P.C. Richard & Son Credit Program Builds on Many Years of Consumer
STAMFORD, Conn. & FARMINGDALE, N.Y.–(BUSINESS WIRE)–Synchrony Financial, (NYSE:SYF),
a premier consumer financial services company with 80 years of retail
heritage, today announced a multi-year extension of its longtime
relationship with P.C.
Richard & Son, the largest chain of
privately, family-owned appliance, electronics and mattress stores in
the United States, to continue providing financing options for its
Available for online and in-store purchases at 66 locations, the P.C.
Richard & Son Credit Card can be used for thousands of appliance
and electronics products, as well as mattresses and bedding. Customers
can apply for the program in-store or online and qualifying cardholders
will receive immediate approval for purchases with special financing,
advance notice of special offers and discounts, and convenient monthly
payments.1 Cardholders can also view and pay their bill,
schedule payments and manage their account online, as well as make
Synchrony Financial’s Fourth Annual Major Purchase Consumer Study2
confirms the importance of the availability of financing for consumers
making $500+ purchases. The 2015 study surveyed both Synchrony Bank
cardholders and random major purchase shoppers about their path to
purchase in 13 categories, including electronics, appliances and bedding.
The study found that major purchase shoppers spent 68 days, on average,
researching a purchase both online and in-store, and more than a third
(34%) also researched financing options. Seventy-five percent of
Synchrony Financial cardholders surveyed said they “always” seek
promotional financing when making a major purchase and 89% said
promotional financing makes their large purchases more affordable. Many
cardholders (45%) said they would have not made the purchase or gone to
another retailer if financing had not been available.
“Our study shows that consumers shopping for major electronics,
appliances and bedding purchases are diligent in not only researching
their purchases, but also considering financing options,” said Glenn
Marino, executive vice president and CEO of Payment Solutions, Synchrony
Financial. “We’re proud of our longstanding and trusted relationship
with P.C. Richard & Son, and share their passion to serve customers by
providing flexibility and additional buying power through financing.”
“Synchrony Financial’s insights and knowledge of retail trends have been
a valuable asset to helping us continue to serve our customers with
superior services and competitive prices,” Tom Pohmer, vice president
and CFO, P.C. Richard & Son. “Our business and customers have evolved
over the years, but providing them with the financing they need to get
the products they want, when they want them, has remained a core value
1Subject to credit approval and availability.
2Synchrony 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+.
About P.C. Richard & Son
P.C. Richard & Son, the leading NY, NJ, CT and PA area electronics,
appliance and mattress retailer was founded and began as a small
hardware store in Bensonhurst, Brooklyn in 1909. Over 106 years in
business is a source of great pride and excitement for the company and
its loyal customers. P.C. Richard & Son is currently operated by 4th and
5th generations of the Richard family. P.C. Richard & Son’s continued
success stems from providing superior service before, during and after
the sale. For more information, visit www.pcrichard.com,
or via Twitter @PCRichardandSon.
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
300,000 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 (formerly GE Capital Retail Finance) 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,
*Source: The Nilson Report (April, 2015, Issue #1062) – based
on 2014 data.
©2016 Synchrony Bank/Synchrony Financial, All rights reserved.