FlexShopper Forms Exclusive Lease-to-Own Partnership with United Wheels and Its Portfolio of Bicycle Brands, Including Huffy
BOCA RATON, Fla., Dec. 04, 2024 (GLOBE NEWSWIRE) -- FlexShopper Inc. (NASDAQ:FPAY), a leading national lease-to-own (LTO) retailer and payment solutions provider, is excited to announce an exclusive strategic partnership with United Wheels Inc., a global holding company for a portfolio of outdoor brands, including Huffy, Niner Bikes, Batch Bicycles, VAAST Bikes, and Buzz E-Bikes. This partnership is made possible through FlexShopper's growing relationship with PayPossible, a premier financing waterfall platform, which efficiently integrates FlexShopper's financing options across United Wheels' family of websites.
Through competitive benchmarking, FlexShopper believes that offering lease-to-own options significantly increases sales for retailers focused on durable goods. In fact, FlexShopper has observed an increase of more than 10% in the balance of sale when LTO options are provided to its partners. This track record is a key driver for FlexShopper's ongoing expansion of partnerships with prominent online and brick-and-mortar retailers that want to expand sales with credit underserved consumers.
United Wheels is a global leader in the outdoor industry, shipping over 5 million bicycles annually to more than 50 countries, generating approximately $1 billion in revenue each year. The company's portfolio includes brands known for innovation, quality, and style, offering bicycles for every member of the family.
- Huffy, a household name in bicycles, has been synonymous with cycling fun since 1892.
- Batch Bicycles offers affordable, easy-to-assemble bikes for casual riders.
- Buzz E-Bikes provides mid-range electric bikes designed for comfort and ease.
- VAAST Bikes features cutting-edge SUPER MAGNESIUM™ technology for exceptional durability and performance.
- Niner Bikes revolutionized the mountain bike segment with its innovative designs, particularly focusing on 29-inch wheels.
By integrating FlexShopper's LTO financing options across United Wheels' e-commerce sites, the partnership is expected to drive higher online sales while providing consumers with seamless access to flexible financing. In addition, FlexShopper's addition of the entire United Wheels product range to its LTO marketplace will offer even more choices for FlexShopper's growing customer base.
"FlexShopper is thrilled to partner with PayPossible to enhance financing solutions across a broader retail network," said Russ Heiser, CEO of FlexShopper. "The launch of our LTO services with United Wheels represents a major milestone in our mission to provide affordable payment options to customers nationwide. This expansion highlights our commitment to growing FlexShopper's presence with both brick-and-mortar and online retailers and emphasizes the value we bring to consumers."
Heiser continued, "By adding United Wheels' inventory to our direct-to-consumer LTO marketplace at FlexShopper.com, we are giving our consumers even more options. This partnership exemplifies the power of the FlexShopper ecosystem, where accessible financing drives significant growth for manufacturers, while bringing their products to an even wider audience through FlexShopper's platform."
About PayPossible:
PayPossible is a leading financing waterfall provider, enabling businesses to offer consumers a variety of financing and flexible payment options through a single application at the point of sale. PayPossible's technology connects consumers with the best financing offers for their unique credit profiles, optimizing the customer experience and boosting merchant sales.
About FlexShopper, Inc.:
FlexShopper Inc. (NASDAQ:FPAY) is a financial technology company specializing in lease-to-own (LTO) and lending solutions for underserved consumers across the U.S. FlexShopper provides flexible payment options through its direct marketplace at FlexShopper.com and partners with retailers across online and physical store locations.
Company Contact:
FlexShopper, Inc.
Investor Relations
[email protected]
Investor and Media Contact
Andrew Berger
Managing Director
SM Berger & Company, Inc.
Tel (216) 464-6400
[email protected]
Source: FlexShopper, Inc.
