Synchrony Bank is an online financial institution offering deposit accounts direct to consumers. However, its parent company, Synchrony Financial, provides many solutions to businesses in the form of financing for their customers. Instead of offering traditional business loans and credit cards, Synchrony allows certain retailers and small businesses to develop partnerships in order to provide financing through co-branded credit cards to customers. Here’s how the retail financing options work for businesses who want to offer credit to customers without taking on that burden on their own.
Retail and Business Financing Solutions
In many different industries, businesses struggle with how to allow customers to make major purchases without managing these credit accounts and ongoing payments themselves. Customers often need financing options outside of consumer credit cards and loans, particularly for big-ticket items. Retailers that provide high-priced items, like appliances or jewelry, or small businesses providing services, like home renovation or landscaping, may not have the tools necessary to extend credit to customers. Synchrony exists to help minimize this challenge by offering financing through the business.
With Synchrony business financing, retailers and service providers can partner with the financial institution to allow customers to apply for a Synchrony line of credit or credit card. Instead of managing the credit approval process on their own, businesses lean on Synchrony’s decades of experience in consumer financing to get the job done. Companies that use Synchrony simply share the financing option with the customer, then direct the customer to submit an application online or over the phone. Once a new credit line is approved, which can be done in minutes, the customer receives their credit limit and can make an immediate purchase with the business. A card is sent to the customer after approval that helps businesses encourage repeat business in the future.
Benefits of Synchrony Business Financing
The financing options from Synchrony are easy to understand and even easier to implement. After speaking with Synchrony to determine if a business is qualified to offer financing, the company sets up an account to start offering credit to customers through Synchrony Financial. In addition to allowing customers to pay for major purchases over time, Synchrony also offers the following benefits to its business partners:
- Training for salespeople and finance department employees to maximize financing solutions
- Access to tools for advertising directly through Synchrony
- Sales and operations tools to help manage the financing program
- Promotional purchase periods extended to customers that minimize the cost of making a credit purchase
- A payment estimator for customers that can be used online or via mobile devices
Industries Served
Synchrony has been working with businesses to offer financing solutions since 1932, and the list of businesses it partners with continues to grow. Currently, Synchrony Financial offers financing solutions to the following industries:
- Auto parts and service
- Electronics and appliances
- Flooring and home renovations
- Heating and plumbing
- Health and wellness
- Music
- Jewelry
- Home furnishings
- Sporting goods and Powersports
Contact Information
Starting a partnership with Synchrony Financial as a way to offer financing to customers is a simple process. Businesses can reach out to Synchrony directly by phone at 1-866-838-0655 or by contacting Synchrony online.
