September 10, 2015, 11:32 AM EDT
Synchrony Financial and Liners Direct Introduce New Consumer Financing Program
Dealers of Bathwraps tub and shower systems can offer financing options
STAMFORD, Conn. & ROSELLE, Ill.
Public Company Information:
STAMFORD, Conn. & ROSELLE, Ill.--(BUSINESS WIRE)--Synchrony Financial (NYSE:SYF), a premier consumer financial services company with 80 years of retail heritage, today announced a new, multi-year agreement to provide a consumer financing program with Liners Direct, manufacturers of the Bathwraps tub and shower systems.
Liners Direct has been manufacturing tub to shower conversions, accessible bathing products, and other custom-manufactured bath and shower systems for over 18 years. The custom manufacturing process allows customers to design the new bathtub or replacement shower of their choice in a variety of colors, patterns and added accessories such as grab bars, foot pedestals, soap caddies, shelves and seats.
A Synchrony Bank-issued credit card will be available for qualifying customers for use at select factory-certified dealers of Bathwraps products, allowing cardholders to enjoy special financing options and exclusive offers,* while retailers can benefit from repeat business and customer loyalty.
Synchrony Financial’s Fourth Annual Major Purchase Consumer Study** found that home improvement shoppers conduct extensive research when considering purchases over $500, spending an average of 97 days, compared to the 68-day average of shoppers in all 13 categories studied.
Synchrony Bank cardholders in the home improvement sector surveyed confirmed the importance of the availability of financing, with 75 percent saying they “always” seek promotional financing when making a large purchase. Forty-four percent of home improvement cardholders surveyed said they would not have made the purchase, or gone to another retailer, had financing not been available.
“The value of a consumer financing program is clear,” said Glenn Marino, executive vice president and CEO of Payment Solutions, Synchrony Financial. “We’re pleased to work with Liners Direct to help their customers build the bath systems they dream of, while also helping their dealers grow their businesses.”
“Adding a financing component to our quality products will provide customers even more flexibility in upgrading their tubs and showers,” said Eric Bohner, vice president of Sales for Liners Direct. “Synchrony Financial’s valuable insights into the shopping experience will help our dealers provide the right financing options that will help drive traffic and retain customers.”
*Subject to terms and conditions.
**Conducted in 2015 by a third party, the Fourth Annual Synchrony Financial Major Purchase Consumer Study explores the customer path to purchase and surveyed consumers who had either made, or planned to make a $500+ purchase in one of 13 categories, including Home Improvement.
About Liners Direct
Liners Direct provides superior-quality bathroom products with exceptional durability and style combined with an industry-leading guarantee. Liners Direct was started by an industry veteran who invented many of the tools used by the industry. Our experience in manufacturing allows us to have one of the shortest lead times in the industry so you can get your system sooner. We’ve been manufacturing bathtub and shower systems since 1997, and Liners Direct is one of the fastest growing acrylic manufacturers in the industry. We lead the industry with technical innovations and have the reputation of being the manufacturer that handles the tricky stuff. Learn more at www.linersdirect.com or visit us at https://www.facebook.com/bathwraps or https://www.linkedin.com/company/bathwraps-by-liners-direct.
About Synchrony Financial
Synchrony Financial (NYSE: SYF) is one of the nation’s premier consumer financial services companies. Our roots in consumer finance trace back to 1932, and today we are the largest provider of private label credit cards in the United States based on purchase volume and receivables.*** We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers to help generate growth for our partners and offer financial flexibility to our customers. Through our partners’ over 300,000 locations across the United States and Canada, and their websites and mobile applications, we offer our customers a variety of credit products to finance the purchase of goods and services. Synchrony Financial (formerly GE Capital Retail Finance) offers private label and co-branded Dual Card credit cards, promotional financing and installment lending, loyalty programs and FDIC-insured savings products through Synchrony Bank. More information can be found at www.synchronyfinancial.com and twitter.com/SYFNews.
***Source: The Nilson Report (April, 2015, Issue # 1062) - based on 2014 data.
©2015 Synchrony Bank/Synchrony Financial, All rights reserved.