FlexShopper Teams Up with Terrace Finance
FlexShopper, Inc. (NASDAQ: FPAY), a well-known online lease-to-own retailer and provider of payment solutions, has announced an important partnership with Terrace Finance Corp. This company operates one of the most diverse financing waterfall platforms available. The goal of this strategic collaboration is to incorporate FlexShopper’s extensive lease-to-own (LTO) services into Terrace Finance’s multi-provider platform. This integration will enhance the payment solutions available to consumers at more than 800 retail merchant locations, with plans to expand to an additional 500 locations by the end of the year.
Improved Payment Solutions
FlexShopper is dedicated to providing tailored LTO solutions for underserved consumers and retail merchants across various sectors. By merging its LTO services with Terrace Finance, the latter can significantly expand its payment offerings to include both current and future financing options from FlexShopper. This integration ensures that payment solutions are smoothly incorporated into merchants' physical stores, point-of-sale systems, and eCommerce platforms. Consequently, merchant partners will have the chance to enhance conversion rates and encourage repeat purchases.
Insights from Company Leaders
Russ Heiser, the CEO of FlexShopper, shared his excitement about the partnership, saying, "I am thrilled to announce our collaboration with Terrace Finance as more merchants look for partners to expand payment solutions for their customers. This partnership opens up unique opportunities that align with our mission to provide flexible payment options to consumers.”
He added, “Terrace Finance’s commitment to supporting multiple vertical markets is crucial for extending FlexShopper’s payment solutions to a wider range of merchants. Our complete integration with Terrace Finance’s platform and our instant LTO decision-making system has significantly enhanced the customer experience. We expect our partnership with Terrace Finance, especially with the introduction of Spanish language capabilities, to drive our growth in the near future.”
Comprehensive Financial Solutions
Terrace Finance provides merchants with a straightforward way to implement various payment solutions, which helps drive more customer transactions and increase average ticket values. They address the full financing needs of their merchant partners, offering both commercial and consumer solutions, including funding options to support their partners’ business growth. The company prides itself on delivering exceptional customer service, with live agents available to assist customers every day of the week.
Strategic Growth Plans
Andy Hopkins, the CEO of Terrace Finance, also weighed in on the partnership, stating, “As a leading digitally enabled LTO provider, FlexShopper is uniquely positioned to deliver payment solutions within the Terrace Finance platform. Our merchants now have access to an expanded payment waterfall, creating more sales opportunities and improving offerings for consumers. Through ongoing collaboration, the potential for mutual success is immense, allowing us to provide superior solutions for our merchants and applicants.”
Robin Eitel, the Senior Vice President of Sales & Marketing at Terrace Finance, emphasized the launch of their joint Spanish language capabilities, commenting, “I am excited to announce this initiative, which is sure to enhance access to payment solutions for more underserved consumers. This, along with our collaborative projects, presents significant near-term growth opportunities for our partnership.”
Invitation for Merchants
Merchants interested in offering FlexShopper’s LTO solution through the Terrace Finance platform are encouraged to reach out via the provided contact email. Both FlexShopper and Terrace Finance are committed to expanding their partnerships to enrich the consumer payment landscape.
About Terrace Finance Corp
Terrace Finance provides a wide range of financial solutions tailored to meet the needs of their merchant partners and their customers, addressing both commercial and consumer requirements. The technology used by Terrace Finance allows for seamless integration with brick-and-mortar stores, point-of-sale systems, and eCommerce platforms. Currently, the company serves over 4,000 retailers by offering comprehensive financial solutions and managing the entire lifecycle of applicants, from origination to funding.
About FlexShopper, Inc.
FlexShopper, Inc. is a prominent national financial technology company focused on providing consumer payment options. With a variety of flexible funding solutions, FlexShopper caters to different consumer segments through their online marketplace and partnerships with both virtual and physical retailers. Their offerings are specifically designed to meet 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.
