CIT, a leading global source for financing and leasing capital managing more than $50 billion in assets, and 7thOnline, a major B2B provider of web-based merchandising technology and services for the fashion industry, have announced an alliance to provide online credit protection and receivables financing to fashion industry vendors and retailers.
Under the agreement, CIT's Commercial Services unit will issue credit to buyers to purchase goods on the 7thOnline Web site and at the same time provide credit protection and receivables financing to the sellers. According to the credit protection program, CIT will assume the buyer's financial ability to pay its debts on all approved orders through 7thOnline's Web site. Under the receivables financing program, CIT will offer advanced payment to the seller on a buyer's payment expected in the near future.
