CIT Upgrades Point-of-Sale Lending Platform

CIT Group Inc. announces a new version of its Small Business Solutions group lending platform.

PORTSMOUTH, N.H.-CIT Group Inc., equipment and vendor financing company, announces a new version of its Small Business Solutions group lending platform.

Through the platform, business customers can shop for products, be approved for credit, select terms, and receive electronic documents to secure their purchase. The platform is available online and on mobile devices.

For equipment and technology vendors, the platform transforms the process of selling products with financing to business customers. Vendors can now provide real-time monthly payment quotes, get customers approved online, digitally design and select finance terms, and automatically send electronic documents to the customers for review and e-signature.

Upgrades to the platform include API-driven technology that helps vendors integrate the POS lending platform into sales channels, including B2B online e-commerce stores. Other enhanced features integrate monthly payments on any product, digital credit application, and digital terms selection.

In 2018, the platform received 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,” says Denise Menelly, CIT’s executive vice president and head of Technology and Operations.

“Speed is critical to our clients when they are trying to sell equipment or technology to a business customer,” says Ken Martin, managing director of CIT’s Small Business Solutions group.

Learn more information on CIT, visit www.cit.com.