Orientation Guide We're delighted to help you help your customers! - Synchrony Welcome Center
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Orientation Guide
We’re delighted
to help you help your
customers!
849-686-00 Rev June 2017
Orientation Guide
Credit extended by Synchrony Bank • www.synchronybusiness.com
NOTE: This is for INTERNAL USE ONLY and is not to be shared with consumers for any reason.
Table Of Contents
1 Program Overview........................................................ 5
2 Special Financing Options........................................... 11
3 Applying And Transacting............................................ 17
4 Payment Discussions................................................... 27
5 How To Process............................................................ 41
Pages with a symbol contain important compliance information.
Throughout this document we have included images of some Synchrony Bank materials and web pages.
These images are only used for representations, not content, therefore they are marked SAMPLE and
the actual versions may be slightly different from what you see in the guide.
Credit extended by Synchrony Bank • www.synchronybusiness.com
This page intentionally left blank.
Program Overview
Let’s introduce
ourselves!
Orientation Guide 1 –5
Credit extended by Synchrony Bank • www.synchronybusiness.com
Help Us
Understand
What Are The Top Things You’d Like To Know Today? Your Business
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
❏ Increasing average ticket size
❏ Offering customers convenient special financing options Action
■■ Place a check next to the top 3
❏ Closing more sales things you want to improve for your
business.
❏ Increasing customer satisfaction
❏ Attracting new customers
❏ Building customer loyalty
Orientation Guide 1 –6
Credit extended by Synchrony Bank • www.synchronybusiness.com
We’re eager
to understand
This Is The First Step To Offering Financing Options your needs!
For Your Customers.
Today I will…
■■ Demonstrate how to achieve your business goals by offering a Synchrony Bank 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.
Orientation Guide 1 –7
Credit extended by Synchrony Bank • www.synchronybusiness.comWhy Synchrony Bank Financing?
A proven way to generate a steady stream of loyal - repeat customers.
Build Loyalty
With your store name on a branded credit card, you can be on top of your customers’ minds for repeat purchases.
Bankcards and other payment methods create no merchant loyalty.*
Loyalty No Loyalty
Credit card branded
with your business name Can be used
virtually anywhere
Higher Average Tickets 1200 $1,100
Customers often spend more when they can make
800
payments over time.* Tickets are on average 3.4 times
greater with Synchrony Bank credit cards than with 3.4x greater
400
traditional bankcards. $250
0
Repeat Purchases
oyalty
Plus L
A revolving credit line makes it easy for your cardholders Sale 2
yalty
No Lo
to purchase from you again and again.* Sale 1
Sale 1
*Source: Synchrony Financial Cardholder Lifecycle Report,
March 2013
Orientation Guide 1 –8
Credit extended by Synchrony Bank • www.synchronybusiness.comCustomers Benefit.
You Benefit.
Who Benefits From Financing? Everybody Wins.
Your Customers Can: Your Business Can:
Buy what they want, Get more sales,
when they want it, from more customers,
and pay how they want.* with more loyalty.
PLUS…With your Synchrony Bank financing
program, you get payment in just 2 business
days, and purchases are non-recourse**
Pause & Chat
■■ Have you ever bought anything using financing that you wouldn’t have purchased otherwise?
■■ 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 application for non-recourse. Subject to any chargeback rights in the Synchrony Financial
Merchant Agreement and compliance with Synchrony Financial Operating Procedures. See your Operating Guide for additional
information about fraud and chargebacks.
Orientation Guide 1 –9
Credit extended by Synchrony Bank • www.synchronybusiness.comFinancing Benefits All Consumers
Cash Management Upgrades Budgeting
“I like to take advantage “I want to use financing “I need to use financing to
of special financing offers to purchase a better make a purchase at this
and save my on-hand product than I can get time”
cash for other things” with on-hand cash”
Business Benefit: Business Benefit: Business Benefit:
Customer Loyalty Bigger Tickets Close More Sales
Orientation Guide 1 – 10
Credit extended by Synchrony Bank • www.synchronybusiness.comSpecial Financing Options
Convenient, flexible
options
Orientation Guide 2 – 11
Credit extended by Synchrony Bank • www.synchronybusiness.comDo you know
your available
Financing Options Explained* promotions?
