The small business solutions arm of CIT Group has launched a new version of its point-of-sale lending platform.
The platform is available online and on mobile devices to simplify 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 electronically.
The platform also provides real-time monthly payment quotes and automatically sends electronic documents to customers for review and e-signature.
The platform includes upgraded API technology so vendors can integrate the POS lending system into any sales channel, including B2B online e-commerce stores.
Denise Menelly (pictured), CIT's executive vice-president and head of technology and operations, said: “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.
“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.”
The Small Business Solutions division is part of CIT's Business Capital arm, which provides equipment financing and vendor finance programs for small and mid-sized clients and their customers.