FlexShopper Partners with Versatile Credit to Expand Merchant Opportunities
FlexShopper (NASDAQ: FPAY), a national online lease-to-own retailer and payment solutions provider, has partnered with Versatile Credit to expand its merchant opportunities. The collaboration integrates FlexShopper's lease-to-own (LTO) services into Versatile Credit's platform, covering over 1,600 tire & auto retail locations across 30+ states. In Q2 2024, applicants via Versatile Credit were approved for over $8.3 million through FlexShopper.
The partnership introduces an enhanced application process, aiming to drive higher utilization rates and expand FlexShopper's LTO solutions. The company expects to add over 100 new retail locations per quarter through this growing partnership. FlexShopper anticipates doubling funding approvals over the next year, projecting total fundings to double by Q4 2024.
FlexShopper (NASDAQ: FPAY), un rivenditore nazionale online di soluzioni di pagamento e affitti con opzione di acquisto, ha collaborato con Versatile Credit per espandere le sue opportunità commerciali. La collaborazione integra i servizi di affitto con opzione di acquisto (LTO) di FlexShopper nella piattaforma di Versatile Credit, coprendo oltre 1.600 punti vendita di pneumatici e auto in più di 30 stati. Nel secondo trimestre del 2024, i richiedenti tramite Versatile Credit sono stati approvati per oltre 8,3 milioni di dollari tramite FlexShopper.
La partnership introduce un processo di candidatura migliorato, con l'obiettivo di aumentare i tassi di utilizzo e ampliare le soluzioni LTO di FlexShopper. L'azienda prevede di aggiungere oltre 100 nuovi punti vendita ogni trimestre attraverso questa crescente partnership. FlexShopper si aspetta di raddoppiare le approvazioni di finanziamento nel prossimo anno, prevedendo che i finanziamenti totali raddoppino entro il quarto trimestre del 2024.
FlexShopper (NASDAQ: FPAY), un minorista nacional en línea de arrendamiento con opción a compra y proveedor de soluciones de pago, se ha asociado con Versatile Credit para ampliar sus oportunidades comerciales. La colaboración integra los servicios de arrendamiento con opción a compra (LTO) de FlexShopper en la plataforma de Versatile Credit, abarcando más de 1,600 ubicaciones de venta de llantas y automóviles en más de 30 estados. En el segundo trimestre de 2024, los solicitantes a través de Versatile Credit fueron aprobados por más de 8.3 millones de dólares a través de FlexShopper.
La asociación presenta un proceso de solicitud mejorado, con el objetivo de impulsar tasas de utilización más altas y ampliar las soluciones LTO de FlexShopper. La empresa espera agregar más de 100 nuevas ubicaciones comerciales por trimestre a través de esta creciente asociación. FlexShopper anticipa duplicar las aprobaciones de financiamiento en el próximo año, proyectando que los financiamientos totales se dupliquen para el cuarto trimestre de 2024.
FlexShopper (NASDAQ: FPAY)는 온라인 임대 구매 소매업체이자 결제 솔루션 제공업체로, Versatile Credit와 협력하여 상인 기회를 확장하고 있습니다. 이 협력은 FlexShopper의 임대 구매 (LTO) 서비스를 Versatile Credit 플랫폼에 통합하여 30개 이상 주에서 1,600개 이상의 타이어 및 자동차 소매점을 포함합니다. 2024년 2분기에는 Versatile Credit을 통해 신청한 이들이 FlexShopper을 통해 830만 달러 이상의 승인 을 받았습니다.
이 파트너십은 향상된 신청 프로세스를 도입하여 더 높은 활용률을 유도하고 FlexShopper의 LTO 솔루션을 확장하는 것을 목표로 하고 있습니다. 회사는 이 성장하는 파트너십을 통해 매 분기 100개 이상의 새로운 소매점을 추가할 것으로 예상하고 있습니다. FlexShopper은 내년까지 자금 승인 건수를 두 배로 늘리고 2024년 4분기까지 총 자금이 두 배로 늘어날 것으로 계획하고 있습니다.
FlexShopper (NASDAQ: FPAY), un détaillant national en ligne de location-vente et fournisseur de solutions de paiement, s'est associé à Versatile Credit pour élargir ses opportunités marchandes. Cette collaboration intègre les services de location-vente (LTO) de FlexShopper sur la plateforme de Versatile Credit, couvrant plus de 1 600 points de vente de pneus et d'automobiles dans plus de 30 états. Au 2ème trimestre 2024, les demandeurs via Versatile Credit ont été approuvés pour un montant de plus de 8,3 millions de dollars grâce à FlexShopper.