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
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.
Orientation Guide 2 – 12
Credit extended by Synchrony Bank • www.synchronybusiness.comFlexible ways to
Deferred Interest/No Interest If Paid In Full* manage payments
Repayment Scenarios For The Cardholder
$1,200 Six-Month Deferred Interest/No Interest if Paid in Full* Financing Option:
3 scenarios to show how the cardholders may choose to make their monthly payments.
Note that the outcomes below assume that there are no other balances on the cardholder’s account.
MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 OUTCOME
Minimum Promotional Balance
1 Payments $42 $41 $40 $38 $37 $36 $966 + $193.12
Only* Interest Accruing Interest Charged
Minimum Promotional Balance
2 Payments $42 $41 $40 $38 $37 $1,002
$0
+ Payoff* Interest Accruing No Interest Paid
Equal Promotional Balance
3 Monthly $200 $200 $200 $200 $200 $200 $0
Payments Interest Accruing No Interest Paid
■■ In order to pay the promotion in full before the end of the promotional period, the cardholder may need to pay more
than the required minimum monthly payments.
■■ Be sure that the cardholder understands the risks of not paying off the promotion before the end of the promotional term.
■■ Examples shown are for a Six-Month Deferred Interest promotion. Multiple promotional or other purchases on an
account may change payment allocation.
*The values used are for illustrative purposes only. Amounts may vary.
Orientation Guide 2 – 13
Credit extended by Synchrony Bank • www.synchronybusiness.comThings To Remember About Deferred Interest Promotions
■■ The customer must make at least minimum monthly payments. Note: making only minimum monthly payments 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.
■■ 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 account balance, and
the balance will continue to bill interest at the account level Annual Percentage Rate until the balance is paid in full.
■■ Cardholder may be charged fees for late payments.
Orientation Guide 2 – 14
Credit extended by Synchrony Bank • www.synchronybusiness.comNo Interest/Reduced Interest Financing Options
$1,200 24-Month Promotions
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
MONTH 1 MONTH 24 OUTCOME
$50 No Interest Total Paid
24 Fixed monthly payments $1,200
Things To Remember About No Interest/Reduced Interest Promotions
■■ Fixed/Equal monthly payments of principal and interest required until paid in full.
■■ Fixed/Equal monthly payments based on a repayment factor for the number of months in the promotional period.
■■ Failure to pay the required monthly payments on time may result in late fees being added to the balance.
*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.
Orientation Guide 2 – 15
Credit extended by Synchrony Bank • www.synchronybusiness.comThis page intentionally left blank.
Applying And Transacting
Here are the
nuts and bolts!
Orientation Guide 3 – 17
Credit extended by Synchrony Bank • www.synchronybusiness.comHow Synchrony Bank’s Credit Card Program Works
1 2 3 4
You offer financing. Consumer completes financing You submit the completed, If application is approved,
application. Credit Card Agreement signed application to Synchrony you complete the sale when
must be in the consumers hands Bank via Business Center customer takes delivery.
before they sign the completed (recommended) or terminal.
application.
5 6 7 8
Customer receives card in Customer receives monthly After activating their card, You process the repeat sale.
the mail within two weeks. statement and makes any the customer returns for
required payment. repeat purchases.
The customer can use their available credit line 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 pg. 48 for details).
Orientation Guide 3 – 18
Credit extended by Synchrony Bank • www.synchronybusiness.comWhat works for you,
Pick Your Way To Apply And Transact works for us
Business Center (Preferred) www.synchronybusiness.com
Provides Requires
■■ Robust daily and historical reports ❏❏ Computer and printer ■■ Which method do you
■■ Sales receipt and promotional ❏❏ Internet connection prefer?
terms in one convenient document
■■ Marketing Tools ■■ FYI - There is a net
• My Customer List deposit to your
• Marketing Toolkit business account
• Business Locator
within two business
days regardless of
Advertising Center www.synchronybusiness.com
which way you choose
to transact.
