Financeit today announced the launch of Financeit Direct, a direct-to-consumer financing platform. available 24/7 from any location on any device. Aiming to streamline point-of-sale financing which has traditionally been a complicated and paperwork-heavy process only accessible to large merchants, Financeit Direct is mobile-enabled and fully paperless.
“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,” stated Financeit Founder and CEO Michael 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.”
With Financeit Direct, service providers retain control of the sale but can invite customers — via email or text– to participate in the application anytime, anywhere. Merchants may ask their customers to upload a picture of a void cheque or pay stub directly to Financeit via their mobiles phones, thereby avoiding awkward financial discussions and making the application process smoother and faster. Consumers receive instant credit decisions, fair rates and transparency during the financing process via their own devices, and are then able to work directly with Financeit throughout the loan period.
“We offer our merchant partners and their customers the best of both worlds,” commented Financeit CTO Paul Sehr. “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.”
Since launching in 2011, Financeit has worked with over 6,000 retail, vehicle, home improvement and healthcare businesses to process more than $1.5 billion in loans in Canada and the US. Financeit is a private company and has raised money from a variety of shareholders, including Goldman Sachs and FIS Global.