RETAIL ORIENTATION GUIDE - Great Customers Aren't Born, They're Made - Synchrony Welcome Center
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
CHANGING WHAT ’S P OSSIBLE
RETAIL ORIENTATION GUIDE
Great Customers Aren’t Born,
They’re Made
849-686-00 | REV. AUGUST 2021 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
Introduction..................................................................... 5
Special Financing Options ................................................ 7
Applying And Transacting............................................... 17
Payment Discussions....................................................... 27
How To Process............................................................... 37
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.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.comThis page intentionally left blank.
INTRODUCTION
Overview and Benefits!
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 5INTRODUCTION
Synchrony’s financing options
are designed for you and
your customers.
Overview
This Is The First Step To Offering Financing Options For Your Customers.
• Demonstrate how to achieve your business goals by offering a Synchrony credit card (aka “financing”).
• Show how financing can help your customers get what they really want or need.
• Review “What you need to know” about offering financing fairly and compliantly.
• Show how to comply with the applicable Federal and State regulations.
• Get you set up and ready to introduce financing to your team and customers as part of your sales process.
Customer Benefits Your Benefits
• Buy what they want, when they want it, and pay over time • Easy customer application and approval process
• Save on-hand cash for other things • Attractive promotions that build customer loyalty
• Purchase a better product than they can get with on-hand cash • Fast funding and protection for peace of mind
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 6SPECIAL FINANCING
OP TIONS
Convenient, Flexible Options
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 75 Things to Know About Deferred Interest
These are the key concepts about deferred interest promotional
financing. All employees should understand and be able to share these
5 things with customers:
1 Deferred interest promotional financing is just as it sounds: when a customer uses this type
of financing on a purchase, interest accrues (adds up) from the purchase
date but is deferred to the end of the promotion period (ex. 12 months).
2 Deferred interest promotional financing DOES NOT mean deferred payments.
3 With deferred interest promotional financing, a customer must make minimum monthly payments.
4 The required minimum payment, shown on a customer’s billing statement,
will typically NOT pay off the full purchase within the promo period.
A customer can choose to pay more every month to pay off the balance
within the promo period (ex. 12 months) and avoid paying interest.
5 If the customer doesn’t pay off the purchase in full, by the end
of the agreed-to promo period (ex. 12 months), then the interest
that has accrued from the date of purchase WILL be added
to the remaining balance.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 8What to Say VS What NOT to Say About
Deferred Interest Promotional Financing
What deferred interest IS: What deferred interest is NOT:
Deferred interest promotional financing is just “Deferred payments” financing
as it sounds: when a patient/client uses this Why: A patient/client must make minimum
type of financing on their purchase, interest monthly payments during the promo period
accrues (adds up) from the purchase date (ex. 12 months).
but is deferred to the end of the promotion.
“No interest” financing
This type of financing requires minimum Why: Interest will be charged from the purchase
monthly payments that start right away. date if the promo balance is not paid in full within
The payments are not deferred. the promo period (ex. 12 months).
The required minimum monthly payments “Buy now, pay later” financing
typically will NOT pay off the full purchase, Why: Buy now, pay later is a way to describe
within the promo period. Although patient/ short-term fixed payment loans.
client must make minimum monthly payments,
“No payments” financing
they can choose to pay more every month to
Why: Minimum monthly payments are required
pay the promotional balance within the promo
and typically will NOT pay off the full purchase,
period (ex. 12 months) in order to avoid paying
within the promo period. A patient/client could
interest.
choose to make suggested equal monthly
A type of promotional financing that allows a payments, which are larger, to help pay off the
patient/client to pay no interest ONLY IF they balance during the promo period (ex. 12 months).
pay off their full purchase, within the agreed-to
“Reduced APR/lower interest” financing
promo period (ex. 12 months).
Why: The patient/client pays NO interest IF they
If the patient/client does not pay off the pay off their promotional purchase by the end of
purchase in full, by the end of the agreed-to the promo period.
promo period (ex. 12 months), then the interest
that has accrued from the date of purchase
WILL be added to the remaining balance.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 9How to Direct a Customer to More Information About Deferred Interest
The Synchrony credit application and the terms and conditions have important details
about the deferred interest promotional financing.
IF the store has a customer brochure that covers credit and financing:
“If you want to know more about how deferred interest promotional financing works, I have a brochure for you
that explains it in detail…”
IF the store has a poster/sign with a QR code to access deferred interest promotional financing content:
“If you want to know more about how deferred interest promotional financing works, just bring your phone to this
poster, and aim the camera at this QR code. You’ll get a link to more information.”
IF the store has signage or posters from Synchrony that shows the disclosures for deferred interest
promotional financing:
“If you want to know more about how deferred interest promotional financing works, you can check out this sign
for more details…”
IF the store doesn’t have any of these, employees can direct customers to MySynchrony.com
(or another appropriate website):
“If you need more information about deferred interest promotional financing, here is a website with details.”