Provides
You can instantly get the right headlines and disclosures
for your specific offerings in the Advertising Guidelines file,
located in Advertising Center under Resources
Terminal
Provides
Daily Transaction Reports
IMPORTANT PROMOTIONAL INFORMATION Action
Now you try
COMPLETE THE FORM BELOW WHEN THE SALES RECEIPT DOES NOT PROVIDE THE
■■ Store Instructions:
1. If the sales receipt prints the promotion period and APR, staple it to this Important Promotional Information document. If the sales receipt is not available or does not
print the promotion period and APR, fill out the information on the reverse side.
PROMOTION PERIOD AND APR OR WHEN A SALES RECEIPT IS NOT AVAILABLE.
Store Instructions: To obtain the information below, call Client Services, select the Authorization option and choose AUTHORIZATION or SALE as
2. Provide this Important Promotional Information document to the customer, with the sales receipt stapled to it if available, prior to requesting the customer’s signature. applicable. You will need the cardholder account number, transaction amount and promotional transaction code to complete your request.
■■ No Historical Reports
With Payment Deferred Interest Complete all fields below, have the customer sign this document and then attach it to any other customer sales documents.
No Interest if Paid in Full Within Promotional Period
No interest charges will be assessed if the promotional purchase balance is paid in full within the promotion period stated on the attached sales receipt or the reverse Check One Check One
transacting!
side of this document. If the promotional purchase balance is not paid in full by the end of the promotion period, interest will be imposed from the date of purchase Payment Type: Interest Type: Promotion Period: Promotion APR: Purchase APR:
at the Purchase APR shown on the attached sales receipt or the reverse side of this document. Minimum monthly payments are required. Making only the minimum
payments required by your monthly statement may not pay off the promotion within the promotion period. Regular account terms apply to non-promotional purchases q With Payments q Deferred Interest ___________________ _________________% _________________%
and, after promotion ends, to promotional purchase.
q Equal Payments q No Interest (minimum 6 months) q Check if variable* q Check if variable*
Note: Terminal only provides a Sales
Equal Payment/No Interest q Fixed Payments q Reduced APR
No interest will be assessed on your promotional purchase balance until promotion is paid in full. Equal monthly payments are required and will be equal to the initial * If this rate is variable, the rate varies with the market based on Prime Rate.
promotion purchase amount divided by the number of months in the Promotion Period stated on the attached sales receipt or on the reverse side of this document.
The equal monthly payment will be rounded up to the next highest whole dollar and may be higher than the minimum payment that would be required if this was a
non-promotional purchase. Regular account terms apply to non-promotional purchases.
receipt. The Optional Financing Plan (OFP)
$
Fixed Payment/Reduced APR
Interest will be assessed on your promotional purchase balance from the purchase date at the 7.99% Promotional APR until promotion is paid in full. Fixed monthly Print Cardholder Name Cardholder Signature Date Amount of Last 4 digits of
payments are required, and will be calculated as follows, based on the number of months in the Promotion Period stated on the attached sales receipt or on the Purchase account number
reverse side of this document: On 12 month promotion – the fixed monthly payment will be 8.6984% of initial promotion purchase amount; on 24 month promotion –
4.5223% of amount; on 30 month promotion – 3.6884% of amount; on 36 month promotion – 3.1332% of amount; on 48 month promotion – 2.4408% of amount; and Your signature on the attached receipt and/or this form acknowledges that you have received and/or placed an order for goods and/or services from a
on 60 month promotion – 2.0272% of amount. The fixed monthly payment will be rounded up to the next highest whole dollar and may be higher than the minimum Synchrony Bank merchant. You hereby agree to perform the obligations set forth in your Cardholder Agreement with Synchrony Bank.
form is a separate REQUIRED document.
payment that would be required if this was a non-promotional purchase. Regular account terms apply to non-promotional purchases.
