USA: CIT and BtoBapparel.com Create Strategic Alliance
CIT Commercial Services, a factoring services provider, today announced a strategic alliance with BtoBapparel.com, a California based Internet business-to-business marketplace for the apparel industry. Under the agreement, CIT will provide factoring and financing services to apparel buyers and sellers via the BtoBapparel website. CIT will issue lines of credit to buyers to purchase goods on the BtoBapparel site, and at the same time provide credit protection to the sellers. CIT will assume the buyer's financial ability to pay its debts on all approved orders through the website. 'Online factoring services have become vital in the apparel industry and having a trusted partner is extremely important,' said Jae Cho, president and CEO of BtoBapparel.com. 'CIT's reputation within the industry coupled with the wide array of financial services it offers will prove an invaluable resource to our members.''Our alliance with BtoBapparel brings CIT closer to our goal of becoming the premier provider of factoring services on the web,' said John F. Daly, president of CIT Commercial Services. 'BtoBapparel has developed a comprehensive and secure marketplace where CIT can provide buyers with increased purchasing power, while at the same time, provide sellers with the security that they will get paid on all approved orders.'BtoBapparel.com's electronic apparel marketplace provides its members with a full range of services from product presentation and selection to payment management, factoring and order invoicing. It also provides a transaction management tool for order placement, negotiation, and confirmation and an account management tool for tracking invoices, shipments, and payments. Through its alliance with CIT, BtoBapparel will be able to support transactions on its website by giving its member companies the financial security to expand their sourcing and selling relationships.
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