The new platform, named Financeit Direct, will allow merchants to offer their customers a seamless point-of-sale financing product, available from any location and on any device. Financeit says that the new tool smooths out what is traditionally a cumbersome and paperwork-heavy process, allowing companies of all shapes and sizes to engage in point-of-sale.
With Financeit Direct, prospective users can upload crucial documentation – such as a picture of a void cheque – electronically, if required to by a service provider. Financeit says that consumers will enjoy instant credit decisions, fair rates and full transparency throughout the funding process. But how does this differ from what went before? Michael Garrity, CEO and president of Financeit, explained: “Financeit Direct offers merchants the option to invite their customers, by email or text, to complete loan applications privately. This gives consumers added security and peace of mind and saves businesses time and paperwork.”
Financeit has been around since 2011, and has worked with over 6,000 retail, vehicle, home improvement and healthcare businesses. The technology has processed over $1.5bn in loans in Canada and the US. The privately held company’s backers include Goldman Sachs and FIS Global. Financeit closed an equity funding round led by Goldman’s merchant banking division in October 2015.
“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,” said Garrity. “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.”