Synchrony Financial announced a new multi-year agreement with Guitar Center to provide a private label credit program for customers of the world’s largest retailer of musical instruments and recording equipment.
Synchrony Financial will work with Guitar Center, Musician’s Friend and Woodwind & Brasswind to offer special financing options to customers for the purchase of musical instruments, accessories and equipment through more than 260 stores across the U.S., catalogs and their online stores – one of the top direct sales websites in the industry. The program is expected to launch in third quarter 2015. Synchrony Bank will also acquire the existing card program assets. Financial terms were not disclosed.
“We are excited to work with the professionals at Guitar Center to provide options for their customers to purchase musical instruments and equipment to fuel their passion,” said Glenn Marino, executive vice president & CEO of Synchrony Financial’s Payment Solutions platform. “The availability of financing plays an important role in the purchasing of musical instruments and accessories, and we look forward to bringing programs to shoppers of these brands that meet their needs and wants.”
According to Synchrony Financial’s third annual Major Purchase Consumer Study,** 72 percent of music shoppers always seek promotional financing, and 77 percent of respondents said that the availability of financing is “very important” when choosing a retailer. Musical instruments and gear also lead online purchases across the 12 categories included in the study.
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