FinanceIt celebrated the fourth of July not with fireworks, but by launching their new iPad app, which will be available to the public in early August. For those who are tired of fussing over finance, the app is worth the wait even though access at first will be limited due to its first-come, first-served registration basis.
By using the iPad camera to scan a photo ID for an instant loan approval, FinanceIt’s mobile app will allow businesses to reduce the consumer funding process to less than five minutes and is completely paperless.
Businesses in retail, healthcare and home improvement will be the first to utilize the new app. Some other businesses that the app will be initially available for are furniture and electronic stores, dental practices, home renovation contractors and other retail businesses.
FinanceIt launched in 2011 and since then they have 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,” said FinanceIt COO, Casper Wong. “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.”
FinanceIt’s mobile app is expected to cause some disruption in the retail credit card industry with 80% loan approval rates and no cost to merchants. The app provides instant point of sale financing for loans under $5,000 with a simple scan of a driver’s license.
FinanceIt is planning to release the second version of the app in Fall 2013; the new features will include the vehicle program and maximum loan amount of up to $60,000—features that are currently available on the web platform.