Synchrony Financial and MEGA Group USA Extend Consumer Financing Agreement
Buying group represents more than 2,500 Furniture, Appliance and Consumer Electronics retail locations
STAMFORD, Conn. & GERMANTOWN, Tenn.--(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 private label credit card financing program with MEGA Group USA, a 1,700-member national home furnishings buying group of independent retailers with more than 2,500 locations nationwide.
The MEGA Group USA private label credit card was introduced in 2000 as part of the organization’s commitment to provide business services and resources that contribute to the growth and success of its independent member appliance, furniture, mattress, electronics, seasonal and outdoor retailers.
Holders of the Synchrony Bank-issued cards can use them at member locations, allowing them to enjoy special financing options and exclusive offers, while retailers benefit from repeat business and customer loyalty.
“The availability of consumer financing is valuable to both retailers and customers,” said Glenn Marino, executive vice president and CEO of Payment Solutions, Synchrony Financial. “We’re pleased to continue working with MEGA Group USA members to offer their customers the flexibility to make these important purchases with their favorite retailer.”
MEGA Group USA’s services to its members include group vendor programs, custom advertising and marketing services, online resources, consulting, store merchandising, and technology aimed at driving floor traffic, sales and profits and enhancing operating efficiencies.
“Synchrony Financial’s programs have been an effective and important resource for our members and their customers,” said Mallory Parker, executive vice president of Business Services, MEGA Group USA. “The team’s insights into the shopping experience across all retail segments help our members provide the right consumer financing options to drive traffic and retain customers.”
About MEGA Group USA
MEGA Group USA is an organization of retailers focused on delivering excellence in products and service. The group has expanded rapidly by supporting member needs with a broad business approach that includes group vendor programs, custom advertising and marketing services, consulting, store merchandising, essential business services programs, a "banner store" package, information technology support, and much more. The combined power of our members makes MEGA Group USA both a valuable and respected entity. It is our goal to provide other independents with the opportunity to take advantage of these benefits. Our mission is simple ... "To supply services to members which provide the synergistic advantages of lower cost - comparable to larger national competitors - while concurrently allowing Members the advantages of autonomy, such as individuality, creativity, local ownership and independence in their marketing areas." Learn more at www.megagroupusa.com.
About Synchrony Financial
Synchrony Financial (NYSE: SYF), formerly GE Capital Retail Finance, is one of the premier consumer financial services companies in the United States. 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’ more than 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. Our offerings include private label and co-branded Dual Card credit cards, promotional financing and installment lending, loyalty programs and Optimizer+plus branded FDIC-insured savings products through Synchrony Bank. More information can be found at www.synchronyfinancial.com and twitter.com/SYFNews.
*Conducted by a third party, the Synchrony Financial 2014 Major Purchase Consumer Study explores the customer path to purchase and surveyed consumers who had either made, or planned to make a $500+ purchase in one of 12 categories.
©2015 Synchrony Bank/Synchrony Financial, All rights reserved.
Source: Synchrony Financial
Released April 16, 2015