See IMPORTANT PROMOTIONAL INFORMATION on the reverse.
Not all promotions are available at all stores. Offers are subject to credit approval. Please visit mysynchrony.com to view account information or make payments.
Store Instructions: Please make a copy for your records when giving this original document to the customer.
184-116-00 (08/2014)
Requires
DI/NI/Reduced APR 7.99%
184-116-00 (08/2014)
0211922
DI/NI/Reduced APR 7.99%
0211922
❏❏ Analog telephone line
front back
❏❏ Optional Financing Plan (OFP) forms:
Orientation Guide 3 – 19
Credit extended by Synchrony Bank • www.synchronybusiness.comInstant Decision
Completing 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 44 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 2,400 555 555-6789
johnsemail@email.com
information in the middle section.
3
3. Co-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 Bank 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 Express, Discover) Department Store Cards, or Gas Cards 5 6
5348120000000000
Johnny Salesperson
1234567890123456 99272168 $4,500
with the 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, Terminal, 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!
Orientation Guide 3 – 20
Credit extended by Synchrony Bank • www.synchronybusiness.comInstant Decision
Application 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
123 Main St. Dayton OH 45420 555 555-6666 2
all taxes 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
2,400 555 555-6789
and other maintenance payments do not need to be included 3
unless the customer wants this income to be considered.
johnsemail@email.com
4. The Joint Applicant section is optional and the co-applicant must
be present to sign the application before it can be submitted.
5. Enter your 16-digit Merchant ID Number.
6. Enter your name as the employee who verified the Jane B. Shopper 03 19 1977 888 88 8888 555 555-1 1 1 1
customer’s IDs. 456 Credit Rd. Dayton OH 45420 555 555-2222
7. If a transaction amount has not yet been determined, 4
enter your best guess of a ticket amount based on the
type of purchase the customer is considering. 2,600 555 555-3333
johnsemail@email.com
8. Account # and Key # will be provided on-screen through
Business Center or on the printout via a terminal.*
9. If the customer uses two primary IDs, enter the type of ID
5
and expiration date instead of card type and issuer
Johnny Salesperson
6
(e.g., “US Passport 10/31/2016”). 5348120000000000 1234567890123456 99272168 $4,500 7
* The Retailer section of the application should be partially filled Visa Chase 06/2019
9
out prior to submitting the application. The Account # and Key MC Capital One 08/2019
# fields cannot be filled out until an application is submitted 555 555-4321 555 555-5432
and approved.
8a 8b
Orientation Guide 3 – 21
Credit extended by Synchrony Bank • www.synchronybusiness.comWhat to say about
Application Outcomes the decision
■■ 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,
assistance with a transaction, or credit line increase. Approved
■■ If your customer is going to apply online from home “I’m happy to tell you that your application has been
(if applicable), remind him/her to print out the approval approved.”
page and bring it in with two forms of required ID. You
will use the store section at the bottom of the form to Pending
notate IDs.
“The application came back ‘Pending,’ which simply means
Customer Authentication the bank needs to clarify some information. Let’s give
On occasion, an application may be chosen for a fraud them a call to see what they need.”
review to protect both you and your customers. When Declined
needed, you may be asked to call Synchrony Bank and put
the customer on the phone, or the customer may be asked “Unfortunately, the bank wasn’t able to approve the
to respond to a passcode message on their home or mobile application at this time. You will receive a letter within
phone after the application is submitted.
30 days indicating the specific reasons for the decision.
■■ If authentication is successful with Synchrony Bank and If you like, you may reapply with a co-applicant.”
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 Bank is unable to authenticate applicant(s),
the application will be declined.
Orientation Guide 3 – 22
Credit extended by Synchrony Bank • www.synchronybusiness.comOptional 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 Bank representative will give you all information to enter on the form.
