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Press release from Business Wire

CIT Factoring University Releases “How to Manage Collections Efficiently” Educational Video

<p class='bwalignc'> <i>New Video Explains How Businesses Can Effectively Manage their Accounts Receivable Process</i> </p>

Monday, November 12, 2012

CIT Factoring University Releases “How to Manage Collections Efficiently” Educational Video08:30 EST Monday, November 12, 2012 NEW YORK (Business Wire) -- 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 “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. EDITOR'S NOTE: Follow us on Twitter: @citgroup, on Facebook: facebook.com/citgroup, and on LinkedIn: LinkedIn.com/company/cit. Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rssfeed 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 CIT MEDIA RELATIONS:C. Curtis RitterDirector of Corporate Communications973-740-5390Curt.Ritter@cit.comorMatt KleinVice President, Media Relations973-597-2020Matt.Klein@cit.comorCIT INVESTOR RELATIONS:Ken BrauseExecutive Vice President212-771-9650Ken.Brause@cit.com