Progressive Leasing Launches ProgCentral, a New Lease-to-Own Experience for Merchants

Rhea-AI Summary

ProgCentral has been launched by Progressive Leasing, enhancing retailers' self-management capabilities in lease-to-own transactions. This new platform streamlines the lease-purchase process, providing improved user experience and security features. Merchants can transfer approved leases within the same retail chain, allowing transactions to start online and finish in-store. The rollout to e-commerce and brick-and-mortar stores is set to complete by Q1 2022. ProgCentral is designed to improve efficiency and conversion rates while benefiting customers seeking flexible payment options.

Positive

• Launch of ProgCentral to enhance self-management for retailers.
• Improved user experience and security features boost operational efficiency.
• Merchants can transfer approved leases within retail chains, increasing convenience.

Negative

• None.

ProgCentral offers retailers increased self-management capabilities alongside added functionality and security

SALT LAKE CITY--(BUSINESS WIRE)-- Progressive Leasing, a leading provider of e-commerce, app-based, and in-store lease-to-own solutions owned by fintech holding company PROG Holdings, Inc. (NYSE:PRG), has launched ProgCentral, a new retailer management platform that allows merchants to easily manage every aspect of their lease-to-own business from a computer, tablet, or mobile device.

ProgCentral offers retailers increased self-service management of their lease-to-own offerings through Progressive Leasing while increasing the speed and ease of the lease-purchase process for customers. Its numerous functionality updates include a streamlined user experience and enhanced search, reporting, and security features.

The new platform, which was developed in-house by Progressive Leasing, also gives merchants the ability to transfer an approved lease within the same retail chain. This allows customers to initiate a lease online and complete the transaction in store, or to apply for a lease at one physical store location and finalize the purchase at another due to added product availability or convenience.

“ProgCentral simplifies and improves the experience for our merchants, giving them the tools and information that they need to efficiently navigate the process of lease application, approval tracking, payment management, delivery scheduling, and transaction completion,” said Ben Hawksworth, Progressive Leasing’s Chief Product and Technology Officer. “The new experience was developed with valuable input from retailers and will help them save time at the point of sale by providing answers to the most commonly asked questions about Progressive Leasing, improving conversion rates while offering a more seamless lease-to-own experience for their customers.”

The launch of ProgCentral follows Progressive Leasing’s recent release of enhanced one-click retailer plug-ins for Magento 2 and WooCommerce that simplify the retailer integration and customer application processes while shortening the time between lease application and checkout completion.

Rollout of the new portal to the thousands of e-commerce and brick and mortar stores offering Progressive Leasing’s payment options has already begun. The Company expects to complete the partner transition to ProgCentral by the end of Q1, 2022.

Retailers that want to add convenient and accessible lease-to-own payment options to their e-commerce or in-store checkout processes can contact the company at https://progleasing.com/merchant.

About Progressive Leasing

Progressive Leasing is a leading provider of e-commerce, app-based, and in-store point-of-sale lease-to-own solutions that provide transparent and competitive payment options and flexible terms intended to help credit challenged consumers achieve merchandise ownership. The company has helped millions of consumers acquire furniture, appliances, jewelry, electronics, mattresses, cell phones, and other products consumers need by utilizing a technology-based proprietary platform that provides instant decisioning results. Progressive Leasing is owned by PROG Holdings, Inc. (NYSE:PRG), a fintech holding company based in Salt Lake City, Utah. More information on Progressive Leasing can be found on the company’s website, https://progleasing.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210907005136/en/

Investor Contact

John A. Baugh, CFA

VP, Investor Relations

john.baugh@progleasing.com

Media Contact

Mark Delcorps

Director, Corporate Communications

media@progleasing.com

Source: Progressive Leasing

FAQ

What is ProgCentral?

ProgCentral is a retailer management platform launched by Progressive Leasing to streamline lease-to-own transactions.

How does ProgCentral improve the lease-purchase process?

It provides improved self-service management, enhanced user experience, and allows for the transfer of approved leases within retail chains.

When will the rollout of ProgCentral be completed?

The rollout is expected to be completed by the end of Q1 2022.

What benefits does ProgCentral offer to retailers?

ProgCentral helps retailers save time with lease applications, enhances conversion rates, and provides answers to commonly asked questions.