Home Specialty Orientation Guide - We're delighted to help you help your customers! - Synchrony Welcome Center
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Home Specialty Orientation Guide
We’re delighted
to help you help your
customers!
184-242-00 Rev May 2019
Home Specialty Orientation Guide
Credit extended by Synchrony • www.synchronybusiness.com
NOTE: This is for INTERNAL USE ONLY and is not to be shared with consumers for any reason.
Table Of Contents
1 Program Overview........................................................... 5
2 Payment Discussions ...................................................... 13
3 Applying And Processing................................................. 21
4 Resources And Tools....................................................... 39
Pages with a symbol contain important compliance information.
Throughout this document we have included images of some Synchrony materials and web pages. These
images are only used for representations, not content, therefore they are marked SAMPLE and the actual
versions may be slightly different from what you see in the guide.
Credit extended by Synchrony • www.synchronybusiness.comThis page intentionally left blank.
Program Overview
Let’s introduce
ourselves!
Home Specialty Orientation Guide 1 –5
Credit extended by Synchrony • www.synchronybusiness.comOffer your customers
the options they
This Is The First Step To Offering Payment Options WANT.
For Your Customers.
•• Review “What you need to know” about offering payment options fairly and compliantly.
•• Show how to comply with applicable Federal and State regulations.
•• Get you set up and ready to introduce payment options to your team and customers
as part of your sales process.
•• Demonstrate how to achieve your business goals by offering a Synchrony Private Label Credit Card.
•• Show how payment options can help your customers get what they really want or need.
Home Specialty Orientation Guide 1 –6
Credit extended by Synchrony • www.synchronybusiness.comProgram Basics
Your customers have access to special payment options promotions for initial purchase and repeat purchases
Predictable budgeting plans
Private Label Credit Card with your business name on it
Unsecured revolving credit limit*
•• Credit limits are based on consumer credit quality and estimated sale amount. There is no minimum or maximum credit limit.
•• Open credit limit for repeat purchases via a Private Label Credit Card
•• One of the lowest payment options in the industry
Simple application and funding process
•• Instant credit decisions
•• Funding generally occurs within 24-48 hours of job completion and submission for payment
Important Notes:
•• Applicant must own and reside at the property to be improved
•• Synchrony will finance the installation of approved products for mobile home owners (owner occupied), including those in mobile home
parks. Rental properties of any type are prohibited
•• A joint-applicant should sign the Credit Application only if he/she wishes to be obligated to repay the debt. It is the customer’s
choice whether or not to have a joint-applicant
•• One account per property (household) in a 60-day period
•• Synchrony does not allow split ticket financing - i.e., processing a single purchase between two new separate credit limits
or two separate lenders
•• Using existing credit cards, lines of credit or personal loans is acceptable. Dealers cannot set up separate financing with multiple lenders
for the same project
•• Always verify and document two forms of ID for all applicants
•• For purchases using an existing Synchrony Private Label Credit Card account, always call Synchrony for an authorization to ensure the
customer has enough available credit to complete the purchase
•• A one-time $29 Account Activation Fee will be charged at the time the first purchase posts to the cardholder’s account
•• At no cost to the Merchant or customer, cardholders may change their promotional option for up to 60 days post-funding
through Merchant request
*Subject to credit approval. Proof of income may apply on loans over $35,100, depending on program. See page 33 for details.
Home Specialty Orientation Guide 1 –7
Credit extended by Synchrony • www.synchronybusiness.comHow Much Does It Cost To Get Those Results? Example:
Current Sales Mix Est. Sales Mix with
Synchrony
By Payment Method* By Payment Method*
Payment Type % of Business Cost of Credit % of Business Cost of Credit
Cash/Check 25% 0.00% 20% 0.00%
Private Label Credit Card 75% 3.00% 50% 3.00%
Synchrony 0% 0.00% 30% 6.50%
Total Blended Cost of Credit 100% 2.25% 100% 3.45%
Incremental Blended Cost of Credit
with Synchrony vs. Current Sales Mix: 1.20%
Log onto https//toolboxmysynchrony.com to determine your blended cost of credit.
*Synchrony’s cost of credit is used for illustration purposes. Assumes no discount is offered for cash payment - Merchant offers a fixed price.
Cost should be incorporated into Merchant’s General & Administrative expenses and any additional credit related surcharges or fees charged
by Merchant are prohibited.
Home Specialty Orientation Guide 1 –8
Credit extended by Synchrony • www.synchronybusiness.comCustomers Benefit.
