FlexShopper Joins Forces with Terrace Finance for Merchant Solutions
FlexShopper Partners with Terrace Finance
FlexShopper, Inc. (NASDAQ: FPAY), a renowned national online lease-to-own retailer and payment solutions provider, has announced a significant partnership with Terrace Finance Corp, which operates one of the most diverse financing waterfall platforms available. This strategic collaboration aims to integrate FlexShopper’s comprehensive lease-to-own (LTO) services within Terrace Finance’s multi-provider platform, thereby enhancing the payment solutions offered to consumers at over 800 retail merchant locations. The partnership is projected to expand to an additional 500 retail locations by the end of the year.
Enhanced Payment Solutions
FlexShopper specializes in delivering customized LTO solutions tailored to underserved consumers and retail merchants across various industries. By integrating its LTO services with Terrace Finance, the latter can further broaden its payment offerings to include FlexShopper’s current and anticipated financing options. This integration ensures that payment solutions are seamlessly incorporated into a merchant's brick-and-mortar establishments, point-of-sale systems, and eCommerce platforms. As a result, merchant partners will have the opportunity to enhance conversion rates and boost repeat purchases.
Comments from Company Leaders
Russ Heiser, the CEO of FlexShopper, expressed his enthusiasm about the collaboration, stating, "I am excited to announce our partnership with Terrace Finance as more merchants seek partners that can expand payment solutions for their customers. This partnership provides unique opportunities that align with our mission of offering flexible payment options to consumers.”
He continued, “Terrace Finance’s dedication to supporting multiple vertical markets is instrumental in extending FlexShopper’s payment solutions to a larger number of merchants. Our full integration with Terrace Finance’s platform and our instant LTO decision-making system has greatly improved the customer experience. We anticipate that our alliance with Terrace Finance, particularly with the addition of Spanish language capabilities, will facilitate our growth in the near future.”
Comprehensive Financial Solutions
Terrace Finance offers merchants a straightforward approach to implement a variety of payment solutions, thus driving more customer transactions and increasing average ticket values. They cater to the complete financing requirements of their merchant partners, providing both commercial and consumer solutions, including funding options to support the growth of their partners’ businesses. The company prides itself on exceptional customer service, with live agents available to assist customers seven days a week.
Strategic Growth Initiatives
Andy Hopkins, the CEO of Terrace Finance, also shared insights on the partnership, stating, “As a leading digitally enabled LTO provider, FlexShopper is uniquely positioned to provide payment solutions within the Terrace Finance platform. Our merchants now benefit from an expanded payment waterfall, creating additional sales opportunities and enhancing offerings for consumers. Through continued close collaboration, the possibilities for mutual success are vast, enabling us to provide superior solutions for our merchants and applicants.”
Robin Eitel, the Senior Vice President of Sales & Marketing at Terrace Finance, highlighted the launch of their joint Spanish language capabilities, stating, “I am thrilled to announce this initiative which is sure to enhance access to payment solutions for more underserved consumers. This, along with our collaborative projects, presents our partnership with significant near-term growth opportunities.”
Invitation to Merchants
Merchants interested in providing FlexShopper’s LTO solution through the Terrace Finance platform are encouraged to reach out via the contact email provided. FlexShopper and Terrace Finance are committed to expanding their partnerships to enrich the consumer payment landscape.
About Terrace Finance Corp
Terrace Finance delivers an extensive array of financial solutions tailored to their merchant partners and their customers, supporting both commercial and consumer needs. The technology utilized by Terrace Finance enables seamless integration with brick-and-mortar, point-of-sale, and eCommerce platforms. Currently, the company serves over 4,000 retailers by providing comprehensive financial solutions, managing the full lifecycle of applicants, from origination to funding.
About FlexShopper, Inc.
FlexShopper, Inc. stands out as a prominent national financial technology company focused on providing consumer payment options. Offering an array of flexible funding solutions, FlexShopper caters to various consumer segments through their online marketplace and partnerships with both virtual and physical retailers. The solutions they offer are particularly designed to address the needs of underserved consumers through lease-to-own and lending products.
Company Contact
For more information, interested parties can connect with FlexShopper, Inc. Investor Relations through the available contact methods.
Frequently Asked Questions
What is the main focus of the partnership between FlexShopper and Terrace Finance?
The partnership primarily aims to integrate FlexShopper's lease-to-own services into Terrace Finance's multi-provider platform, enhancing payment solutions for over 800 retail merchants.
How many retail locations are expected to offer FlexShopper's LTO services?
Initially, over 800 locations will offer these services, with an additional 500 locations anticipated by the end of the year.
What unique solutions does this partnership provide for consumers?
The partnership offers flexible payment options tailored for underserved consumers, enhancing their purchasing power through accessible lease-to-own solutions.
What are the benefits for the merchant partners involved?
Merchant partners can increase conversion rates, boost average ticket values, and improve overall sales by integrating innovative payment solutions.
How does FlexShopper's technology enhance the customer experience?
The integration includes an instant LTO decision-making system that streamlines the approval process and improves the overall customer shopping experience.
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