Synchrony Financial (SYF) Expands Partnership with Mattress Company | Zoom Fintech


Synchrony Financial SYF recently unveiled its renewed collaboration with Mattress Firm, the US leader in specialty mattress retail. Notably, the partnership, which was formed in 2015, offers a private label credit card program that helps clients of Mattress Firm and its family brands.

Through this extensive collaboration, Mattress Firm customers can enjoy the benefits of Synchrony Financial’s financing programs and solutions while shopping online and in-store at 2,400 Mattress Firm stores across the United States.

Notably, Synchrony Financial has strived to improve the transaction journey for Mattress Firm clients through digital tools and analytics, which has resulted in a hassle-free user experience. In addition, eligible cardholders are entitled to enjoy special financing and online and mobile account management benefits.

Shares of this company Zacks Rank # 3 (Hold) have risen 63.2% in the past six months versus an industry decline of 4%. You can see The full list of Zacks # 1 Rank (Strong Buy) stocks today here.

Additionally, Synchrony Financial has undertaken a series of acquisitions and alliance renewals with several payment solutions partners, which have helped the company enhance its digital capabilities. With a strong digital branch, the company intends to facilitate point-of-sale financing. This, in turn, increases the purchasing power of customers as they can easily opt for credit at any time. Through its differentiated solutions and increased focus on customers, the company also offers safe and secure shopping to its consumers at every stage of the purchasing process.

It is worth mentioning that Synchrony Financial’s enhanced payment and financing solutions have made it a partner of choice for those looking to increase their business prospects and deliver a seamless customer experience.

One of the notable reconciliations undertaken by Synchrony Financial includes the one with MasterCard Incorporated MA and Walgreens this very month. In accordance with the collaboration, Synchrony Financial will issue credit cards for Walgreens, which will be powered by the MasterCard network. In the past, Synchrony Financial has also partnered with the main payment processor, PayPal Holdings, Inc. PYPL, to provide credit card programs powered by digital and mobile payments.

Another company in the same space, American Express Company AXP has also made every effort to improve its digital arm to meet the current needs of consumers amid the pandemic, with a greater focus on online shopping and the needs of small businesses.

Coming back, Synchrony Financial’s latest move seems timely, as the global retail landscape tends to shop online amid the ongoing coronavirus pandemic. Initially, strict government-imposed closures resulted in the temporary closure of retail stores, as only essential businesses, including medical stores and grocery stores, were allowed to remain open at that time. By further easing restrictions, customers continued to prefer contactless payments and shop online in an attempt to limit store visits to curb the spread of the virus. A surge in online shopping has fueled the use of debit or credit cards and other forms of digital payment methods, positioning Synchrony Financial well to take advantage of the growing trend in e-commerce. Notably, the global e-commerce market is expected to experience a CAGR of around 11.3% over the period 2020-2024, by Research and Markets.

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