SAN FRANCISCO, Sept. 10, 2024 (GLOBE NEWSWIRE) — Flex, which offers the easiest way for direct-to-consumer health and wellness brands to begin accepting HSA and FSA payments online, announced today that it has partnered with Tempo, an AI virtual personal training program.
Tempo selected Flex as its payment partner so it could provide a way for consumers to easily use HSA and FSA dollars to purchase fitness programs at checkout.
“Flex provided a very streamlined path for us to begin accepting HSA/FSA payments, which reduced friction in our sales funnel,” said Raechelle Hoki, VP, Marketing for Tempo. “Initial tests have shown encouraging improvement to our conversion rate after implementing the Flex payment option. We believe this comes not only from being able to offer more payment flexibility to our customers, but also from the added credibility that comes from being eligible for these tax advantaged payment types.”
To date, online acceptance of HSA/FSA payments has been complex, primarily due to the need to substantiate each item’s eligibility on the fly. This means that only very large merchants with extensive IT resources – companies like Walmart and Amazon – have been able to build their own systems to process HSA/FSA payments online. Smaller merchants have been unable to leverage consumers’ desire to spend their HSA/FSA dollars online.
Flex can get merchants started with HSA/FSA acceptance in as little as 30 minutes and is currently working with more than 100 brands. The company offers two main solutions.
- Flex’s Product Verification provides a fast and straightforward way for merchants to identify and process payment for items that are eligible for everyone – such as OTC medications, menstrual products, and first aid supplies – during checkout.
- Flex’s Health Check is for merchants selling dual-use items – meaning, they can be HSA/FSA eligible for consumers whose doctors say they are medically necessary to treat a condition. Health Check leverages telehealth to enable a healthcare provider to ascertain whether a customer qualifies to designate a purchase as a medical expense.
“Tempo is a great example of a wellness brand that can easily tap into a bigger market by expanding its payment options,” said Sam O’Keefe, Co-Founder and CEO of Flex. “With the wellness and fitness market booming right now, this is the perfect time for brands like Tempo to win and retain customers who have set money aside for these kinds of services.”
About Flex
Flex offers the easiest way for direct-to-consumer health and wellness brands to begin accepting HSA and FSA payments online. Flex enables merchants to take advantage of $150B in potential annual HSA/FSA spending – driving new revenue, increasing cart sizes and improving customer retention. It also helps consumers expand the scope of their eligible HSA/FSA spending and ensure they don’t lose their FSA funds at the end of the year. Flex is known for its deep knowledge of HSA/FSA eligibility and for offering the most comprehensive merchant solutions. Merchants can get started at www.withflex.com.
Media contact:
Michelle Faulkner
Big Swing
617-510-6998
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/36b02af5-0de0-4572-9bfb-fb0b2e379018