Retail Channel Continues to Pace Growth; Year-to-Date Total Originations up 47%
BOCA RATON, Fla., June 26, 2019 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq:FPAY), a leading national online lease-to-own ("LTO") retailer and omnichannel LTO payment solution provider, today provided an update on its year-to-date sales growth, including results from its retail B2B channel. As of today, FlexShopper reported that its LTO payment method is offered as a checkout option at more than 1,200 retail partner locations, compared with fewer than 100 locations at this time a year ago. Year-to-date lease originations in this channel totaled $6.5 million, up over 438% compared with the same period last year.
FlexShopper CEO Brad Bernstein commented, "I am pleased to share that our retail B2B channel is becoming a strong driver of both lease origination growth and reduced average customer acquisition cost. Year-to-date, leases generated through our retail partners' locations represented approximately 24.5% of our total dollar lease originations versus approximately 6.7% of our total dollar lease originations for the comparable period last year. The results reflect the success of our recent retail rollouts and contributed to our overall year-to-date lease origination growth, up 47% compared with the same period last year. We are aggressively working to leverage our retail momentum with additional national and regional retail partners. We believe our zero-integration, mobile application process with instant payment at the retailers' point of sale is a compelling feature for retailers."
FlexShopper, Inc. (FPAY) is a leading omnichannel provider of lease-purchase solutions for non-prime consumers and for retailers. For shoppers, a simple application completed online or in-store provides immediate purchasing power to non-prime consumers. For retailers, we provide an attractive alternative to their non-prime retail customers, which helps them "save the sale" and increase their business. Our unique, proprietary technology platform serves both B2C and B2B channels. FlexShopper's largest direct to consumer channel is its LTO marketplace (www.flexshopper.com), which features over 150,000 items drop-shipped by some of the nation's largest retailers. The Company's B2B channels include its mobile LTO point-of-sale technology and its LTO payment option on retailers' ecommerce sites. FlexShopper approves consumers utilizing its proprietary consumer screening model, collects from consumers under an LTO contract and pays its retail partners for the goods.
Certain statements in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in FlexShopper's filings with the Securities and Exchange Commission. The forward-looking statements made in this release, including FlexShopper's sales growth and results from its retail B2B channel, speak only as of the date of this release, and FlexShopper assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by federal securities law.
The Equity Group
Source: FlexShopper, Inc.