If transacting via Business Center with a sales receipt printed for every transaction, you do NOT need to use OFP forms.
When to use an OFP:
1 If transacting via a terminal with promotion details printed on the sales receipt, a blank OFP form must be handed to the
customer. The store does not need to retain a copy.
2. 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.
3. If transacting via a terminal without promotion details printed on the 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.
Make sure customer reads their copy of the OFP for terms and conditions.
Front Back
IMPORTANT PROMOTIONAL INFORMATION COMPLETE THE FORM BELOW WHEN THE SALES RECEIPT DOES NOT PROVIDE THE
PROMOTION PERIOD AND APR OR WHEN A SALES RECEIPT IS NOT AVAILABLE.
Store Instructions:
1. If the sales receipt prints the promotion period and APR, staple it to this Important Promotional Information document. If the sales receipt is not available or does not Store Instructions: To obtain the information below, call Client Services, select the Authorization option and choose AUTHORIZATION or SALE as
print the promotion period and APR, fill out the information on the reverse side. applicable. You will need the cardholder account number, transaction amount and promotional transaction code to complete your request.
2. Provide this Important Promotional Information document to the customer, with the sales receipt stapled to it if available, prior to requesting the customer’s signature.
Complete all fields below, have the customer sign this document and then attach it to any other customer sales documents.
With Payment Deferred Interest
No Interest if Paid in Full Within Promotional Period Check One Check One
No interest charges will be assessed if the promotional purchase balance is paid in full within the promotion period stated on the attached sales receipt or the reverse
Payment Type: Interest Type: Promotion Period: Promotion APR: Purchase APR:
Make sure
side of this document. If the promotional purchase balance is not paid in full by the end of the promotion period, interest will be imposed from the date of purchase
at the Purchase APR shown on the attached sales receipt or the reverse side of this document. Minimum monthly payments are required. Making only the minimum q With Payments q Deferred Interest ___________________ _________________% _________________%
payments required by your monthly statement may not pay off the promotion within the promotion period. Regular account terms apply to non-promotional purchases
and, after promotion ends, to promotional purchase. q Equal Payments q No Interest (minimum 6 months) q Check if variable* q Check if variable*
description
q Fixed Payments q Reduced APR * If this rate is variable, the rate varies with the market based on Prime Rate.
Equal Payment/No Interest
No interest will be assessed on your promotional purchase balance until promotion is paid in full. Equal monthly payments are required and will be equal to the initial
promotion purchase amount divided by the number of months in the Promotion Period stated on the attached sales receipt or on the reverse side of this document.
The equal monthly payment will be rounded up to the next highest whole dollar and may be higher than the minimum payment that would be required if this was a
matches
non-promotional purchase. Regular account terms apply to non-promotional purchases. $
Fixed Payment/Reduced APR Print Cardholder Name Cardholder Signature Date Amount of Last 4 digits of
Interest will be assessed on your promotional purchase balance from the purchase date at the 7.99% Promotional APR until promotion is paid in full. Fixed monthly Purchase account number
payments are required, and will be calculated as follows, based on the number of months in the Promotion Period stated on the attached sales receipt or on the
promotion
reverse side of this document: On 12 month promotion – the fixed monthly payment will be 8.6984% of initial promotion purchase amount; on 24 month promotion – Your signature on the attached receipt and/or this form acknowledges that you have received and/or placed an order for goods and/or services from a
4.5223% of amount; on 30 month promotion – 3.6884% of amount; on 36 month promotion – 3.1332% of amount; on 48 month promotion – 2.4408% of amount; and Synchrony Bank merchant. You hereby agree to perform the obligations set forth in your Cardholder Agreement with Synchrony Bank.
on 60 month promotion – 2.0272% of amount. The fixed monthly payment will be rounded up to the next highest whole dollar and may be higher than the minimum
payment that would be required if this was a non-promotional purchase. Regular account terms apply to non-promotional purchases. See IMPORTANT PROMOTIONAL INFORMATION on the reverse.
offered
Not all promotions are available at all stores. Offers are subject to credit approval. Please visit mysynchrony.com to view account information or make payments.
