Retail Observer

RETAILOBSERVER.COM JANUARY 2017 78 SYNCHRONY FINANCIAL EXTENDS CONSUMER FINANCING PROGRAM AGREEMENT Nationwide Marketing Group and Synchrony Financial, a premier consumer financial services company with a heritage of more than 80 years, 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 account holders can continue to access a range of special, and every day, 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 study 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." Synchrony Financial (NYSE: SYF) is one of the nation's premier consumer financial services companies. They are the largest provider of private label credit cards in the United States based on purchase volume and receivables plus provide a range of credit products to help generate growth for partners and offer financial flexibility to customers. VERSATILE CREDIT PARTNERS WITH NATIONWIDE MARKETING GROUP Versatile Credit and Nationwide Marketing Group have partnered to make Versatile's self-service, kiosk-based retail credit system available to Nationwide members. The Versatile Credit solution provides a private, secure and fast customer finance application process. With its Credit Cascade feature, the system allows applications denied by a primary lender to be sent to secondary lenders and rent-to-own options. As a result, credit denials are reduced by up to 40 percent. Jason Kirk, Nationwide Marketing Group's VP of financial services, said credit is a vital business element for the groups independent retailers. "Versatile Credit's reputation and integration with all of our finance partners make it a perfect choice for our members," he said. "Independent retailers are most successful when they make it easy for customers to gain the credit they need to make large purchases. Versatile Credit does just that." "The problems associated with other application processes has led to finance fatigue for customers and store personnel," said Kevin Lawrence, VP of Sales and Marketing for Versatile Credit. "Using Versatile Credit customers submit their application in private, without help from store associates," he said. "Embarrassment from a denial is removed. And with the touch of a button, the system cascades the application to alternative lending choices. The process takes only a few minutes to complete." Versatile Credit is in use in thousands of retail storefronts across the United States. Retailers using the system typically see a 20 percent increase in applications, with an average approved credit amount of $4,000. Since 2007, Versatile Credit has facilitated more than $16 billion in approved retail credit. Privately held Versatile Credit offers an ecosystem of leading lending partners, proprietary software and services, beautifully designed hardware, and engaging visual content. This results in an exceptional experience for customers that drives more credit applications, more approvals and more sales for retailers. B U Y I N G G R O U P N E W S RO

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