Home Specialty Orientation Guide - We're delighted to help you help your customers! - Synchrony Welcome Center

 
Home Specialty Orientation Guide - We're delighted to help you help your customers! - Synchrony Welcome Center
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
Home Specialty Orientation Guide - We're delighted to help you help your customers! - Synchrony Welcome Center
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.

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Program Overview

                   Let’s introduce
                     ourselves!

                      Home Specialty Orientation Guide                 1     –5
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Offer 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

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Program 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
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How 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
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Customers 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

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Financing 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
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Two 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

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Payment Discussions

                       They’re easy
                      with Synchrony

                         Home Specialty Orientation Guide                2      – 13
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Synchrony 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
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Do 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

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Flexible 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

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Flexible 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

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Start 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

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Customers 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

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Focus 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

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Applying And Processing

                      Here are the
                     nuts and bolts!

                          Home Specialty Orientation Guide                3      – 21
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Synchrony 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
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Synchrony 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
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Synchrony 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
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Synchrony 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
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Synchrony 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
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Synchrony 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
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Synchrony 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
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Promotion 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
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Paper 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.com
Step 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.com
Step 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.com
What 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.com
Transparency 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.com
Transparency 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.com
Transparency 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.com
Cardholder 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
                                                                                                   Credit extended by Synchrony • www.synchronybusiness.com
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Resources And Tools

                      Important
                       websites

                      Home Specialty Orientation Guide                4      – 39
                            Credit extended by Synchrony • www.synchronybusiness.com
Your 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.com
Business 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.com
You 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.com
We 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

                                                                                   Credit extended by Synchrony • www.synchronybusiness.com
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184-242-00 Rev May 2019
         Home Specialty Orientation Guide
Credit extended by Synchrony • www.synchronybusiness.com
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