Store Instructions: Please make a copy for your records when giving this original document to the customer.
184-116-00
184-116-00 (08/2014) Rev. 04/2016
DI/NI/Reduced APR 7.99%
DI/NI/Reduced APR 7.99%
0211922
19672
To request more OFP forms for your business at no charge, log in to Business Center at www.synchronybusiness.com, then click
Resources - Order Supplies from the left-hand navigation, 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.
Orientation Guide 3 – 23
Credit extended by Synchrony Bank • www.synchronybusiness.comUnacceptable 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.
Orientation Guide 3 – 24
Credit extended by Synchrony Bank • www.synchronybusiness.comThings To Remember
■■ 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 Bank
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 to your business.
■■ Applications must not be solicited in a language other than English unless approved by Synchrony Bank 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 Bank 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 Bank.
■■ Accounts Receivable balance may not be charged on Synchrony Bank credit card accounts.
■■ Be sure to always use current versions of applications and other documents. Updated versions can be found on Business Center
(www.synchronybusiness.com) under Resources – Program Documents. You can also order pre-printed forms free of charge in
Business Center under Resources – Order Supplies.
■■ If using a terminal, an Optional Financing Plan (OFP) form is required with every transaction. Note: If promotion details are
included on the sales receipt, the OFP does not need to be filled out or signed; it may be given to the customer blank.
Orientation Guide 3 – 25
Credit extended by Synchrony Bank • www.synchronybusiness.comThis page intentionally left blank.
Payment Discussions
They’re easy with
Synchrony Bank
Orientation Guide 4 – 27
Credit extended by Synchrony Bank • www.synchronybusiness.comThe Five Pillars Of Success
Suggestions From Your Peers
Here are some tips from current merchants who are using a Synchrony Bank
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 Financial contact for ideas and incentive guidelines.
*Refer to disclosures in Advertising Guidelines.
Orientation Guide 4 – 28
Credit extended by Synchrony Bank • www.synchronybusiness.comAdvertising 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 in Adverstising
Center under Resources.
There are sections for print, online, television, radio
and even social media.
Orientation Guide 4 – 29
Credit extended by Synchrony Bank • www.synchronybusiness.comCustomers Want
Typical Customer Conversation Steps Options
1 2 3
Mention your Break purchases Tell the customer
financing down into monthly about the benefits
promotions and payments when of financing when
offerings as a “by the customer is they’re ready to pay
the way” message selecting a product for their purchase
early in the sales or service
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/No Interest if Paid in Full promotion, the cardholder may choose to make equal
monthly payments or just make minimum monthly payments. It is important to make it clear to the customer that making the
minimum monthly payments may or may not pay the entire promotional purchase by the end of the promotional period.
Orientation Guide 4 – 30
Credit extended by Synchrony Bank • www.synchronybusiness.comCustomers can
purchase today and
Customer Discussion Examples pay over time*
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?” ■■ Tell me about how and when
you discuss price today?
■■ How will you incorporate
financing into your price
When the customer is selecting a product or service discussions moving forward
“As I mentioned before, we have some great special financing promotions available to make sure all customers
to you*. Would you like to talk through your options and see how much your monthly are aware of their options?
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?”
*Subject to credit approval for a Synchrony Bank credit card.
Orientation Guide 4 – 31
Credit extended by Synchrony Bank • www.synchronybusiness.comFocus on the
benefits of paying
Responding To Customer Hesitations over time
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.”
Action
My credit isn’t great. Let’s practice
“I understand. I’ll be happy to process an application for you to see if it may be to see if you
approved. We also offer the option of applying with a co-applicant.”
have any
questions.
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.”