You Benefit.
Who Benefits From Financing? Everybody Wins.
Your Customers Can: Your Business Can:
Get more work done, with Get more sales,
the products they really want, from more customers,
when they want it.* with more loyalty.
PLUS…With your Synchrony program, you get
payment in just 24-48 hours, and purchases
are non-recourse**
Pause & Chat
•• Have you ever leveraged financing to upgrade your purchase or buy what you really wanted?
•• Would there be any reason you wouldn’t offer it, along with other payment options, to every customer?
*Subject to credit approval.
**You must validate 2 forms of ID on the Credit Application for non-recourse. Subject to any chargeback rights in the Synchrony
Merchant Agreement and compliance with Synchrony Operating Procedures.”
Home Specialty Orientation Guide 1 –9
Credit extended by Synchrony • www.synchronybusiness.comFinancing Benefits All Consumers
Cash Management Upgrades Budgeting
“I like to take advantage “I want to use financing “I need to use financing
of special financing offers to purchase a better to make a purchase at
and save my on-hand cash product than I can get this time”
for other things” with on-hand cash”
Business Benefit: Business Benefit: Business Benefit:
Customer Loyalty Bigger Tickets Close More Sales
Home Specialty Orientation Guide 1 – 10
Credit extended by Synchrony • www.synchronybusiness.comTwo Primary Methods to Apply and Process
Paper
OR Process
Online digital process paper and fax based
Synchrony Transact:
Synchrony Transact is on online digital platform that
makes the financing process faster and easier for both
the contractor and the consumer. Contact your Synchrony
sales representative or call 877·891·9803
Synchrony Transact the following:
Payment Estimator Sales Slip
Review estimated monthly payments Complete transaction details
with customers, and view promotional
financing options
Apply for Credit My Transactions
Help customers apply for a Private Label Manage your sales pipeline and more
Credit Card
Please refer to the “Synchrony Transact Overview and User Guide” for more in-depth detail.
Home Specialty Orientation Guide 1 – 11
Credit extended by Synchrony • www.synchronybusiness.comThis page intentionally left blank.
Payment Discussions
They’re easy
with Synchrony
Home Specialty Orientation Guide 2 – 13
Credit extended by Synchrony • www.synchronybusiness.comSynchrony Transact: Payment Estimator
1. On the Synchrony Transact homepage, select the “Payment Estimator” button.
2. In the window that opens, select Program from the drop-down menu (if applicable).
3. Enter dollar amount to be financed.
4. Click “Calculate.”
Home Specialty Orientation Guide 2 – 14
Credit extended by Synchrony • www.synchronybusiness.comDo you know
your available
Payment Options Explained* payment options?
Deferred Interest:
•• Also known as “No Interest if Paid in Full”
•• Minimum monthly payments are required, which may or may not pay off the promotional purchase by the end
of the promotional period. This means in order to pay the promotion in full before the end of the promotional period,
the cardholder may need to pay more than the minimum monthly payments.
•• If monthly payments are made by their due dates and the purchase is paid in full within the promotional period,
interest is not assessed on the promotional purchase.
•• Interest accrues during the promotional period. To avoid paying the accrued interest, the entire promotional purchase
balance must be paid in full by the end of the promotional period.
•• If balance is not paid in full within the promotional period, the accrued interest is added to the balance, and the balance
will continue to bill interest at the account level Annual Percentage Rate until the balance is paid in full.
No Interest:
•• Often referred to as “Equal Pay”
•• No interest is charged on the promotional purchase, regardless of the length of promotion
•• Monthly payments on promotional purchase are the same every month**
Reduced Interest:
•• Often referred to as “Fixed Pay”
•• A reduced interest rate is charged on the promotional purchase, regardless of the length of promotion
•• Monthly payments on promotional purchase are the same every month**
Payments are calculated by multiplying the loan amount by the Payment Factor, and are rounded to the next highest dollar.
For example, $10,000 x 1.25% Payment Factor = $125
*Some promotions are not available on all menus. Cost should be incorporated into Merchant’s General & Administrative expenses and any
additional credit related surcharges or fees charged by Merchant are prohibited. Cardholder may be charged fees for late payments.
** A one-time $29 Account Activation Fee will be charged at the time the first purchase posts to the cardholder’s account.
Home Specialty Orientation Guide 2 – 15
Credit extended by Synchrony • www.synchronybusiness.comFlexible ways to
manage payments
Repayment scenarios for the cardholder - $5,000 purchase
3 scenarios to show how the cardholders may choose to make their monthly payments.
