FlexShopper Partners with Versatile Credit to Expand Merchant Opportunities
September 09 2024 - 8:00AM
FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online
lease-to-own retailer and payment solutions provider, announces a
partnership with Versatile Credit, a leading provider of software
that connects merchants, lenders, and consumers to facilitate
financing options at points-of-sale. This partnership integrates
FlexShopper’s robust lease-to-own (LTO) services into Versatile
Credit's platform, enhancing consumer payment solution options
across more than 1,600 tire & auto retail merchant locations in
over 30 states. In the second quarter of 2024, applicants via the
Versatile Credit platform were approved for over $8.3 million
through FlexShopper.
Through its strategic collaboration with FlexShopper, Versatile
Credit introduces a needed payment solution for its merchant
partners that enhances operations in more than 1,600 tire &
auto stores. FlexShopper’s differentiated technology platform
streamlines the application process, ensuring the highest level of
privacy and protection for customers, and expands adoption across
Versatile Credit’s distribution network. Implementation and
re-training of an enhanced application process is underway. The
Company expects this will drive higher utilization rates across
Versatile Credit’s merchant partners and expand FlexShopper’s LTO
solutions to new merchant partners. As a result, FlexShopper
expects to add over 100 new retail locations per quarter over the
next several quarters through its growing partnership with
Versatile Credit.
"We are thrilled to announce our enhanced partnership with
Versatile Credit. During the second quarter, we approved over $8.3
million in LTO limits. We believe we are well positioned for total
fundings to double by the fourth quarter, as our training efforts
mature, and merchants become more familiar with our payment
solutions and innovative application process ahead of the holiday
season. We are excited to deepen our relationship with Versatile
Credit and help more merchant partners increase conversion, drive
higher ASPs, and grow sales," stated Russ Heiser, CEO of
FlexShopper.
Key Highlights:
- Streamlined Processes: Built to simplify the
leasing application process, making it quicker and more efficient
for both customers and retail partners.
- Enhanced Security: Ensuring the highest level
of privacy and data protection by eliminating outdated paper
application and retention and driving the application process
through the customer’s own personal device.
- Increased Adoption and
Funding: With focused field engagement and comprehensive
training programs, combined with the optimized flow, FlexShopper
anticipates doubling the funding approvals over the next year.
"Our expanding collaboration with FlexShopper aligns perfectly
with our mission to innovate and expand the financing options
available to consumers. By incorporating FlexShopper’s tailored LTO
solutions into our platform, we are enhancing our ability to serve
our retail partners and their customers more effectively, fostering
greater financial inclusivity and enabling merchants to develop
their financing platforms strategically and comprehensively," said
Vicki Turjan, COO at Versatile Credit.
For more information on FlexShopper, please visit
https://business.flexshopper.com/apply.
About FlexShopperFlexShopper, Inc. is a leading
national financial technology company that offers innovative
payment options to consumers. FlexShopper provides a variety of
flexible funding options for underserved consumers through its
direct-to-consumer online marketplace at Flexshopper.com and in
partnership with merchants both online and at brick-and-mortar
locations. FlexShopper’s solutions are crafted to meet the needs of
a wide range of consumer segments through lease-to-own and lending
products.
About Versatile CreditVersatile Credit offers a
comprehensive, omnichannel financing platform that empowers
businesses to build a financing program with leading lending
providers, innovative financing solutions, and engaging customer
experiences. With over 30 years of experience in building strong
partnerships and innovative credit strategies, Versatile Credit
enhances merchant capabilities in offering consumer-friendly
financing solutions — leading to more finance applications,
approvals, and sales.
Contacts
For FlexShopper:Investor
Relationsir@flexshopper.com
Investor and Media Contact:Andrew Berger,
Managing DirectorSM Berger & Company, Inc.Tel: (216)
464-6400andrew@smberger.com
For Versatile Credit:Vicki
Turjanvicki@versatilecredit.com
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