Xerox Financial Services (XFS) is the name of the new business, which finances both Xerox and third-party needs.
XFS expands on a long record of helping out with financing for Xerox needs, expanding that to general critical workplace needs like software, hardware, IT services and other such things.
The company also plans to offer easier billing and bundled offerings, along with XFS offering robotic process automation in order to offer almost instantaneous loans, which should make customers’ experiences “seamless.”
In addition, Xerox will also still support Xerox Business Solutions (XBS) companies along with external multi-brand dealers.
The company has also signed Lexmark as an original equipment manufacturer client for its new financial services business, the press release says.
“Lexmark selected XFS as a financing partner based on their experience in imaging products and services,” said Brock Saladin, senior vice president and chief commercial officer for Lexmark. “We look forward to working with XFS to provide additional financing options for this important part of our business.”
Nicole Torraco will serve as senior vice president with Xerox Financial Services, after being chief strategy and M&A officer since joining the company in 2018.
“Businesses are reimagining their workplaces to maximize productivity, flexibility and collaboration for a post-COVID world,” said Torraco. “XFS makes leasing and financing easier by bringing the stability and trustworthiness of Xerox plus fintech-like speed, simplicity, and automation to the process.”
Mike Jones, president of business capital at CIT Group, said there was pressure on small to medium-sized businesses (SMBs) to modernize, with the improvements in things like laptops and new machinery being enticing. Jones said there was good reason for companies to look into financing options rather than pay in full at the time of their purchase.
He said SMBs need to keep competitive, and to provide a better user experience, the best technology is often the answer.