Deferred Interest/No Interest If Paid In Full* Options
$5,000 Twelve-Month Deferred Interest/No Interest if Paid in Full* Financing Option:
Note: The outcomes below assume that there are no other balances on the cardholder’s account
Estimated Monthly Estimated Payoff Estimated Total
Payment Options
Payment Period Payments NOTES:
* Final payment will be lower.
Minimum Monthly
$126* 104 $12,996
Payment
Optional Equal
$416.67 12 $5,029
Payments
Home Specialty Orientation Guide 2 – 16
Credit extended by Synchrony • www.synchronybusiness.comFlexible ways to
manage payments
Reduced Interest Financing Options
Fixed Payment Reduced Interest Until Paid in Full
NOTES:
Estimated Monthly Estimated Payoff Estimated Total
Payment Options • All values are used for
Payment Period Payments illustrative purposes only.
Amounts may vary
Fixed Monthly
$62.50 115 $7,232 • Payments are calculated by
Payments multiplying the loan amount
by the Payment Factor
Includes principal and 7.99% interest with 1.25% payment factor.* (e.g., $5,000 x 1.25% pmt.
*7.99% is used here for illustrative purpose. Actual interest rate and payment factor may vary. factor = $62.50)
• Fixed payments will vary during
No Interest Financing Option the final months when actual
interest is less than the $2 minimum
finance charge
Equity Payment No Interest
• First month payment includes
$29 Account Activation Fee
Estimated Monthly Estimated Payoff Estimated Total
Payment Options
Payment Period Payments
Equal Monthly
$200 25 $5,029
Payments
• No Interest is often referred to as “Equal Pay”
• $29 Activation Fee is assessed when the first sales transaction post to the account
• Reduced Interest is often referred to as “Fixed Pay”
• Cardholder may be charged fees for late payments
• Fixed/Equal monthly payments of principal and interest required until paid in full
• Fixed/Equal monthly payments based on a payment factor for the number of months in the promotional period
Home Specialty Orientation Guide 2 – 17
Credit extended by Synchrony • www.synchronybusiness.comStart by listening
to your customer’s
Guiding Principles needs and wants
Present financing… Be Clear and Transparent
•• to every customer •• Use Synchrony training materials
•• every time •• Utilize compliant program materials
•• early in the sales process •• Let the customer choose the promotion
that works best for them
Typical Customer Conversation Steps
1 2 3
Mention your Break purchases Present the
financing promotions down into menu of financing
and offerings monthly payments options, allowing the
when setting the when the customer is customer to choose
appointment and considering the promotion that
early in the initial the scope of works best
sales consultation the project for them
Home Specialty Orientation Guide 2 – 18
Credit extended by Synchrony • www.synchronybusiness.comCustomers can
purchase today and
Customer Discussion Examples pay over time*
At the beginning of the sales conversation
“Thank you for taking the time to meet with me today. In case you weren’t already aware,
we have some great special financing promotions that we can talk through when the •• Tell me about how and when
time comes*. Let’s talk about what you’re looking to get done.” you discuss price today?
•• How will you incorporate
financing into your price
When the customer is selecting a product or service discussions moving forward to
“As I mentioned before, we have some great special financing promotions available
make sure all customers are
to you*. Would you like to talk through your options and see how much your monthly
aware of their options?
payments would be, and other key details?”
When the customer has decided on the project scope
“I’d like to walk through some special financing options with you. We offer Synchrony
Private Label Credit Card financing. I can help you with a quick application, and if it is
approved, you can use your account immediately so you can take advantage of paying it
off over time. Would you like to go ahead and submit an application?”
*Subject to credit approval for a Synchrony Private Label Credit Card.
Home Specialty Orientation Guide 2 – 19
Credit extended by Synchrony • www.synchronybusiness.comFocus on the
benefits of paying
Responding To Customer Hesitations over time
My credit isn’t great.
“I understand. I’ll be happy to process an application for you to see if it may be approved.
We also offer the option of applying with a joint-applicant.”
I’m worried about how my personal information might be used.
“I can understand your concern about personal information; that is something that we take
very seriously. We process applications all the time and we make every effort to keep your
information secure to keep you protected.”
I don’t want another Private Label Credit Card.
“I understand. Other competing general utility bank cards may offer special promotions
periodically; however, our card features special promotional financing on an ongoing
basis for qualifying purchases. Additionally, having a dedicated Private Label Credit Card
for special purchases leaves your other bank cards available for emergencies and day to
day needs.”
