CIT has released a new version of its platform that enables real-time lending at the point of sale for business purchases.
New upgrade: CIT's point-of-sale platform provides financing for small business purchases of $2,500 or more.
- Businesses 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 minutes.
- The platform is available online and on mobile devices.
- Merchants using CIT's POS platform can 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.
"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.
CIT's upgrade of its POS system introduces APIs that help vendors quickly integrate the POS lending platform into virtually any sales channel, including their B2B online e-commerce store.
Market growth: Point of sale lending continues to grow across the world.
- Afterpay, Affirm, GreenSky, and Klarna are some of the leaders in this market.
- American Express has been growing its own POS lending solution, Plan It Pay It primarily through millennial customers, who frequently opt for purchase financing options versus credit card debt.
- Mastercard bought its own point of sale lender, Vyze, in 2019.
- The success of these companies derives from their speed and ease in generating a loan for the consumer and a sale for the merchant, combining short-term lending with a form of payment.
"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," said Ken Martin, managing director of CIT's Small Business Solutions group.
- Martin was brought in in 2019 from Berkshire Bank where he was the chief lending officer. Previously, Martin was the managing director of Business Banking at Santander Bank.