Orientation Guide 4 – 32
Credit extended by Synchrony Bank • www.synchronybusiness.comIt’s a “Team Thing”
Introducing Financing To Your Team Is Easy…
1. Introduce your Synchrony Bank 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 the videos, courses and printable tools on the Learning Center website at https://learn.synchronybusiness.com.
Click the “Where to Start” link for a list of “core” courses your entire team should view.
Orientation Guide 4 – 33
Credit extended by Synchrony Bank • www.synchronybusiness.comPut It In Perspective
■■ Any questions?
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.
Orientation Guide 4 – 34
Credit extended by Synchrony Bank • www.synchronybusiness.comYou are part
Getting Help of a team
Merchant Support Cardholder Support On-Demand Training
800-333-1082 866-396-8254
■■ Assistance with submitting ■■ Account Questions ■■ Learning Center:
applications ■■ Credit Line Increases https://learn.synchronybusiness.com
■■ Obtain names on an account ■■ Address updates ■■ Call 866-885-2637
■■ Check available credit amount Mon-Fri 9:00am EST to 9:00pm EST
■■ Request a credit line increase
■■ Technical assistance with
terminal or Business Center
Please Note: Cardholder inquiry representatives are authorized to speak
only with cardholders about their account.
Orientation Guide 4 – 35
Credit extended by Synchrony Bank • www.synchronybusiness.comTransparency Principles: Compliance Requirements
Synchrony Bank promotes full 1. You will ensure that training on how to offer, process and transact with the
transparency and disclosure to Synchrony Bank Program is integrated into your existing associate training
program. Helpful training materials including videos, self-paced courses and
all applicants for its credit card pre-recorded webinars can be found online at Synchrony Financial’s Learning
program (the “Synchrony Bank Center: https://learn.synchronybusiness.com.
Financing Program”). To assure 2. Your customers must receive the Credit Card Agreement in writing and have
that applicants are aware of the opportunity to review it and other disclosures in the application brochure
several key attributes of the before signing an application.
Synchrony Bank Financing 3. You must retain each applicant’s signature page and sales receipts for no less
Program, you hereby agree as than 25 months from the date of the application. Failure to keep and, upon
request, produce the signature page to Synchrony Bank may expose your
follows:
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 Bank account to finance purchases.
These fees have been called Administration Fees, Documentation Fees or
other generic terms (See page 24 for an example). All are prohibited by your
Card Acceptance Agreement with Synchrony Bank and you will be responsible
for refunding customers accordingly.
Orientation Guide 4 – 36
Credit extended by Synchrony Bank • www.synchronybusiness.comTransparency Principles: Compliance Requirements (Cont’d)
5. You or your staff must inform all Synchrony Bank Financing Program applicants of the following:
■■ The Synchrony Bank Financing Program is a credit card and is NOT an in-house credit program. The Synchrony Financing
Program is NOT an interest-free 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. Interest charges can be avoided ONLY IF the promotional balance is paid
off prior to the end of the promotional period.
6. You must complete the document that provides the promotional terms to the customer. These may be referred to as sales slips,
sales receipts or Optional Financing Plan (OFP) forms (not required for online sale transactions – these will auto print through
Business Center). For all Synchrony Bank promotional transactions, obtain the cardholder’s signature on the printed sales
receipt .
7. You will advise customers of any policy regarding returns/refunds.
8. These program guidelines are designed to provide transparency for cardholders. Synchrony Bank reserves the right to monitor
your adherence to these and other Synchrony Bank Financing Program policies subject to the consequences defined in your
Card Acceptance Agreement.
Orientation Guide 4 – 37
Credit extended by Synchrony Bank • www.synchronybusiness.comTransparency Principles: Compliance Requirements (Cont’d)
Fair Lending Principles to Know
Credit must be offered to all applicants fairly and consistently. Failure to do so may result in allegations of discrimination, potential
violations of federal or state fair lending laws, litigation or reputational risk. All customers should be encouraged to apply for credit
without regard to race, color, religion, national origin, sex, marital status, familial status, age, disability, receipt of income (in whole or
in part) from public assistance programs, or an applicant’s good faith exercise of a right under the Consumer Credit Protection Act. In
addition, credit-related activities must be conducted in a way that is not considered unfair, deceptive, or abusive from the customer’s
perspective. Unfair activities are those that may cause unavoidable “substantial injury” (typically financial harm) to customers.