Home Specialty Orientation Guide 2 – 20
Credit extended by Synchrony • www.synchronybusiness.comApplying And Processing
Here are the
nuts and bolts!
Home Specialty Orientation Guide 3 – 21
Credit extended by Synchrony • www.synchronybusiness.comSynchrony Transact-Apply for Credit
START THE APPLICATION
Be sure to hand the consumer the paper version of the Terms & Conditions (T&C).
1. On the Synchrony Transact homepage, select the “Apply for Credit” button.
2. In the window that opens, select the relevant program from the dropdown menu (if applicable).
3. Ask the consumer if this will be an Individual or Joint application, and select the appropriate button.
2
1 3 You must give the
consumer a paper
version of the T&C.
Many contractors
only have one
program/ merchant
number. For those
with multiple
programs, choosing
the correct one is
important to ensure
relevant promotions
are displayed and
available to offer the
consumer.
Home Specialty Orientation Guide 3 – 22
Credit extended by Synchrony • www.synchronybusiness.comSynchrony Transact-Apply for Credit
ENTER ID INFORMATION
The next step is to verify the consumer’s identity by reviewing two pieces of identification.
1. Verify primary and secondary ID with all applicants. Common primary and secondary ID types are
pre-selected as default options. Other options are also available.
2. If necessary, use the dropdown menu to change the primary or secondary ID type.
3. Enter the expiration date (month and year)and issue for the ID.
4. Click the “Continue· button to proceed.
• If necessary, reassure
the consumer that you
1 will be noting the type of
ID and issuer/ expiration
details, but NOT capturing
2 personally identifiable
information, such as a
3
Private Label Credit Card
or license numbers.
• Ensure Primary
Identification is a valid,
non-expired government-
issued ID.
4
Home Specialty Orientation Guide 3 – 23
Credit extended by Synchrony • www.synchronybusiness.comSynchrony Transact-Apply for Credit
ENTER CONTACT INFORMATION
Next, you will enter personal information for the applicant.
1. Enter the First Name, Last Name, Mailing Address (no P.O. boxes), and Zip Code. City and State will automatically populate
the form once the Zip Code is entered.
2. If necessary, click “Add Apt. #” to enter an apartment number.
3. Select the type of housing from the dropdown menu. Rental and non-owner occupied homes are not eligible.
1 Note that the applicant
must provide a physical
mailing address for
their primary residence.
He or she can change
their mailing address to
a P.O. box once the
2 account has been open
for two business days.
3
Home Specialty Orientation Guide 3 – 24
Credit extended by Synchrony • www.synchronybusiness.comSynchrony Transact-Apply for Credit
RECEIVE APPLICATION RESULTS
Within a few minutes, you will receive an Application Result. While waiting, explain that three responses
are possible: yes (approved), pending, or no (declined).
1. If the application is approved, show the applicant the Credit Limit and Account Number.
2. If the application is delayed (pending), call 888-222-2176 for immediate assistance.
3. If the application is declined, explain that there are numerous reasons why this could be the case, and continue the sales
process as appropriate. You can ask for another form of payment, or individuals could apply again with a joint applicant.
4. If the application was approved and the cardholder wishes to use financing immediately, click the “Process a Sale” button
to proceed. If the cardholder is not ready or able to make a purchase now, click the “Return to Start” button to conclude
the process and reload the Synchrony Transact homepage.
1 2 3
4
Home Specialty Orientation Guide 3 – 25
Credit extended by Synchrony • www.synchronybusiness.comSynchrony Transact-Generate A Sales Slip
INITIATE TRANSACTION (IMMEDIATELY)
Once a consumer is approved for financing, you may immediately initiate a Sales Slip by selecting the
Process a Sale button on the Application Result (approved) screen. The Customer Information fields
in the Sales Slip will pre-populate from the data you entered in the application.
1. On the Application Result screen, select the “Process a Sale” button.
2. In the window that opens, the Program selection will already be filled in on the form.
3. Customer Name and Account Number will also already be filled in.
4. If applicable, enter your employee ID.
5. Click the “Continue· button to proceed.
Many contractors
2 track sales activity by
3 each associate for
rewards, recognition,
or record-keeping.
4
1 5
If an account was previously generated (or generated outside of Synchrony Transact), a new
Sales Slip may be initiated by selecting the Sales Slip button on the Synchrony Transact
homepage (see next page).