NOTE: It is important that customers have details on their deferred interest promotional financing before you complete the transaction,
and they must agree to the terms. Provide the terms to them in writing (brochure or other material) or electronically (partner device/pin pad
or customer device/phone.)
You may also direct customers to the Synchrony deferred interest online
portal at https://www.mysynchrony.com/deferred-interest.html
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 10Payment Estimators:
Details About Deferred Interest
If your store uses the digital MySynchrony payment estimator tool, the customer can get
detailed information about deferred interest promotional financing.
https://www.mysynchrony.com/deferred-calculator.html
Please note: Associates should only use payment estimators/tools
provided by Synchrony.
The monthly payments shown on payment estimators assume there
are no other balances on the account.
If customers have questions about their balance(s), they should
contact Synchrony customer service.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 11Supervising Employees:
Offering Deferred Interest
Promotional Financing to Customers
If your employees share information about deferred interest financing with customers,
it’s important they do it accurately. As a manager, you can help employees feel confident
about the 5 things to know about deferred interest. Encourage them not to try to answer
additional questions, but refer customers to other materials, like signage or brochures.
This checklist can help you observe and track employee performance, and coach as needed.
If the employee shared information on deferred interest promotional financing, did they correctly
mention any or all of these points:
You have deferred interest promotional financing available. If the customer doesn’t pay off the purchase in full,
Deferred interest promotional financing is just as it sounds: by the end of the agreed-to promo period (ex. 12 months),
when a customer uses this type of financing on a purchase, then the interest that has accrued from the date of purchase
interest accrues (adds up) from the purchase date but is WILL be added to the remaining balance.
deferred to the end of the promotion period (ex. 12 months). Did the employee provide information without errors,
Deferred interest promotional financing DOES NOT mean misleading information or going “off script?”
deferred payments. If the employee gave details about the deferred interest
With deferred interest promotional financing, a customer promotional financing, did they do so before they completed
must make minimum monthly payments the transaction (ex. in writing or on a pin pad); and did the
customer agree to the terms?
The required minimum monthly payments typically will
NOT pay off the full purchase, within the promo period.
Although customers must make minimum monthly Managers: If you have signage in your store that mentions deferred
payments, they can choose to pay more every month to interest, ensure it is correct and up-to-date.
pay the promotional balance within the promo period
(ex. 12 months) in order to avoid paying interest.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 12Additional Tips
This helpful graphic explains the two paths a customer could take after making a purchase with
deferred interest promotional financing. It can help explain how deferred interest works.
MORE TIPS:
HOW DEFERRED INTEREST WORKS • If a store associate is asked a question they can’t
confidently and correctly answer about deferred
After a customer makes a purchase
interest promotional financing, have a process in
using deferred interest promotional
place. For example, they should point to in-store
financing, they either:
signage, a brochure (if applicable), or details on
A -OR- B the credit application.
• Encourage store associates to “stick to the script”
MAKE PAYMENTS MAKE PAYMENTS
+ +
around deferred interest promotional financing.
Use the information in 5 things to know. Don’t introduce
the possibility of giving a customer incorrect or confusing
information by getting creative in the conversation.
PAY OFF DON’T PAY OFF
• Ensure store managers and associates have had
WITHIN PROMO PERIOD WITHIN PROMO PERIOD
recent training on deferred interest promotional
= = financing. Utilize your applicable learning sites and
other training tools.
• If you need more information on deferred
PAY ZERO INTEREST PAY PURCHASE interest promotional financing, contact your
BALANCE Synchrony representative.
+
ALL ACCRUED
$0 BALANCE
INTEREST
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 13Knowledge Check Questions
Q1 Deferred interest promotional financing is: Q4 Which two answers are correct about deferred
a) Just as it sounds: when a customer uses this interest promotional financing:
type of promotional financing on their purchase, a) Customers can make monthly payments or skip them.
interest is accruing (adding up) from the purchase b) Minimum monthly payments are shown on the
date but is deferred to the end of the promotion. customer’s monthly statements.
b) The same as deferred payments. c) Customers may need to pay more each month to pay
c) Financing with minimum monthly payments that off their purchase within the promo period.
will always pay off the purchase within the promo d) Minimum monthly payments are never more than $10.00.
period (ex. 12 months).
d) Promotional financing that if the customer does Q5 What must a customer know about deferred
not pay off the purchase in full, by the end of the interest promotional financing:
agreed-to promo period (ex. 12 months), they a) If they do not pay off their purchase, in full, by the end
will not pay interest. of the promotion period (ex. 12 months), all the interest
that has been adding up from the purchase date will
Q2 True or False – When giving monthly payments be added to their balance.
information on a deferred interest promo purchase to
a customer, take the total amount of their purchase b) Deferred interest is only offered on very large purchases.
and divide by the number of months in the promotional c) If their neighbor likes deferred interest, they will too.
period (ex. 12 months). You should just guess how much d) They should never read fine print and disclosures.
the payments should be. (NOTE: Use approved payment
estimator tools, instead.) Q6 The customer must receive details about their deferred
interest promotional financing before the sale and:
Q3 True or False – If a customer wants promotional a) Pay cash.
financing that allows them to never pay interest,
b) Purchase accessories.
deferred interest is always the best choice.
