TradeCard Platform Offers Credit Protection Service
CIT Commercial Services has entered into a strategic alliance with TradeCard to provide CIT’s credit protection on the TradeCard platform. The move will provide TradeCard vendors with the option to obtain credit protection from CIT instead of bank letters of credit. Using the TradeCard platform, companies can manage their credit-protected receivables online, according to CIT. Under the terms of a Factoring Agreement between CIT and each vendor, vendors may elect, on a transaction-by-transaction basis, to purchase credit protection from CIT. Payment for the receivable will be made by the buyer, or failing that, CIT, subject to the terms and conditions of the Factoring Agreement.