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

Get to Know Your Vendor Advisory Committee | Richard Formoe

Name: Richard Formoe

What is your current title/role?

I am Co-Founder and CEO of Paydit Inc., a collections automation platform for businesses.

How many years have you been working in rent-to-own?

I’ve dedicated over ten years to the RTO industry, serving in multiple capacities. I began as a delivery driver for TRS Inc. dba Bargain City Sales & Rental, and played many multiunit roles for Rent-A-Center – including Division Manager and Regional Division – as well as on the AcceptanceNOW/Acima side of the company.

How did your career path lead you to work with RTO?


What is your favorite thing about rent-to-own?

The RTO offering is significantly important to many communities. It provides anyone with an opportunity to own retail items they’ve always dreamed of owning, and it gives them the flexibility to continually upgrade those products, which traditional financing won’t let them do.

What has been your proudest professional moment?

I’m proudest of giving back by serving our country in the United States Air Force.

Why did you want to be a member of APRO’s Vendor Advisory Committee?

I love this industry, and I want to help propel it forward. Rent-to-own needs to innovate, evolve, and embrace the everchanging environment, so that it continues to be around for customers for decades to come. I believe I can help with that.

What issues do you hope to work on, and what sort of difference do you hope to make, during your time on the VAC?

I want to bring new ideas and new vendor opportunities to help the industry grow.

What’s your favorite non-work-related way to spend your time?

I love to golf, fish, and travel to new cities I haven’t visited yet.

What’s your “happy place,” and why?

You always want what you don’t have, right? I live on the beach in Florida, so there’s something so peaceful about the mountains to me. The echoes of the forest allow me to disconnect from the chaos. If anyone has a mountain cabin retreat they want to invite me, I’m all ears (haha)!

Please share a favorite quotation, lyric, or saying, and what it means to you.

“Don’t talk about it; be about it.” A lot of people talk about what they want to do, but they never execute on the idea or task. If you want it bad enough, then do it. Even if you fail, you’ll be happy you tried.

You can connect with Richard via LinkedIn at

Upcoming Events