Home Specialty Orientation Guide 3 – 26
Credit extended by Synchrony • www.synchronybusiness.comSynchrony Transact: Generate a Sales Slip
INITIATE TRANSACTION (LATER)
If an account was generated outside of Synchrony Transact ( or was opened at an earlier time), a new Sales Slip
may be initiated by selecting the Sales Slip button on the Synchrony Transact homepage.
1. From the Home Screen, select the “Sales Slip” button.
2. In the window that opens, select the relevant program from the dropdown menu (if applicable).
3. Enter the Customer Name and Account Number.
4. If applicable, enter your Employee ID.
5. Click the “Continue” button to proceed.
2 Be sure the customer
name matches that of
the cardholder.
1 3
4 Many contractors track
sales activity by each
5 associate for rewards
recognition, or
record-keeping.
Home Specialty Orientation Guide 3 – 27
Credit extended by Synchrony • www.synchronybusiness.comSynchrony Transact: Tracking Progress
Synchrony provides many useful ways to view transaction information and manage your financing program.
The two main ways to do so online are through “My Transactions” (on Synchrony Transact, for all users) and
“Transaction Status” (in Business Center, for users with administrative privileges).
In My Transactions In Transaction Status
(within Synchrony Transact): (within Business Center):
A Synchrony Transact user A user with administrative permissions can review
can review transactions all transactions initiated on all authorized devices,
initiated on his or her device, send and re-send sales slips and completion consent
and send/ re-send sales slips for documents, submit for funding, access reporting,
confirmation and more.
Home Specialty Orientation Guide 3 – 28
Credit extended by Synchrony • www.synchronybusiness.comPromotion Options Menu Flyer
This tool allows you to show your customers a more detailed description of what special financing promotions
are available to them:
•• Customizable, with your logo at the top
•• Space for your salespeople to fill in monthly payments
•• Gives your customers peace of mind by letting them choose
the special financing promotion that best meets their needs
•• Available for all menu options
Contact your Synchrony representative for assistance
with adding your logo to this form.
Home Specialty Orientation Guide 3 – 29
Credit extended by Synchrony • www.synchronybusiness.comPaper Process
1 Complete Application
1. Fill out business and purchase information. Note: Leave Account # blank prior to submission. You will fill this in after an
application is submitted and approved. Private Label Credit Card Agreement disclosures are included on the form.
• For hearing and speech impaired applicants with no home phone number submit the application to 888-222-2176.
2. Refer the customer to the Private Label Credit Card Agreement portion of the application for their review prior to completing and signing
the application.
3. The applicant (and joint-applicant, if desired) fills out the middle section with their contact information and income details.
Note: They must use the monthly net (after-tax) income.
4. Verify and record primary and secondary ID for all applicants.
5. Obtain applicant signature(s) and dates.
6. Submit: phone in application to 888-222-2176. 3
7. Retain signed application in a secure location for at least 25 months.
When phoning in applications, you have two options:
• For no hold times and fast processing, use Phone Express Process (PEP), available 24/7 OR
• Speak to a client services representative.
Business Center 2
1. Give the applicant(s) the Private Label Credit Card Agreement disclosures prior to completing the application.
5
• Keep this page and if not already provided give the Cardholder Agreement to the customer. 1 4
2. Collect information verbally from applicant (and joint-applicant, if desired) interview-style, or the customer can fill out a paper
Synchrony provides gray areas
application that you then enter into Business Center. Merchant completes tan areas
3. Verify and record primary and secondary ID for all applicants. Customer completes green areas
4. After all information is entered, click Print Application.
5. Keep the first page and give the rest of the pages to the customer. Those pages contain the account Private Label Credit Card Agreement.
6. Obtain the customer’s signature on the first page.
7. Click the box on-screen to confirm that the customer has signed and dated the printed application.
8. Click Submit.
9. Retain signed application in a secure location for no less than 25 months. See your Card Acceptance Agreement for additional
retention requirements.
Home Specialty Orientation Guide 3 – 30
Credit extended by Synchrony • www.synchronybusiness.comStep 2: Complete Sales Slip
2 Complete Sales Slip
1. Account and Merchant Number
• Fill in account number and Merchant number.
2. Buyer’s Information 1 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6
• Complete buyer’s name and Merchant’s name/ address. Justin Example Co Name/456 Any Street, City, ST, ZIP
3. Financing Options
2
• Check the “Promotional Offer” that corresponds to the financing option that
3 X 2 6 9 9
the customer has selected.
