FlexShopper Partners with PayTomorrow to Enhance Consumer Payment Options
Rhea-AI Summary
FlexShopper (Nasdaq: FPAY) and PayTomorrow have announced a strategic partnership, integrating FlexShopper's lease-to-own (LTO) services into PayTomorrow's financing platform. The collaboration has successfully launched with Monro Inc., a leading tire and automotive chain with about 1,300 locations across the U.S. This partnership has already added over 100 incremental locations, bringing the total to over 1,400 retail locations served.
FlexShopper's CEO, Russ Heiser, highlighted the success of the initial rollout and the potential for growth, with a pipeline of over 4,000 potential locations to be added within the PayTomorrow platform. The integration aims to provide consumers with flexible payment options and merchants with comprehensive financing solutions, streamlining the checkout process and potentially increasing sales.
Positive
- Successful integration of FlexShopper's LTO program into PayTomorrow's platform
- Partnership launched with Monro Inc., adding approximately 1,300 locations
- Over 100 incremental locations added, totaling over 1,400 retail locations served
- Pipeline of over 4,000 potential locations for future expansion
- Initial customer origination totals exceeding expectations
Negative
- None.
News Market Reaction
On the day this news was published, FPAY gained 3.07%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
FlexShopper announces the successful integration of their LTO program into PayTomorrow’s platform
Successful rollout with Monro Inc., one of the nation’s leading automotive service and tire providers with approximately 1,300 locations
FlexShopper’s partnership with PayTomorrow has quickly added over 100 incremental locations with additional retailers, supporting a robust pipeline of over 4,000 locations
BOCA RATON, Fla., Aug. 19, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, and PayTomorrow, a leading financing waterfall platform, are pleased to announce a strategic partnership. This new collaboration integrates FlexShopper’s robust lease-to-own (LTO) services into PayTomorrow’s flexible financing platform, enhancing consumer financing options for a wide range of retail merchants.
In a recent milestone, PayTomorrow and FlexShopper have successfully launched their financing platform with Monro Inc., one of the nation’s leading tire and automotive chains that has approximately 1,300 locations across the U.S., demonstrating their commitment to provide consumers with access to flexible payment options.
FlexShopper specializes in providing flexible LTO solutions tailored for underserved consumers and retail merchants across various sectors. By integrating FlexShopper’s LTO services, PayTomorrow further expands its payment offerings to include FlexShopper’s current and future financing options. These solutions are seamlessly integrated into a merchant’s point-of-sale systems and eCommerce platforms and provide customers with a spending limit for multiple purchases through FlexShopper’s retail partners.
"FlexShopper is excited to partner with PayTomorrow to offer enhanced financing solutions that empower consumers and merchants alike," said Russ Heiser, CEO at FlexShopper. "This collaboration underscores our commitment to provide accessible financial products and services that meet the diverse needs of today's consumers.”
Mr. Heiser continued, “I am pleased to announce that we have already launched our LTO solution with one of the largest tire and automotive chains in the U.S. through the PayTomorrow platform. Initial customer origination totals from these locations are exceeding our expectations, with almost 1,300 new partner locations enabled with FlexShopper LTO offerings. Based on the success of our initial rollout, our partnership with PayTomorrow has already added over 100 incremental locations with additional retailers and we are now serving over 1,400 retail locations through our partnership with PayTomorrow. We see significant opportunities for additional retailers, and our current pipeline consists of over 4,000 potential locations to be added within the PayTomorrow platform. As a result, we believe our new partnership with PayTomorrow represents a compelling growth opportunity for FlexShopper."
PayTomorrow’s platform simplifies the process for consumers to access financing options, including LTO, directly through merchant channels. This integration streamlines the checkout process, providing a frictionless experience for shoppers, while enabling merchants to offer comprehensive financing solutions.
"We are thrilled to partner with FlexShopper to bring expanded financing choices to our network of retail merchants," said Tony Amitrano, Chief Revenue Officer of PayTomorrow. "Our combined strengths will empower merchants to cater to a broader customer base, from prime to nonprime consumers, fostering increased sales and customer satisfaction."
The partnership between PayTomorrow and FlexShopper is set to drive innovation in consumer finance, by leveraging technology to make affordable payment solutions more accessible to all through an easy customer application process. In addition, the partnership supports flexible funding options for customers who have fewer options to purchase goods that they want and need, while providing an easy to integrate platform for retail partners to increase their sales.
If you are a merchant interested in offering FlexShopper’s LTO solution through the PayTomorrow platform, please contact sales@paytomorrow.com.
About PayTomorrow:
PayTomorrow is a trusted financial waterfall provider enabling businesses, both in-store and online, to provide consumers with multiple financing and flexible payment solutions through a single application at the point of sale. PayTomorrow’s unique technology aligns lenders with customers, ensuring customers receive the best available offer based on that specific customer’s credit profile, helping customers access financing and helping merchants maximize sales. PayTomorrow integrates into most off-the-shelf eCommerce platforms, custom platforms/shopping carts, in-store POS systems and standalone applications.
About FlexShopper, Inc.: FlexShopper, Inc. (Nasdaq: FPAY) is a leading national financial technology company that provides payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its online direct to consumer marketplace at Flexshopper.com and in partnership with partner merchants both online as well as at brick-and-mortar locations. FlexShopper’s solutions are designed to meet the needs of a wide range of consumer segments via lease-to-own and lending products.
Company Contact:
FlexShopper, Inc.
Investor Relations
ir@flexshopper.com
Investor and Media Contact
Andrew Berger
Managing Director
SM Berger & Company, Inc.
Tel (216) 464-6400
andrew@smberger.com
FAQ
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