Financeit announced on Tuesday (Aug. 23) it launched Financeit Direct, a direct-to-consumer financing platform. The tool, which the company said is a first-of-its-kind platform, is available 24/7 from any location on any device.
The move is building on Financeit's reputation as a leading FinTech innovator, the company said. According to the company, while point-of-sale financing has traditionally been a complicated and paperwork-heavy process only available to large merchants, Financeit Direct is mobile-enabled and fully paperless. It takes the burden of processing applications off of the merchants, making the process so simple that companies of any size can easily offer financing and still have time to focus on their core business offerings.
"Our merchant partners and their customers want financing options, but they don't want programs that are complicated or time-consuming. With Financeit Direct, we've developed the next generation of financing," says Michael Garrity, founder and CEO of Financeit, in a press release. "Throughout beta testing, merchants described Financeit Direct as a revolutionary tool that can be customized for their work schedules and routines. Consumers love the quick and easy application process and the added privacy and security, along with Financeit's competitive interest rates."
With the new tool, service providers get to maintain control of the sale, but they can invite their customers via email or text to participate in the application anytime, anywhere. For example, the company said, merchants may ask customers to upload a picture of a void check or pay stub directly to Financeit via their mobiles phones. By doing that, service providers can avoid what can often be awkward financial discussions. What’s more, it makes the application process smoother and faster. With Financeit Direct, consumers get instant credit decisions, fair rates and full transparency during the financing process via their own devices. They are then able to work directly with Financeit throughout the loan period.