From Home Furnishing Business
Synchrony and Ashley Extend Multi-Year Extension to Finance Program Agreement
Synchrony Financial (NYSE:SYF), a premier consumer financial services company with 80 years of retail heritage, and Ashley HomeStores, Ltd., the number one selling U.S. home furnishings company, announced a multi-year extension of its consumer financing program agreement, which began in 2011.
The Ashley Advantage Credit Card offers customers a range of special financing options (subject to credit approval) for purchases made online at www.ashleyfurniturehomestore.com or at any of the more than 480 Ashley HomeStores in the United States.
“We’re pleased to continue working with Ashley HomeStores nationwide to offer financing solutions that help grow sales and allow consumers to make the purchases they want and need for their homes,” said Glenn Marino, Executive Vice President, and CEO, Payment Solutions, Synchrony Financial.
Nearly half (46%) of home furnishings cardholders surveyed as part of Synchrony Financial’s 2015 Major Purchase Consumer Study said they would not have made their purchase, or would have gone to a similar retailer offering financing, if financing were not available. The research found that 88% of Synchrony home furnishing cardholders surveyed said promotional financing makes their large purchases more affordable and 74% “always” seek promotional financing when making a major purchase ($500+). Synchrony Financial’s Fourth Annual Major Purchase Consumer Study, conducted by a third-party, reflects the experience of shoppers surveyed making or planning to make a purchase valued at $500+.
“Financing drives a large percentage of our furniture and bedding purchases, and the Ashley Advantage Credit Card has been an important program to increase foot traffic and meet the needs of our customers,” said Ben Thorud, Senior Vice President, Ashley HomeStores, Ltd. “Synchrony Financial understands our business and provides tools and resources beyond credit to help enhance our sales processes and build customer loyalty. We look forward to continuing our partnership.”