FlexShopper reports year-to-date total originations up 47%
FlexShopper 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 $6.5M. 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."