(NOTE: With some other types of promotional financing, c) Agree to the terms.
like equal payments/no interest, customers will never pay d) None of these.
interest.)
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 14Additional Financing Options*
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
Non-Promotional Sale:
• May also be called a “core” sale
• Entire purchase must be paid in the first billing cycle to avoid interest charges
• Just like purchases made with most general use credit cards
*Some promotions are not available in all markets.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 15No Interest/Reduced Interest Financing Options
$1,200 24-Month Promotions
MONTH 1 MONTH 24 OUTCOME
$50 No Interest Total Paid
24 Fixed/Equal monthly payments $1,200
MONTH 1 MONTH 20 MONTH 21 MONTH 22 MONTH 23 MONTH 24 OUTCOME
$56 Reduced Interest $56.31 $56.76 $57.22 $40.97 Total Paid
24 Monthly payments $1,331.26
Includes principal and 9.99% interest* Including Interest
*9.99% is used here for illustrative purposes. Actual interest rate may vary. Due to minimum interest charges and rounding up for monthly payments,
the last 4 payments are different from the prior months.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 16APPLYING AND
TR ANSACTING
Nuts and Bolts
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 17How Synchrony’s Credit Card Program Works
STEP 1 STEP 2 STEP 3 STEP 4
SUBMIT
You offer financing. Consumer completes financing You submit the completed, If application is approved,
application. Credit Card signed application to Synchrony you complete the sale when
Agreement must be in the via Business Center. customer takes delivery.
consumers hands before they
sign the completed application.
STEP 5 STEP 6 STEP 7 STEP 8
Customer receives card in the Customer receives monthly After activating their card, You process the repeat sale.
mail within two weeks. statement and makes any the customer returns for
required payments. repeat purchases.
The customer can use their available credit limit to make additional purchases. Subsequent purchases can also
qualify for promotions that are available at the time of each purchase—not just the initial purchase.
You can only charge for products and services that are being received by the customer at the time of sale. Future delivery must
be transacted using the Authorization Only and Forced Purchase processes (see pgs. 42-43 for details).
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 18WE HELP MAKE IT EASIER FOR
YOU TO RUN YOUR BUSINESS.
Access all of your consumer financing sales
and operational tools within Business Center
bc.syf.com
Provides Requires
• Robust daily and historical reports • Computer and printer
• Sales receipts and promotional terms in one convenient document • Internet connection
• Marketing Tools
• My Customer List
• Business Locator
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 19Completing And Submitting The Application
If submitting the application via Business Center, you may choose to
complete applications interview-style with the customer instead of using
a paper application. See page 39 for details.
1
1. Give the Credit Card Account Agreement to the customer before they
apply (prior to signing the application).
2
John A. Doe 02 18 1975 777 77 7777 555 555-5555
For hearing and speech impaired applicants with no home phone 123 Main St. Dayton OH 45420 555 555-6666
number submit the application to 800-333-1082.
2. Customer fills out top section of application and reviews the information 2,400 555 555-6789
johnsemail@email.com
in the middle section.
3
3. Joint-applicant (if desired) completes the second section.
Jane B. Shopper 03 19 1977 888 88 8888 555 555-1 1 1 1
4. Make sure all information is complete and the application is signed. 456 Credit Rd. Dayton OH 45420 555 555-2222
Note: if submitting the application through Business Center, the completed
application must be printed and signed before it can be submitted. 2,600 555 555-3333
johnsemail@email.com
5. Verify applicant’s primary and secondary ID. 2
Note: Synchrony does not require or advocate the photocopying of customer
identification.
Valid (Non-Expired) Identification
• Primary - State or government issued non-expired IDs (Driver’s License,
4
State ID, Passport, Military ID, or Resident/Alien Green Card).
• Secondary - Major Credit and Debit Cards (VISA, Mastercard, American
Johnny Salesperson
Express, Discover), Department Store Cards, or Gas Cards with the 5 6
5348120000000000 1234567890123456 99272168 $4,500
customer’s name and an expiration date on them. Visa Chase 06/2019
MC Capital One 08/2019
555 555-4321 555 555-5432
6. Fill out the bottom section.
Note: The account information should be filled in after the application is
submitted and a decision is returned.
