Association of Progressive Rental Organizations | America’s Champion for Rent-to-Own

RTO World 2023 Speaker Series: Richard Formoe

In this series, learn about RTO World 2023 speakers, and what you’ll take away from their education session.

Richard Formoe, Co-founder & CEO, Paydit

Tell us more about yourself and your interest in sharing your RTO expertise with others. What motivates you to share the “secrets of your success”?

I have spent over 15 years in RTO starting as a delivery driver with an RTO brand called Bargain City at 18 years old. I have also played every store-level role, District Manager, and Regional Director which has allowed me to understand the intricacies of the RTO customer, and business itself. I have partnered with the industry’s brightest minds to help transform, and usher the path forward. I have a unique affinity for everything RTO and I want to see it grow and remain a growing and profitable industry for years to come.

Describe your session at RTO World 2023, and what attendees can hope to walk away with, e.g., actionable advice, new ideas, etc.

Our upcoming session at RTO World promises to be an immersive experience. We will conduct a live demonstration of our collections automation platform for the very first time, providing attendees with an exclusive preview of its revolutionary capabilities. The demonstration will not only highlight the platform’s features but also showcase the digital strategies that underpin its success. Our goal is to equip attendees with a comprehensive understanding of how these technologies can be implemented in their own businesses and existing infrastructure.

What’s your favorite saying or word and why is it important to you?

“If you always do what you always did, you will always get what you always got.” The world is changing at the blink of an eye, and consumer sentiments are changing just as quickly. Embracing technology enables us to unlock new possibilities, enhance productivity, and navigate an ever-evolving digital landscape with confidence and adaptability. 

What makes you laugh?

Our company is all about surrounding ourselves with great people. When you are around great people every day, your guard is down and everyone has the confidence to crack jokes, and make everyone smile!

Want to learn more from Richard? Be sure to register for RTO World 2023!

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