The USA’s largest provider of factoring services, CIT Commercial Services, have today announced an alliance with TradeOut, a global internet marketplace for business surpluses such as excess inventory and idle assets. CIT will provide factoring and financing services to buyers and sellers via TradeOut
Under the financing agreement, CIT will issue pre-approved lines of credit to buyers to purchase goods on the website and will also provide credit protection to sellers.
TradeOut’s CEO and President George Samenuk has said “We chose to partner with CIT for their extensive financial expertise and reputation as a leading provider of factoring services. Being able to offer factoring services to facilitate transactions on our website will greatly benefit our small and mid-size apparel and general merchandise customers by accelerating their cash flow, a vital part of a company’s growth strategy.”