• For Deferred Interest/No Interest if Paid in Full promo, fill in the cardholder Annual
Percentage Rate (APR). The APR is given when you obtain an authorization code. JE
• Customer must initial that they have reviewed and selected a promotion.
4. Quantity/Description/Sale Price 4
• Complete description - product category, brand, and model number. BR A N D W I N D OWS
1 2 0 0 0 0 0
1 2 3 W I N D OWS
• Enter sale price, advanced payments/down payment and amount financed.
5. Authorization Code
1 2 0 0 0 0 0
• Write in authorization code (You should request this code at time of approval or call merchant 5 0 0 0 0 0
4 5 6 7 8 9
services prior to funding to obtain it).
• Write in the date of sale.
5 0 5 0 1 2 0 1 7
7 0 0 0 0 0
6. Buyer’s Signature*
• Customer must sign. Only one signature is required on joint applications.
• Give customer’s copy to the customer once signed.
• Retain signed Sales Slip in a secure location for no less than 25 months. See your Card
Acceptance Agreement for additional retention requirements.
6 Justin Example
Synchrony provides gray areas
Merchant completes tan areas
Customer completes green areas
*If no Completion Certificate is required for your program, follow the Funding Process on page 32 upon completion of the job.
Home Specialty Orientation Guide 3 – 31
Credit extended by Synchrony • www.synchronybusiness.comStep 3: Complete A Completion Certificate (If Required)
3 Complete Completion Certificate
1 Account Information
• Fill in customer’s account number and total amount financed.
1 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 1 0 0 0 0 0 0
2 Buyer’s Information Co Name/456 Any Street, City, ST, ZIP
2
J U S T I N J E X AMP L E
• Fill in the customer(s) name.
• Customer must sign. Only one signature is required on joint applications.
• Give customer’s copy to the customer once signed.
3 Merchant Information
• Complete your business information. 2 Justin Example 0 8 0 1 2 0 1 7
• Dealer must sign and date.
4 Document Retention
3 C OM PAN Y
Joe Doe
N AME
Sales Manager 0 8 0 1 2 0 1 7
• See your Card Acceptance Agreement for additional retention requirements.
• Retain signed Completion Certificate in a secure location for no less than 25 months.
Synchrony provides gray areas
Merchant completes tan areas
Customer completes green areas
4 Submit for Funding
Funding Process
• If you have not obtained an authorization code for the project amount,
call 888-222-2176 to obtain it.
• Fax Sales Slip and Completion Certificate (if applicable) to 888-222-2986 for funding.
• Synchrony will deposit the proceeds, less any discount, directly into your
company’s checking account using the Automated Clearing House (ACH) system.
• A daily settlement report is available to you on Business Center 24 to 48 hours after submission.
Home Specialty Orientation Guide 3 – 32
Credit extended by Synchrony • www.synchronybusiness.comWhat to say about
Application Outcomes the decision
•• If approved, the applicant and joint applicant
(if applicable) can immediately use (in most cases)
account for initial purchase and can expect to receive
a Private Label Credit Card in the mail in 7-10 business
days for future purchases. Approved
•• Proof of income may apply on loans over $35,000,
depending on program. If proof of income is required, “I’m happy to tell you that your application has been
the approved loan amount will be $35,100. Contact approved.”
Synchrony for additional instructions. Pending
“The application came back ‘Pending,’ which simply
means they need to clarify some information.
Declined Applications Let’s give them a call to see what they need.”
How you handle a declined Credit Application Note: You must call 888-222-2176 on a pending
makes a difference. application within 24 hours or it will be automatically
denied.
Be positive. Say, “Let’s see what we can do.”
1. Double-check the Credit Application detail
Declined
for accuracy.
2. Present the option of reapplying with a joint applicant. “Unfortunately, Synchrony wasn’t able to extend credit to
you at this time. You will receive a letter within
3. Suggest other payment options, such as cash,
30 days indicating the specific reasons for the decision.”
check, or Private Label Credit Card.
4. Remind them that they will receive a letter
within 30 days indicating the specific reasons
for the decision.
Home Specialty Orientation Guide 3 – 33
Credit extended by Synchrony • www.synchronybusiness.comTransparency Principles : Compliance Requirements
Synchrony promotes full 1. You will ensure that training on how to offer, process and transact with
transparency and disclosure the Synchrony Program is integrated into your existing associate training
program. Helpful training materials including videos, self-paced courses
to all applicants for its Private
and pre-recorded webinars can be found online at Synchrony’s Learning
Label Credit Card program Center: https://learn.synchronybusiness.com.
