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CIT Commercial Services Invoice Factoring Review
CIT Commercial Services is one of the few companies we looked at for invoice factoring that offers more than just invoice factoring and funding services. They also offer credit defense and advice as well as EDI, billing and payment processing, cash management, and lockbox processing. CIT Commercial Services was founded in 1971 and is based in New York, New York.
The best thing that CIT Commercial Services has going for it is the sheer number of services they can offer businesses in addition to invoice factoring. Many companies that are interested in invoice factoring may also want to outsource other elements of their business, and CIT Commercial services has the capacity to allow them to do that. They don’t have any complaints or negative reviews with the BBB, which is a positive sign for many customers. Moreover, CIT Commercial Services offers a number of invoice factoring solutions that work for different industries. The industries that they focus on include apparel, furniture, footwear, and home furnishings. They do offer a mobile app for their customers which provides enhanced functionality when your business takes you away from the office.
The biggest issue we could find with CIT Commercial Services was a lack of pricing transparency. We couldn’t find information on their base discount rates, or information related to their fee structure. This can be a problem for merchants who don’t trust sales reps to be completely upfront about how much they will wind up paying over the course of a contract. Another issue we found is that in order to get the best discount rates, customers will have to use recourse invoice factoring, which means that they will be responsible for buying back any invoices that CIT has problems collecting.
CIT is solidly in the middle when it comes to invoice financing companies. They are especially bad or especially great, but could be good if a business is looking for more services than just invoice factoring.