CIT Group Unveils New Version Of B2B POS Lending Platform

B2B Payments

CIT Group Inc. has debuted a new version of its B2B point-of-sale (POS) lending platform to help enable real-time lending for business purchases, the company said in an announcement.

Technology and equipment vendors can be live in a matter of minutes, offering real-time POS lending with little or no integration needed.

“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.”

The company said the platform simplifies and speeds up financing for small business purchases of $2,500 or greater. Companies can shop for products, receive credit approval, choose terms and get documents to secure their purchases through an electronic experience. The platform is available via mobile devices and online.

The platform upgrade also comes with “next-generation” application programming interface-driven technology that helps equipment and technology vendors quickly integrate the POS lending platform into almost any sales channel, with the inclusion of their B2B online eCommerce store. The platform “transforms” the process of selling products with financing to business customers.

Equipment and technology vendors can now offer real-time monthly payment quotes, have customers approved instantly, digitally design and choose finance terms (generally 12 to 60 months), send electronic documents to the clients automatically for review and eSignature.

According to the company, “the approval and contracts process can be completed in minutes.”

“Speed is critical to our clients when they are trying to sell equipment or technology to a business customer,” said Ken Martin, managing director of CIT’s Small Business Solutions group.“That’s why we are focused on delivering solutions that make real-time lending and payment as easy as possible.”