(the “Synchrony Program”). 2. Your customers must receive the Private Label Credit Card Agreement in
To assure that applicants are writing and have the opportunity to review it and other disclosures in the
aware of several key attributes application brochure before signing an application.
of the Synchrony Program, you 3. All Synchrony documents must be retained in a secure location for 25 months
hereby agree as follows: (actual time period may be longer if specified in your Card Acceptance
Agreement). Failure to keep and, upon request, produce the signature page
to Synchrony may expose your business to an automatic chargeback upon
consumer dispute.
4. Fees may not be charged to consumers for applying for credit or for using
their Synchrony account to finance purchases.
These fees have been called Administration Fees, Documentation Fees,
Finance Fees, or other generic terms. All are prohibited by your Card
Acceptance Agreement with Synchrony and you will be responsible for
refunding customers accordingly.
Home Specialty Orientation Guide 3 – 34
Credit extended by Synchrony • www.synchronybusiness.comTransparency Principles : Compliance Requirements (Cont’d)
5. You or your staff must inform all Synchrony Program applicants of the following:
•• The Synchrony Program is a Private Label Credit Card and is NOT an in-house credit program. The Synchrony Program is NOT an
interest-free Private Label Credit Card.
•• Cardholders should be provided with information about the different special financing options available to them and how they work
before requested to choose which one to use for their specific purchase. It is especially important that cardholders understand
the basic features of No Interest , Reduced Interest and Deferred Interest/No Interest if Paid in Full options, if all these type of
promotions are being offered. The key concepts include:
• The length of the promotion
• Whether the promotion expires and if so what happens upon expiration
• Required payments during the promotional term
•• For Deferred Interest promotions, deferred interest accrues on the outstanding balance during the promotional period from the
date of the transaction. Finance charges can be avoided ONLY IF the promotional balance is paid off prior to the end
of the promotional period.
6. You must provide the promotional terms to the customer on the completed, signed Sales Slip.
7. You will advise customers of any policy regarding returns/refunds.
8. These program guidelines are designed to provide transparency for cardholders. Synchrony reserves the right to monitor
your adherence to these and other Synchrony Program policies subject to the consequences defined in your Card
Acceptance Agreement.
Home Specialty Orientation Guide 3 – 35
Credit extended by Synchrony • www.synchronybusiness.comTransparency Principles : Compliance Requirements (Cont’d)
Fair Lending Principles to Know
Credit must be offered to all applicants fairly and consistently. Failure to do so may result in allegations of discrimination, potential violations
of federal or state fair lending laws, litigation or reputational risk. All customers should be encouraged to apply for credit without regard
to race, color, religion, national origin, sex, marital status, familial status, age, disability, receipt of income (in whole or in part) from public
assistance programs, or an applicant’s good faith exercise of a right under the Consumer Credit Protection Act.
In addition, credit-related activities must be conducted in a way that is not considered unfair, deceptive, or abusive from the customer’s
perspective. Unfair activities are those that may cause unavoidable “substantial injury” (typically financial harm) to customers. Deceptive
activities could include statements or omissions that mislead customers or influence their decision to buy or use a product or service.
Abusive practices interfere with the customers’ ability to understand the terms and conditions of a product or service; or which take
advantage of the customers’ lack of understanding or inability to protect their interests.
Clear and Accurate Communications
Your advertising, signage, and conversations with customers should help them understand and make informed choices regarding your
products and available financing options. Disclosures should clearly and accurately describe the terms, conditions, and any limitations
associated with the purchase and the Synchrony Retail relationship the customer is establishing.
Taking and Processing Applications
All customers should be encouraged to complete and submit applications for credit . Do not discourage anyone from submitting an
application, either through oral statements, body language, delays or discourtesy. Also, make certain that employees provide a consistent
level of service in responding to questions from customers about the availability of credit and/or completing the application.
Completing the Credit Application
The credit application and Private Label Credit Card Agreement must be provided to customers before they apply. It is the customer’s choice
to have a joint applicant , but it is not required that a joint applicant be a spouse. Alimony, child support or separate maintenance payments
do not need to be disclosed unless the customer wants this income to be considered.
Pricing and Fees
No fees related to the application process or Synchrony Retail financing are allowed, and the pricing of credit approved for customers
cannot be changed from what Synchrony Retail approved and communicated. The availability of promotions must be consistently shared
with customers when they apply for credit.
