FlexShopper Partners with Versatile Credit to Expand Merchant Opportunities

Core Insights - FlexShopper has partnered with Versatile Credit to enhance lease-to-own (LTO) solutions for over 1,600 retail merchants, particularly in the tire and auto sectors [1][2] - The partnership aims to streamline the application process, improve customer experience, and drive higher funding approvals [3][4] - FlexShopper anticipates adding over 100 new retail locations each quarter as a result of this collaboration [1][2] Company Overview - FlexShopper, Inc. is a national online lease-to-own retailer and payment solutions provider, focusing on flexible funding options for underserved consumers [7] - Versatile Credit provides a comprehensive financing platform that connects merchants, lenders, and consumers, enhancing financing options at points-of-sale [8] Financial Performance - In Q2 2024, FlexShopper approved over $8.3 million in LTO limits through the Versatile Credit platform [1][3] - The company expects total fundings to double by Q4 2024 as training and merchant familiarity with the payment solutions improve [3] Strategic Initiatives - The partnership includes an enhanced application process designed to ensure privacy and data protection while eliminating outdated paper applications [4] - FlexShopper is implementing focused field engagement and comprehensive training programs to increase adoption and funding approvals [4] Market Impact - The collaboration is expected to foster greater financial inclusivity and enable merchants to strategically develop their financing platforms [5] - FlexShopper's technology aims to enhance operations for retail partners, driving higher average selling prices (ASPs) and sales [3][5]