November 12, 2012 at 08:30 AM EST
CIT Factoring University Releases “How to Manage Collections Efficiently” Educational Video

CIT Factoring University (CITFactoringUniversity.com), a website that offers a comprehensive education-based approach to the financial service known as accounts receivable factoring, today launched “How to Manage Collections Efficiently.” This is the third in a series of animated videos created to educate small and middle market business owners on how the various aspects of factoring can benefit their business.

Jonathan (Jon) A. Lucas, President of CIT Trade Finance (Photo: Business Wire

Jonathan (Jon) A. Lucas, President of CIT Trade Finance (Photo: Business Wire

“Managing collections efficiently is the lifeline of any business and is critical to the financial success and liquidity of any company,” says Jonathan Lucas, President of CIT Trade Finance. “This 90-second video explains the benefits of outsourcing the accounts receivable management process so companies can spend their valuable time and resources on growing and building their businesses.”

Quite often, business owners feel they are spending an inordinate amount of time tracking customer payments, monitoring customer credit and making uncomfortable collection calls. The problem facing many businesses is that it can take weeks, if not months, to collect payment on shipped goods. These delayed payments can cause a liquidity crunch that could lead a company to miss its own financial obligations, like paying suppliers or employees. As the video demonstrates, one solution is to have a factoring company handle the accounts receivable management process for them.

Additional tutorial videos for business owners on Factoring University include “What is Factoring?” and “How to Minimize Bad Debt Losses.” Individuals interested can join the discussion about factoring on the Factoring University LinkedIn group.

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About CIT Factoring University

CIT Factoring University is a Website that offers a comprehensive education-based approach to the financial service known as accounts receivable factoring. The site provides a variety of exclusive content that highlights the benefits of factoring for business owners. Visitors can view testimonial videos that feature executives from consumer product industries who explain why they use factoring and how it benefits their businesses. In addition, CIT Factoring University provides a list of Frequently Asked Questions; infographics that explain the factoring process, business solutions provided by factoring, and more. citfactoringuniversity.com

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50471500&lang=en

Contacts:

CIT MEDIA RELATIONS:
C. Curtis Ritter
Director of Corporate Communications
973-740-5390
Curt.Ritter@cit.com
or
Matt Klein
Vice President, Media Relations
973-597-2020
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause
Executive Vice President
212-771-9650
Ken.Brause@cit.com
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