Consumer financial services firm Synchrony Financial has signed separate, multi-year contract extensions with hhgregg and the Nationwide Marketing Group.
For multiregional appliance, CE and home furnishings chain hhgregg, the pact continues its Synchrony-provided private-label credit card program, which recently-named chief financial officer Kevin Kovacs called “a key component of our customer experience” thanks to its “flexible and convenient payment options.”
For Nationwide, the industry’s largest marketing and merchandising organization for independent dealers, the deal furthers its 17-year relationship with Synchrony, which provides private-label credit cards and related financing offers to more than 1,800 of its 3,500 members.
“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 Nationwide’s member services executive VP Frank Sandtner. The company, he said, “understands our members [and] provides the tools and resources that help grow sales and build customer loyalty. We’re excited about continuing our partnership into the next decade.”
Indeed, according to a recent Synchrony-commissioned survey, more than half (55 percent) of its CE-channel cardholders said they would have passed on a major purchase, or would have gone to another retailer offering similar financing, had financing not been available.
The research also showed that 93 percent of CE-channel cardholders believe promotional financing makes their big-ticket purchases more affordable, while 79 percent of those surveyed said they always seek promotional financing when making a major buy.
The third-party poll was conducted last June through July, and included shoppers who were making or planning to make a purchase valued at $500 or more in one of 13 product categories including CE.
The survey results were compiled in Synchrony Financial’s Fifth Annual Major Purchase Consumer Study, highlights of which are available here.