7. Submit the application via Business Center, or phone.
Ensure that the customer has been provided
8. Retain all signed applications in a secure location for no less than with the account credit card agreement for
25 months. Please see your Card Acceptance Agreement for additional their review prior to signing and completing
retention requirements. the application process!
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 20Application Tips
1. Enter the customer’s primary phone number here.
2. A secondary phone number is recommended but optional. 1
John A. Doe 02 18 1975 777 77 7777 555 555-5555
3. Monthly Net Income is the customer’s take-home pay after all taxes
123 Main St. Dayton OH 45420 555 555-6666 2
and deductions are taken out. This amount is for the individual’s
income, not the household income. This is income that the customer
has reasonable access to. Alimony, child support and other
maintenance payments do not need to be included unless the 3 2,400 555 555-6789
customer wants this income to be considered. johnsemail@email.com
4. The Joint Applicant section is optional and the joint-applicant
must be present to sign the application before it can be
submitted.
5. Enter your 16-digit Merchant ID Number. Jane B. Shopper 03 19 1977 888 88 8888 555 555-1 1 1 1
6. Enter your name as the employee who verified the 456 Credit Rd. Dayton OH 45420 555 555-2222
customer’s IDs. 4
7. If a transaction amount has not yet been determined,
enter your best guess of a ticket amount based on the 2,600 555 555-3333
type of purchase the customer is considering. johnsemail@email.com
8. Account # and Key # will be provided on-screen through
Business Center.
5
9. If the customer uses two primary IDs, enter the type of ID
Johnny Salesperson
6
and expiration date instead of card type and issuer 5348120000000000 1234567890123456 99272168 $4,500 7
(e.g., “US Passport 10/31/2016”).
Visa Chase 06/2019
Puerto Rico Merchants, please ensure that the address entered 9
MC Capital One 08/2019
on the application is a valid mailing/billing address.
555 555-4321 555 555-5432
8a 8b
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 21Application Outcomes
• If approved, the applicant and joint applicant
(if applicable) receive a credit card in the mail
in 7-10 business days for future purchases,
but the initial charge can be made immediately
upon approval.
• Call 800-333-1082 for application processing, Approved
assistance with a transaction, or credit limit increase.
“I’m happy to tell you that your application has been
• If your customer is going to apply online from home approved.”
(if applicable), remind him/her to print out the approval
page and bring it in with two forms of required ID. Pending
You will use the store section at the bottom of the
form to notate IDs. “The application came back ‘Pending,’ which simply means
the bank needs to clarify some information. Let’s give them
a call to see what they need.”
Customer Authentication
On occasion, an application may be chosen for a fraud review Declined
to protect both you and your customers. When needed, you
“Unfortunately, the bank wasn’t able to approve the
may be asked to call Synchrony and put the customer on the
phone, or the customer may be asked to respond to a passcode application at this time. You will receive a letter within
message on their home or mobile phone after the application 7-10 business days indicating the specific reasons for the
is submitted. decision. If you like, you may reapply with a joint-applicant.”
• If authentication is successful with Synchrony and the
customer is on the phone, the account can be used without
the card present.
• If authentication cannot be completed on the phone,
the card must be present to use the account.
• If Synchrony is unable to authenticate applicant(s),
the application will be declined.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 22Optional Financing Plan (OFP) Form
The Optional Financing Plan (OFP) form is a crucial document that provides your customers with the information about their purchase with
promotional financing. It also helps protect your business from chargebacks by clearly stating the terms of a sale. To fill out the OFP, call Merchant
Services at 800-333-1082 and the Synchrony representative will give you all information to enter on the form.
Use an OFP if transacting via Business Center without printing a sales receipt, call Merchant Services to fill out the back side of the OFP
and get a customer signature. Make a copy, give the customer the original and retain the copy in a secure location for 25 months.
Front Back
Make sure
description
matches
promotion
offered
To request more OFP forms for your business at no charge, log in to Business Center at bc.syf.com, then click Help & Resources - Order Supplies,
or call Merchant Services at 800-333-1082. Note: In-home sales programs may have a 2-sheet carbonless duplicate OFP form since copy
machines are often not available outside of the store environment.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 23Unacceptable Financing Fees
Example: Unacceptable Fee
Additional fees may NOT be charged to consumers to apply
for or use credit.
The price offered to consumers must not separately designate
the cost of credit from your regular price. This includes
references to application fees, processing fees, surcharges,
up charges, price increases or other special charges.
For example, you cannot add a “processing fee,” “bank fee,”
or similar charge on a receipt/invoice.
We recommend that you treat the cost of promotional credit
as overhead within your General and Administrative expenses
that is included on all sales; just like other credit cards.
Any fee of this kind that is charged to consumers will be
subject to chargeback.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 24Things To Know
• When submitting customer applications, a signature is required and the customer must be given a copy of the Credit Card Agreement
prior to submission.
