Synchrony Financial has inked a new, multi-year agreement to offer private label credit card and small business financing programs for customers of Newegg.com and NeweggBusiness.com.
Newegg Inc., a tech-focused e-retailer in the United States since 2001, owns and operates Newegg.com. The award-winning website has more than 28 million registered users and offers a wide selection of consumer technology products with detailed information, peer-authored product reviews, expert opinions, how-to guides, and an opportunity to network with other members of the Newegg community. Newegg.com , recognized for its retail excellence and customer satisfaction, consistently ranks as a sales leader among consumer electronics retailers and is currently ranked eighth on TWICE Magazine’s list of the top 100 CE retailers.
The program is expected to launch in the third quarter of 2015. Holders of a Synchrony Bank-issued Newegg Store Card will be able to enjoy special financing options, with a range of consumer financing terms for up to 36 months based on purchase. The Newegg Store Card will also extend exclusive offers at Newegg.com for individual consumers and at NeweggBusiness.com, for a paid-in-full commercial credit program for small businesses, government agencies, healthcare, educational institutions and system integrators.
The availability of financing is important to consumers, according to Synchrony Financial’s 2014 Third Annual Major Purchase Consumer Study.
Eighty percent of cardholders surveyed in the consumer electronics segment said they always seek promotional financing when making a large purchase, and 88% said they feel financing makes large purchases more affordable. Further, 62% of consumer electronics cardholders surveyed said they would shop at another retailer, or would not make a purchase at all, if financing were not available.
Synchrony Financial’s offerings include private label and co-branded Dual Card credit cards, promotional financing and installment lending, loyalty programs and FDIC-insured savings products through Synchrony Bank.
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