Le partenariat introduit un processus de candidature amélioré, visant à augmenter les taux d'utilisation et à élargir les solutions LTO de FlexShopper. L'entreprise s'attend à ajouter plus de 100 nouveaux points de vente par trimestre grâce à ce partenariat croissant. FlexShopper prévoit de doubler les approbations de financement au cours de l'année prochaine, prévoyant que les financements totaux doublent d'ici le 4ème trimestre 2024.
FlexShopper (NASDAQ: FPAY), ein nationaler Online-Anbieter von Mietkäufen und Zahlungsdienstleistungen, hat eine Partnerschaft mit Versatile Credit geschlossen, um die Möglichkeiten für Händler zu erweitern. Die Zusammenarbeit integriert die Mietkauf (LTO) Dienstleistungen von FlexShopper in die Plattform von Versatile Credit und umfasst über 1.600 Reifen- und Autohändler in mehr als 30 Bundesstaaten. Im 2. Quartal 2024 wurden Anträge über Versatile Credit genehmigt, die über 8,3 Millionen Dollar von FlexShopper betrugen.
Die Partnerschaft führt einen verbesserten Antragsprozess ein, um die Nutzungsraten zu steigern und die LTO-Lösungen von FlexShopper auszuweiten. Das Unternehmen erwartet, jedes Quartal über 100 neue Verkaufsstellen hinzuzufügen, durch diese wachsende Partnerschaft. FlexShopper rechnet damit, die Genehmigungen für Finanzierungen im nächsten Jahr zu verdoppeln und geht davon aus, dass sich die gesamten Finanzierungen bis zum 4. Quartal 2024 verdoppeln werden.
- Partnership with Versatile Credit expands FlexShopper's reach to over 1,600 tire & auto retail locations
- Q2 2024 saw $8.3 million in approved LTO limits through Versatile Credit platform
- Enhanced application process expected to drive higher utilization rates
- Projected addition of over 100 new retail locations per quarter
- Anticipated doubling of total fundings by Q4 2024
- None.
Insights
FlexShopper's partnership with Versatile Credit marks a significant expansion of their lease-to-own (LTO) services. The integration into 1,600+ tire & auto retail locations across 30+ states is a substantial market penetration. With
This partnership strategically positions FlexShopper in the growing alternative payment solutions market. The tire & auto sector is a smart target, as these purchases often require financing options. By integrating with Versatile Credit's platform, FlexShopper gains access to a ready-made distribution network, significantly reducing customer acquisition costs. The emphasis on streamlined, secure processes addresses key consumer concerns in fintech. The projected doubling of funding approvals by Q4 suggests strong market demand. However, it's important to monitor actual conversion rates and average transaction values to gauge real impact. The partnership's success could make FlexShopper an attractive option for other retail sectors, potentially opening up new market segments and driving further growth.
FlexShopper's technology integration with Versatile Credit showcases significant advancements in point-of-sale financing technology. The move from paper applications to a device-based system not only enhances security but also aligns with modern consumer preferences for digital interactions. This tech-forward approach could lead to higher adoption rates and improved user experience. The streamlined application process has the potential to reduce friction in the purchase journey, possibly increasing conversion rates. However, the success of this tech integration will depend on factors like system reliability, ease of use for both merchants and consumers and the speed of approvals. If executed well, this could give FlexShopper a competitive edge in the LTO market and potentially attract more tech-savvy retail partners.
FlexShopper providing LTO solutions to over 1,600 retail merchants through its partnership with Versatile Credit
Launch of enhanced application process to drive more originations through improved customer experience
FlexShopper expects to add over 100 new stores per quarter through its expanding partnership with Versatile Credit
BOCA RATON, Fla., Sept. 09, 2024 (GLOBE NEWSWIRE) -- 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
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
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 FlexShopper
FlexShopper, 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 Credit
Versatile 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 Relations
ir@flexshopper.com
Investor and Media Contact:
Andrew Berger, Managing Director
SM Berger & Company, Inc.
Tel: (216) 464-6400
andrew@smberger.com
For Versatile Credit:
Vicki Turjan
vicki@versatilecredit.com
FAQ
What is the partnership between FlexShopper (FPAY) and Versatile Credit?
How much in LTO limits did FlexShopper (FPAY) approve through Versatile Credit in Q2 2024?
How many new retail locations does FlexShopper (FPAY) expect to add quarterly through the Versatile Credit partnership?
What are the key benefits of FlexShopper's (FPAY) enhanced application process with Versatile Credit?
