October 11, 2016, 1:52 PM EDT
Synchrony Financial and Nationwide Marketing Group Extend Consumer Financing Program Agreement
Buying and marketing organization represents more than 3,500 Furniture, Appliance and Consumer Electronics retailers operating over 10,000 locations
Nationwide Marketing Group (NMG), North America’s largest buying and marketing organization, and Synchrony Financial (NYSE: SYF), a premier consumer financial services company with a heritage of more than 80 years, today announced a multi-year extension of its consumer financing program agreement.
For over 17 years, Synchrony Financial has provided a consumer financing program that has grown to include more than 1,800 participating NMG retail member locations throughout the United States. Qualifying accountholders1 can continue to access a range of special, and everyday, financing offers for purchases of furniture, appliances, consumer electronics and other goods at participating retailers.
“Financing is a vital service we provide to our retail members and the private label credit card program from Synchrony Financial helps them stay competitive by offering their customers the convenience of payment options and greater buying power,” said Frank Sandtner, executive vice president, Nationwide. “Synchrony Financial understands our members, provides the tools and resources that help grow sales and build customer loyalty. We’re excited about continuing our partnership into the next decade.”
A recent study2 conducted on behalf of Synchrony Financial by a third party underscores the importance of financing when making major purchases valued at $500+. More than half (55%) of Synchrony Bank cardholders surveyed in the electronics category said they would not have made the purchase, or gone to another retailer offering similar financing, had financing not been available. The research also found that 93% of cardholders surveyed in the electronics category said they feel promotional financing makes their large purchases more affordable, and 79% surveyed said they “always” seek promotional financing when making a major purchase.
“We’re pleased to continue working with Nationwide to offer financing solutions to their partners that help them grow sales and enable their customers to make the purchases they want and need for their homes,” said Glenn Marino, executive vice president and CEO, Payment Solutions, Synchrony Financial. “Financing is an important factor in purchasing decisions, and we look forward to continuing to work with Nationwide to support its business objectives.”
1Subject to terms and conditions.
2Synchrony Financial’s Fifth Annual Major Purchase Consumer Study, conducted June-July 2016 by a third party, reflects the experience of shoppers surveyed making or planning to make a purchase valued at $500+ in 13 categories, including electronics.
About Nationwide Marketing Group
Nationwide Marketing Group works beside thousands of appliance, furniture, electronics, specialty electronics, custom installation and rent to own dealers helping them grow their businesses and their bottom lines. With over 3,500 members operating more than 10,000 store fronts and $15 billion in combined annual sales, Nationwide is North America’s largest buying and marketing organization. Industry veterans, heading Nationwide’s seven regional divisions, work to provide independent dealers with personalized service and local programming in every market they serve. More information is available at www.nationwidegroup.org.
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 350,000 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 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, facebook.com/SynchronyFinancial, www.linkedin.com/company/synchrony-financial and twitter.com/SYFNews.
*Source: The Nilson Report (May 2016, Issue # 1087) – based on 2015 data.
For Nationwide Marketing Group – Alex Jarrell, (336) 714-5098 or firstname.lastname@example.org
For Synchrony Financial – (855) 791-8007 or email@example.com
©2016 Synchrony Bank/Synchrony Financial, All rights reserved.