FlexShopper, Inc. (NASDAQ: FPAY) operates a cloud-based consumer finance platform designed to enable customers to acquire durable goods through an affordable lease-to-own subscription model. Using its proprietary Virtual Lease-to-Own (VLO) technology, FlexShopper partners with online and brick-and-mortar retailers, consumer electronics dealers and specialty merchants to offer flexible payment solutions that require minimal credit criteria. Through the VLO program, customers pay weekly or monthly lease fees, gain immediate use of merchandise and have the option to purchase the items at any time by paying a predetermined purchase price.
The company’s product portfolio spans electronics, appliances, furniture and fitness equipment, with its platform integrated into retailer websites and point-of-sale systems. FlexShopper sources goods from national brands and local distributors, negotiates pricing and handles customer servicing, while financing is provided by third-party capital partners. This model allows retailers to broaden their customer base, increase average order values and reduce inventory risk, while offering consumers an alternative funding option for essential household and lifestyle products.
Founded in 2006 and headquartered in Hollywood, Florida, FlexShopper launched its Virtual Lease-to-Own technology in 2012 and completed its initial public offering in 2015. Led by founder and Chief Executive Officer Michael Gordon, the company has expanded its reach across the United States, serving underbanked and credit-challenged consumers. FlexShopper continues to invest in platform enhancements, mobile integration and merchant partnerships to grow market penetration and improve user experience.
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