• Two forms of ID, one primary and one secondary, must be presented by the customer at the time of application. Synchrony does not
require or advocate the photocopying of customer identification.
• Cardholder must be present for all transactions.
• Cardholder must sign a sales receipt and receive a copy for all transactions, including promotional details.
• A copy of the completed and signed application must be retained in a secure location for 25 months (actual time period may be longer
if specified in your Card Acceptance Agreement).
• You can only charge for services that have been completed. Please obtain a pre authorization for any products or services that will not
be delivered/completed the same day as the sale.
• If the card is not present, check the customer’s ID to ensure that the purchaser is the cardholder to help avoid potential fraud and
chargeback issues for your business.
• Applications must not be solicited in a language other than English unless approved by Synchrony and the customer is provided with the
application and credit card agreement in the language used. It is recommended that marketing also be supported in that language.
• Synchrony must approve the ability to process applications and/or sales transactions in a non-store environment. Merchants that process
telephone, online or in-home applications/sales transactions must comply with processing requirements provided by Synchrony.
• Accounts Receivable balance may not be charged on Synchrony credit card accounts.
• Be sure to always use current versions of applications and other documents. Updated versions can be found on Business Center
(bc.syf.com) under Sales Tools-Disclosure & Reference Documents. You can also order pre-printed forms free of charge in Business
Center under Help & Resources – Order Supplies.
• Upon completion of the Learning Center training, your business may be eligible for an online consumer application link that you can share
with your customers via social media.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 25This page intentionally left blank.
PAYMENT DISCUSSIONS
They’re easy with Synchrony
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 27The Five Pillars Of Success
Suggestions From Your Peers
Here are some tips from current merchants who are using a Synchrony
credit card program successfully to increase their sales.
1. Advertising: Include “Special Financing Available” or other mention
of your financing program in your regular advertising.*
• TV, radio and print advertising
• Direct mail
• On your web page
• During on-hold telephone messaging
2. Merchandising: Place your signage in high traffic areas to act as your “silent sales force” when you aren’t with your
customer or as a reference point. Also make sure to have signage near your big ticket items and at the checkout.*
3. Training: Train your staff to offer financing to EVERY customer EARLY in the sales process and discuss credit
at staff meetings.
4. Pricing: Use financing to help close more sales at higher average ticket amounts.
• Extra fees cannot be charged to customers using financing, just like extra fees are not charged to customers
for using a Visa or Mastercard for their purchase.
5. Incentives: Offer reasonable employee and customer incentives.
• Encourage all employees to talk about financing with every customer. If offering an incentive, contest or spiff
for submitting applications, talk to your Synchrony contact for ideas and incentive guidelines.
*Refer to disclosures in Advertising Guidelines.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 28Advertising Guidelines
The financing conversation often starts when the customer sees or hears your advertisements.
You can instantly get the right headlines and disclosures for your specific offerings in the
Advertising Guidelines file, located at synchronybusiness.com under Merchant Tools.
There are sections for print, online, television, radio and even social media.
CREATE NOW
Advertising
Center
Create effective and compliant
financing advertising.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 29Typical Customer Conversation Steps
1 2 3
Mention your Break purchases Tell the customer
financing promotions down into monthly about the benefits
and offerings as payments when the of financing when
a “by the way” customer is selecting they’re ready to pay
message early in the a product or service for their purchase
sales conversation
In this section we will review…
• How to estimate customer payments and discuss options
• How to discuss cardholder payment options (with examples)
• Clear and accurate responses to customer questions and concerns
Remember: If using a Deferred Interest promotion, the if customer doesn’t pay off the purchase in full, by the end of the agreed-to
promo period (ex. 12 months), then the interest that has accrued from the date of purchase WILL be added to the remaining balance.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 30Customer Discussion Examples
At the beginning of the sales conversation
“Hi, welcome to our store. It’s a great time to visit since we’re able to offer some great promotions to you today. What brings
you in today?”
When the customer is selecting a product or service
“As I mentioned before, we have some great special financing promotions available to you*. Would you like to talk through
your options and see how much your monthly payments would be, and other key details?”
When the customer is ready to check out
“Do you already have a [store name] credit card? 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?”
Responding To Customer Hesitations
I don’t want another 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 credit card for special
purchases leaves your other bank cards available for emergencies and day to day needs.”
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 don’t have time to apply.
“Our credit application process takes only a couple minutes, and we usually get an answer back within seconds.”
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. If you like, we can provide
a more private location to fill out the application. We process several applications every day and we make every effort to keep your
information secure to keep you protected.”
