Toronto-based Financeit announced the launch of Financeit Direct, opening up its platform to more businesses.
Traditionally, the Financeit platform was targeted to businesses, especially in the home renovation and building sectors, who wanted to offer financing solutions to their customers. The direct-to-consumer option means that customers themselves can participate in the application process from any device.
“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 Michael Garrity, founder and CEO of Financeit. “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.”
The company says that this takes the burden of processing applications off of the merchants, so businesses can still offer financing while focusing on their core business offerings. Merchants can invite customers to fill out applications via email or text, and can be requested to send void cheques or pay stubs directly to Financeit through mobile. Consumers, for their part, can get instant credit decisions and work directly with Financeit throughout the loan period.
“We offer our merchant partners and their customers the best of both worlds,” said Paul Sehr, chief technology officer of Financeit. “Our platform features the security of a traditional financial institution, but it is also flexible, transparent and user-friendly. It’s the first point-of-sale financing platform to take full advantage of the mobile revolution that has put a supercomputer in everyone’s pocket. We’re seeing huge traction already: the majority of our beta test users have already adopted Financeit Direct as a new way of promoting financing for big-ticket purchases.”