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TheStreet Open House

FinanceIt Launches IPad App Enabling Businesses To Offer Consumer Financing From Anywhere

New app for the iPad allows instant point of sale financing for merchants with retail, home improvement and healthcare businesses.

TORONTO, July 4, 2013 /PRNewswire/ - FinanceIt announced today the launch of their iPad app which will be available in early August. The app will make it easy for businesses to offer consumer financing by using the iPad camera to scan a photo ID for an instant loan approval. This feature, along with a completely paperless process, will reduce the entire funding process to less than 5 minutes. Access to the first release of the app will be limited, and granted on a first come, first served basis for those who register.

(Photo: http://photos.prnewswire.com/prnh/20130704/TO756)

Since launching in 2011, FinanceIt has enabled over 2,300 retail, home improvement, health, and vehicle businesses to process over $380 million in loans. "We provide small and medium sized businesses with the tools they need to compete with big box retailers. By taking advantage of marketing programs like "0% financing" or "don't pay for 12 months" these businesses can gain a significant competitive advantage at no additional cost." said FinanceIt COO, Casper Wong.

With 80% loan approval rates and no cost to merchants, FinanceIt's mobile application is poised to disrupt the retail credit card industry. With the scan of a drivers license, FinanceIt's iPad app provides instant point of sale financing for loans under $5,000.

Details of the first app release:

     Quote a monthly payment from anywhere      Approval rates as high as 80%      Completely free to use, no merchant fees      Paperless with electronic signatures      Instant approvals using the camera to scan photo ID      Loans under $5,000      Marketing programs with deferral periods and 0% interest financing      Interest rates starting at 6.99%

In Fall of 2013 a second version of the app will be released which will include the vehicle program and maximum loan amounts of up to $60,000 - both of which are currently available through the web platform.

The FinanceIt app will initially be available to businesses in retail, healthcare, and home improvement - including furniture and electronic stores, dental practices, home renovation contractors, and other similar retail businesses. Interested merchants can sign up today at www.financeit.ca/ipad

Video about how FinanceIt helps merchants offer financing at the point of sale: http://www.youtube.com/watch?v=ucZe-slZq38

About FinanceIt FinanceIt is an internet application which enables retail, vehicle, home improvement and healthcare businesses to offer consumer financing at the point of sale. FinanceIt is the preferred financing platform of over 2300 businesses; who together have processed more than $380 million in loan applications. Founded in 2010, and headquartered in Toronto, FinanceIt is currently available in Canada - with plans to expand to the U.S. in early 2014. For more information please visit www.financeit.ca

SOURCE FinanceIt

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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