*Subject to credit approval for a Synchrony credit card.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 31Introducing Financing To Your Team Is Easy…
1. Introduce your Synchrony credit card program at your next team meeting.
2. Review the benefits of the program for both your business and your customers.
3. Point out the ways to include financing into every sales discussion with your customers compliantly, as well as how to use
signage and other visual tools to help your customers understand their financing options.
4. Review learning content types such as PDFs, videos, podcasts and webinars on Learning Center at learn.synchronybusiness.com.
5. Please register and complete your profile to see your customized learning content.
6. Learning Center can give you the tools you need to help build your skills and be more effective.
7. Most content can be read or watched in five minutes or less! Click SEE MORE at left to view your full learning plan. Click on your
Assignments (required) or Available (optional) courses.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 32Help & Support
Think of financing as if it is a new product line you’re carrying. How can your sales
team sell effectively if they don’t know that new product up and down? You expect
everyone to spend a lot of time experiencing and researching the product.
Financing is no different. It’s going to move more product for your store and allow
your customers to get the product or service they really want. Your customer will
walk away with the best product for them, confident in their ability to pay it off over
time instead of worrying about how to pay for the entire purchase upfront.
Merchant Support Cardholder Support On-Demand Training
800-333-1082 866-396-8254
• Assistance with submitting applications • Account questions • Learning Center:
learn.synchronybusiness.com
• Obtain name on an account • Credit Limit Increases
• Call 866-885-2637
• Check available credit amount • Address updates
Mon-Fri 8:00am EST to 8:00pm EST
• Request a credit limit increase
• Technical assistance with Business Center
Please Note: Cardholder inquiry representatives are authorized to speak only with cardholders about their account.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 33Transparency Principles: Compliance Requirements
Synchrony Bank promotes full transparency and disclosure to all applicants for its financing program (the “Synchrony Financing
Program”). To assure that applicants are aware of several key attributes of the Synchrony Financing Program, you hereby agree
as follows:
1. To the extent that you use associates to offer credit (e.g., in store c. Consumers should be provided with information about the
or via telephone), you will ensure that training on how to offer, different special financing options available to them and
process and transact with the Synchrony Bank Financing Program how they work before requested to choose which one to use
is integrated into your existing associate training program. for their specific purchase. It is especially important that
Helpful training materials including videos, self-paced courses they understand the basic features of No Interest, Reduced
and pre-recorded webinars can be found online at Synchrony Interest, Introductory Rates and Deferred Interest /No
Bank’s Learning Center: learn.synchronybusiness.com. Interest if Paid in Full options, if all these types of promotions
2. You must provide all required disclosures to the consumer prior to are being offered. The key concepts include:
applying. For example, your Credit Card customers must receive • The length of the promotion/loan term;
the Credit Card Agreement in writing and have the opportunity to • Whether the promotion expires and if so, what happens
review it and other disclosures in the application brochure before upon expiration;
signing an application. Synchrony Bank’s online application • Required payments during the promotional period; and
process will ensure this requirement is covered.
• For Deferred Interest promotions, deferred interest
3. You must retain each Credit Card applicant’s signature page for accrues on the promotional balance during the
no less than 25 months from the date of the application; for each promotional period from the date of the transaction.
installment loan, you must retain each application and contract Finance charges can be avoided ONLY IF the
for the life of the loan. Failure to keep and, upon request, produce promotional balance is paid off prior to the end of the
the signature page to Synchrony may expose your business to an promotional period.
automatic chargeback upon consumer dispute.
6. All customers must receive promotional terms prior to completion
4. Any fees that might be charged to you for a promotion may not of the transaction. This may require you to complete a promotional
be passed onto the customer. This practice is prohibited and you disclosure form.
will be responsible for refunding customers accordingly.
7. You will advise customers of any policy regarding returns/refunds.
5. Your advertising or promotion of the Synchrony Financing Your return policy must be reasonable and fair.
Program must make it clear that:
8. These program guidelines are designed to provide transparency
a. The Synchrony Financing Program is NOT an in-house for consumers. Synchrony Bank reserves the right to monitor
credit program. your adherence to these and other Synchrony Financing
b. You will follow the Synchrony approved advertising, Program policies.
templates, and other disclosures or processes in the
manner directed by Synchrony in creating or distributing
advertising about the Synchrony Financing Program.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 34Transparency 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 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 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 financing are allowed, and the pricing of credit approved for customers cannot
be changed from what Synchrony approved and communicated. The availability of promotions must be consistently shared with customers
when they apply for credit.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 35In Summary…
• How financing can help you achieve your business’s priorities, while helping your customers
get what they really want or need.
• How promotional financing works, including Deferred Interest, No Interest, and Reduced
Interest promotions.
• How and when to discuss financing with every customer clearly.
• How to get additional training for new and existing team members.
• Important rules for fair and compliant business practices when offering financing.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 36HOW TO PROCESS
The Mechanics
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 37Business Center Processing Training
To take an interactive online course on how to use the Business Center, access Learning Center
at learn.synchronybusiness.com.