Home Specialty Orientation Guide 3 – 36
Credit extended by Synchrony • www.synchronybusiness.comCardholder Statement
Understanding your cardholder statement
1
The first statement that your customers receive will also include an insert titled, “How to read
your new statement.” A sample statement is on this page. If you have any questions about this
statement, please contact your Synchrony representative or visit Business Center online. If
your customers have questions about their statement have them call Cardholder Support.
1 Payment Coupon 44. Balance Summary 3
Customer returns this with payment. This section provides information 2
Look here for payment due date, on previous balance, new purchases,
minimum payment due, and new payments, and more.
balance. Customers can also use this
55. Account Activity
to update us with address changes.
Provided here is a chronological listing
2 Customer Service Information of purchases and other transactions for
Information is provided on how to the current billing period. 4
reach us for mailing or submitting
correspondence and payments online.
66. Promotional Purchase Summary
Information is provided on all current
3 Account Information promotional purchases. Purchase
Information on the account number, amount, purchase type, finance charges,
payment due date, amount past due, and current balance on promotions will
5
and over-limit amount are included be provided here.
here. The Minimum Payment Due is
77. Finance Charge Summary 6
the amount that a customer must
pay during the billing period.
Interest rates and finance charges that
The Suggested Payment is the apply to portions of the customer’s
Minimum Payment Due plus any account balance.
7
accrued finance charges and 88. Cardholder news
cardholder fees.
Information on customer account, 8
payment status, and special messages.
Home Specialty Orientation Guide 3 – 37
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Resources And Tools
Important
websites
Home Specialty Orientation Guide 4 – 39
Credit extended by Synchrony • www.synchronybusiness.comYour Online Resources
Business Center Toolbox Learning Center
bc.syf.com toolbox.mysynchrony.com learn.synchronybusiness.com
•• Manage your Synchrony •• Watch webinars about selling with •• Take short online courses showing
account financing how to use financing
•• Pull business and funding •• Access printable sales tools to use •• Watch videos of best practices by
reports during financing conversations other businesses
•• Order signage and forms •• Synchrony Transact Overview and •• View on-demand business-building
•• Print current program User Guide and other support tools webinars
documents
Home Specialty Orientation Guide 4 – 40
Credit extended by Synchrony • www.synchronybusiness.comBusiness Center Registration
Use Business Center for all your processing, reporting and resources needs to begin enjoying the increased sales you can generate by
offering credit today.
1. How Do I Get Started?
• Register at bc.syf.com
(You will need your merchant number and bank DDA number)
• Person registering will be Location Administrator for
Business Center and responsible for:
- Providing an email address and other requested information
- Adding all users for that location and setting permissions
for each user
- Adding Synchrony programs for that location
2. Get Familiar with Business Center
• Access the Business Center training courses via Learning Center at: learn.synchronybusiness.com
• Practice in a safe online environment by clicking Help & Resources then select Product Demo from the drop down menu
3. Start Offering Credit
• Offer to every customer
• Offer early in the sales process
Home Specialty Orientation Guide 4 – 41
Credit extended by Synchrony • www.synchronybusiness.comYou made it!
Today We discussed…
•• How financing can help you achieve your business’s priorities, while helping your customers
get what they really want or need.*
•• How to complete Applications, Sales Slips and Completion Certificates.
•• How promotional financing works, including Deferred Interest, No Interest and Reduced
Interest promotions.
•• How and when to discuss financing with every customer clearly. Any questions?
•• How to get additional training for new and existing team members.
•• Important rules for fair and compliant business practices when offering financing.
*Subject to credit approval.
Home Specialty Orientation Guide 4 – 42
Credit extended by Synchrony • www.synchronybusiness.comWe are here to
Getting Help support you!
Merchant Support Cardholder Support* On-Demand Training
888-222-2176 800-250-5411 •• Learning Center:
•• Assistance with submitting applications •• Account Questions https://learn.synchronybusiness.com
•• Obtain names on an account •• Credit Limit Increases •• Call 866-885-2637
Mon-Fri 9:00am to 9:00pm EST
•• Check available credit amount •• Address updates
•• Request a credit limit increase
•• Technical assistance with
Business Center
•• Obtain Authorization Code
*Please Note: Cardholder inquiry representatives are authorized to speak
only with cardholders about their account.
Home Specialty Orientation Guide 4 – 43
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184-242-00 Rev May 2019
Home Specialty Orientation Guide
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