers expect the same technology experience and service that they are accustomed to in other aspects of their life," said Denise Menelly, CIT's executive vice president and head of Technology and Operations.
"We understand that businesses have unique needs, and CIT is among the first to offer a B2B online lending product that provides self-service features and real-time financing at the point of sale, so buyers can get the products and payment flexibility that meet their needs," Menelly continued.
"Speed is critical to our clients when they are trying to sell equipment or technology to a business customer. That's why we are focused on delivering solutions that make real-time lending and payment as easy as possible," said Ken Martin, managing director of CIT's Small Business Solutions group. "Our clients are asking for better interfaces to support their direct to business sales cycle, and our point-of-sale platform delivers a seamless lending experience."
CIT's Small Business Solutions group focuses on empowering businesses via technology-enabled solutions and market-leading structuring expertise. Small Business Solutions is part of CIT's Business Capital division, which provides equipment financing and vendor finance programs for small and midsized clients and their customers.
Learn more about CIT's point-of-sale platform.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
1Speed and performance are subject to applicant's local connectivity and other factors outside CIT's control.
SOURCE CIT Group Inc.