Business Center strengthens three pillars of your business:
• Sales: Fast, easy transactions
• Marketing: Drive more traffic to your business
• Operations: Greater control and efficiency
Business Center Registration
Use Business Center for all your processing, reporting, and resource 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
• Practice in a safe online environment by clicking Help & Resources then select Product Demo from the drop down menu
• Access the Business Center training courses via Learning Center at: learn.synchronybusiness.com.
3. Start Offering Credit
• Offer to every customer
• Offer early in the sales process
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 38Completing An Application With Business Center
After your customer understands the many benefits of your store credit program, they only need to complete, via a simple interview, a brief
application online in Business Center. After the applicant (and joint-applicant) information is entered on-screen, print out the completed
application to be signed. It is crucial that every applicant and joint-applicant be given an opportunity to review and understand all of the
account terms in the Credit Card Agreement information on the printed application before they sign and date it.
Follow These Steps:
1. Choose the “Sales Tools” menu, then select “New Credit Application” from the drop down list
For hearing and speech impaired applicants with no home phone number
submit the application to 800-333-1082
2. Collect and enter the applicant information
3. If there is a joint-applicant, collect and enter their information
4. Verify the application for errors and print the store copy of the application
5. After they have reviewed the Credit Card Agreement language,
have the applicant and joint-applicant (as needed) sign the application
6. Check the box assuring the customer has signed and dated the application
7. Submit the application
8. Application status appears (may continue with sale from here)
9. Give the customer their copy of the completed application and retain the
signed store copy in a secure location for at least 25 months
Valid (Non-expired) Identification
Primary State or government issued non-expired IDs (Driver’s License,
State ID, Passport, Military ID, or Resident/Alien Green Card)
Note: When using a passport, use state of residence.
When using a military ID, the expiration is the date on the top right.
Secondary Major Credit and Debit Cards (VISA, Mastercard,
American Express, Discover), Department Store Cards,
or Gas Cards with the applicant’s name and expiration date
on them. Gift cards and pre-paid cards are not acceptable. It’s Fast and Easy!
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 39Check Application Status
To check the status of an application:
• Select the “Check Application Status” option under the “Sales Tools” menu
• Select the program
• The screen will automatically default to the most recently submitted
applications. You can also perform a search by clicking “edit search”
• Click the reference key next to the names to view the corresponding
details of the applicant
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 40Processing A Sale (Or Refund)
To begin processing a Promotional Sales Transaction, follow the simple steps listed below.
Choose “Sales Tools” from the home page then choose “Enter a Transaction” from the drop down menu.
1. Choose the program
2. Select Purchase (or Refund) as the transaction type
3. Enter the account number
4. Select if card is present (Will automatically be set to “Yes” if card was swiped)
5. Click Next
6. Enter amount and cardholder name
7. Enter or select the Tran/Promo code and complete any customer information not already pre-filled.
Note: Depending on your program, you will either enter a three-digit number or select from a list
that is present for the promotion/tran code field. You may need to enter a Tran/Promo code regardless
of whether the purchase is using a financing promotion or is a standard (aka “core”) purchase.
8. Click the submit button to continue
9. A response will be returned.
• If Approved, click the print receipt button and this will print two copies, one for the customer
to sign and return to you and one for the customer to retain
• If not approved, a declined message will appear
10. Click “New Transaction” to return to the home page
Notes:
• When processing a refund for a purchase made with promotional financing, you’ll need to select if the refund
is a manufacturer promotion. Enter the total tax amount of the transaction in the “Tax Amount” field. Enter each
SKU# for each item in the left column, and their corresponding pre-tax amounts in the right column. The sum
of the item amounts and the tax amount must equal the total amount of the refund.
• If the refund is for the purpose of re-charging a sale to change the promotional terms and the account
currently has insufficient credit to recharge, first check to see if your contract allows a recharge. If not,
the credit must post before being available for use (allow 48-72 hours).
• If the refund is for the purpose of re-charging an updated sale amount under the original terms, first check
to see if the promotion is still valid. If expired, the re-charge must be processed as a forced sale with the
original authorization number if available or as a standard sale with a current promotion.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 41Future Delivery - Processing An Authorization
To begin processing an Authorization when the product or service will be delivered on a future
date follow the simple steps listed below. Choose Sales Tools” from the home page and select
“Enter a Transaction” and select “Authorization Only” as the transaction type.
1. Choose the program
2. Select Authorization Only as the transaction type
3. Enter the account number
4. Select if card is present (Will automatically be set to “Yes” if card was swiped)
5. Click Next
6. Enter amount and cardholder name
7. Enter Cardholder Name and Tran/Promo Code if required
8. Click the Submit button to continue
9. Click “Print Receipt” to print the page with the authorization number and store it in your files.
This will be needed when you process the final sale (Force Purchase) later.
