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Synchrony and Payzer to Offer Seamless Home Improvement Financing Options

1. Synchrony partners with Payzer to enhance contractor financing options. 2. Integration streamlines sales processes, boosting sales potential for contractors. 3. 75% of dealers reported increased sales from offering Synchrony's financing. 4. Contractors benefit from seamless access to multiple financing promotions. 5. Payzer's platform amplifies contractor and customer engagement in home improvements.

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Why Bullish?

The partnership enhances sales opportunities for contractors, likely increasing Synchrony's revenue. Historical trends show partnerships that streamline operations usually boost sales growth.

How important is it?

The article outlines a strategic partnership that enhances Synchrony’s market positioning and sales capabilities, likely influencing investor confidence positively.

Why Long Term?

Sustained sales growth from this partnership may be seen over time as contractors adopt new financing seamlessly, similar to prior successful integrations in retail partnerships.

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Technology Integration to Transform Home Improvement Financing for Contractors and Their Customers, /PRNewswire/ -- Synchrony (NYSE: SYF), a premier financial services company, and Payzer, a WEX company that provides field service management software for residential contractors, have partnered to offer a comprehensive digital process designed to streamline sales and business transactions for contractors. This collaboration integrates Synchrony's robust financing options directly into Payzer's solution, making it easier for contractors to help customers fund their home improvement projects. Synchrony and Payzer have partnered to integrate Synchrony's robust financing options directly into Payzer's solution, making it easier for contractors to help customers fund their home improvement projects. Empowering Contractors and Driving GrowthThis collaboration offers substantial advantages for contractors using Payzer's field service management solution, designed to streamline business operations, increase sales, and help contractors collect payment quickly: All-in-One Solution: Contractors can now manage key aspects of a sale, including financing, within a single platform Enhanced Sales Process: The integration highlights financing opportunities during the estimation process, potentially increasing sales and customer satisfaction Expanded Network: The partnership leverages shared relationships with manufacturers and distributors, broadening the reach for both companies According to Synchrony's most recent Major Purchase Study, 75 percent of the dealers surveyed reported that offering financing options from Synchrony increased their average sales. Furthermore, the report found that 45 percent of major purchase shoppers surveyed with a credit card issued by Synchrony tend to spend more than those paying with other tenders. Paired with Payzer's platform capabilities, such as proposal comparisons and integrated financing, offering Synchrony financing options becomes seamless."By integrating our financing directly into Payzer's solution, we're not just simplifying processes; we're enhancing the entire home improvement journey for both contractors and consumers," said Curtis Howse, EVP & CEO of Synchrony Home & Auto. "This partnership represents a significant step in our strategy to be present at every crucial point of the sales cycle, ultimately delivering more value to our partners and their customers."Enhancing the Financing ExperienceThe partnership between Synchrony and Payzer also brings significant benefits to customers. Contractors can now access Synchrony's financing options seamlessly within Payzer's platform, eliminating the need to switch between multiple systems. A full suite of 33 promotions is available to contractors, providing customers with flexible financing choices for their home improvement needs. The integration between Synchrony's financing options and Payzer's platform allows for a smooth, digital application process, including pre-qualification and instant credit decisions."This collaboration with Synchrony aligns perfectly with our commitment to providing contractors with best-in-class tools and services," said Dylan Jones, Senior Vice President and General Manager, Mobility Growth, WEX. "By incorporating Synchrony's financing options into our platforms, we're giving our contractor network more choices and a competitive edge in the market."About SynchronySynchrony (NYSE: SYF) is a leading consumer financing company at the heart of American commerce and opportunity. From health to home, auto to retail, our Synchrony products have been serving the needs of people and businesses for nearly 100 years. We provide responsible access to credit and banking products to support healthier financial lives for tens of millions of people, enabling them to access the things that matter to them. Additionally, through our innovative products and experiences, we support the growth and operations of some of the country's most respected brands, as well as more than 400,000 small and midsize businesses and health and wellness providers that Americans rely on. Synchrony is proud to be ranked as the country's #2 Best Company to Work For® by Fortune magazine and Great Place to Work®. For more information, visit www.synchrony.com.About PayzerPayzer®, a WEX™ company, is a leading provider of software solutions for contractors in the home improvement industry. The company's solution, Payzerware, offers comprehensive tools for managing all aspects of contracting businesses, from estimations and sales to payments and financing. For further information, visit: www.payzer.com.Media Contacts:Lauren DevilbissSynchrony[email protected]  Johnston FarrowWEX[email protected]SOURCE Synchrony WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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