10. Obtain the customer’s signature on the store copy of the receipt and retain it in a secure location
for at least 25 months.
Note: Authorization remains outstanding until sale is completed as a forced purchase using the
authorization number, or may be canceled by Synchrony after a pre-determined amount of time
without a completed sale.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 42Future Delivery - Processing A Forced Purchase
To begin processing a Forced Purchase upon delivery of a product or service that was previously
set up as an Authorization, follow the simple steps listed below. Choose “Sales & Tools” from the
home page, then select “Enter a Transaction.”
1. Choose the program
2. Select Forced Purchase as the transaction type
3. Enter the account number
4. Select if card is present (Will automatically be set to “Yes” if card was swiped)
5. Click Next
6. Enter amount and cardholder name
7. Enter the Authorization Code obtained during the Pre-Authorization
8. Enter or select the Tran/Promo code and complete any customer information not already pre-filled.
Note: Depending on your program, you will either enter a three-digit number or select from
a list that is present for the promotion/tran code field.
9. Click the Submit button to continue
10. A response will be returned
• If Approved, click the print receipt button and this will print two copies, one for the
customer to sign and return to you to retain in a secure location for at least 25 months
and one for the customer to retain.
• If not approved, a declined message will appear
11. Click “New Transaction” to return to the home page
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 43Processing A Manufacturer Promotional Sale
To begin processing a Promotional Sales Transaction, follow the simple steps listed below.
Choose “Sales Tools” from the home page, then click “Enter a Transaction.”
1. Choose the program
2. Select Manufacturing Promotion as the program type, then select the transaction type
3. Enter the account number
4. Select if card is present (Will automatically be set to “Yes” if card was swiped)
5. Click Continue
6. Enter amount
7. Enter or select the Tran/Promo code and complete any customer information not
already pre-filled
Note: For refunds on a promotional sale, follow the same steps choosing “refund” under
the transaction type.
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 44Processing A Manufacturer Promotional Sale (cont’d)
8. Select “Yes” where it asks if it is a “Manufacturing Promotion” (and this will display the manufacturing fields)
9. Enter the Tax Amount
10. Enter the SKU/Mfr # (only letters and numbers are allowed)
11. Enter the SKU Amount (this should equal the transaction amount)
12. Click the submit button to continue
13. A response will be returned
• If Approved, click the print receipt button and this will print two copies,
one for the customer to sign and return to you and one for the customer
to retain.
• If not approved, you will receive a declined message.
14. Click “New Transaction” to return to the home page
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 45How To Look Up A Cardholder’s Account Information
Look up account number and/or available credit for customers who do not have their credit card.
1. To look up an account number and/or available credit, select “Sales Tools”
and choose “Look up Account Information” from the drop-down menu
2. Select the program and enter either:
Note: Verify customer with a valid ID
• Last 4 of SSN and Billing Zip Code
• Name and Phone Number
• Account Number
• Application Key Number
3. Click search to display results.
Note: Entering the account number on this screen will allow you to look up the availability
4. Once the account and available credit is displayed you can proceed to the sale with the
“Start a Transaction” option
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 46How To Process A Credit Limit Increase Request
Note: You must have the customer’s consent to submit a credit limit
increase request. A credit bureau check may be performed just like
a new credit card application.
1. Click “Sales Tools” and choose “Request Credit Limit Increase”
from the drop-down menu
2. Select a program from the drop down list
3. Enter Account Number, or App Key #, SSN and Zip Code,
or Name and Phone Number and click “Search”
4. Click Continue
5. Verify customer with a valid ID
6. Enter Applicant Monthly Net Income, Housing Status and
Requested Purchase Amount
7. Click the Submit button for approval and it will return
a decision on the credit limit increase request
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 47How To Process Fraud And Dispute Transactions
Efficiently process fraud dispute transactions using the Disputes
Documentation Requests Tool. It also provides open, past due
and pending fraud requests.
To access the tool, location administrators must first grant access
via the Users Permissions template. Select “Administration”
then click “Manage Users.”
How to Register
1. Select “Management Tools” and click “Disputes Documentation Requests.”
2. An Enrollment page will appear for unenrolled merchants
3. Fill in the required fields
4. Headquarter (HQ) Merchants-to update contact information for all child locations, check the box on top a decision
on the credit limit increase request
a. All previously submitted information will be overwritten; upon first time login, child locations will be brought
to the Dashboard page
b. Child locations are responsible for enrolling and updating contact information if the HQ Merchant does not do it
c. To change preferences the HQ Merchant must call Merchant Services at 1-800-333-1082 for assistance
RETAIL ORIENTATION GUIDE
Credit extended by Synchrony • www.synchronybusiness.com 48You can also read