Deceptive activities could include statements or omissions that mislead customers or influence their decision to buy or use a product
or service. Abusive practices interfere with the customers’ ability to understand the terms and conditions of a product or service; or
which take advantage of the customers’ lack of understanding or inability to protect their interests.
Clear and Accurate Communications
Your advertising, signage, and conversations with customers should help them understand and make informed choices regarding
your products and available financing options. Disclosures should clearly and accurately describe the terms, conditions, and any
limitations associated with the purchase and the Synchrony Bank 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 Bank financing are allowed, and the pricing of credit approved for customers
cannot be changed from what Synchrony Bank approved and communicated. The availability of promotions must be consistently
shared with customers when they apply for credit.
Orientation Guide 4 – 38
Credit extended by Synchrony Bank • www.synchronybusiness.comYou made it!
Today We Discussed…
■■ How financing can help you achieve your business’s priorities, while helping your
customers get what they really want or need.
■■ How 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. Any questions?
■■ Important rules for fair and compliant business practices when offering financing.
Orientation Guide 4 – 39
Credit extended by Synchrony Bank • www.synchronybusiness.comThis page intentionally left blank.
How To Process
The Mechanics
Orientation Guide 5 – 41
Credit extended by Synchrony Bank • www.synchronybusiness.comBusiness Center Processing Training
To take an interactive online course on how to use
the Business Center, access Learning Center at
https://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
Orientation Guide 5 – 42
Credit extended by Synchrony Bank • www.synchronybusiness.comBusiness Center Registration
Use Business Center for all your processing, reporting and resources needs to begin enjoying the increased sales you can generate
by offering credit today.
1. How Do I Get Started?
• Register at www.synchronybusiness.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 Bank programs for that location
2. Get Familiar with Business Center
• Access the Business Center training courses via Learning Center at:
https://learn.synchronybusiness.com.
• Practice in a safe online environment by clicking Help then Product Demo on the left-hand
menu of Business Center
3. Start Offering Credit
• Offer to every customer
• Offer early in the sales process
Orientation Guide 5 – 43
Credit extended by Synchrony Bank • www.synchronybusiness.comCompleting 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 co-applicant) information is entered on-screen, print out
the completed application to be signed. It is crucial that every applicant and co-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 “Application” from left-navigation and select program
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 co-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 co-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!
Orientation Guide 5 – 44
Credit extended by Synchrony Bank • www.synchronybusiness.comCheck Application Status
To check the status of an application:
■■ Select the “Check Application Status” option under the “Applications” menu.
■■ Select the program.
■■ Enter last name, phone number, application number or date range then choose
search. This will pull a list of applicants that fit the criteria you entered.
■■ Click the reference key next to the names to view the corresponding details of the
applicant.
Orientation Guide 5 – 45
Credit extended by Synchrony Bank • www.synchronybusiness.comProcessing A Sale (Or Refund)
To begin processing a Promotional Sales Transaction, follow the simple steps listed below. Choose “Process a
Sale” from the Home Screen or click “Transactions” in the left side navigational bar and choose “Process a Sale.”
1. Choose the program
2. Select Purchase (or Refund) as the transaction type
3. Enter the account number
Note: If you use the optional magnetic stripe reader from Synchrony Financial, make sure the cursor is in the
account number field before swiping the credit card, otherwise, just type in the account number manually.
4. Select if card is present (Will automatically be set to “Yes” if card was swiped)
5. Click Continue
6. Enter amount and customer 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.
Orientation Guide 5 – 46
Credit extended by Synchrony Bank • www.synchronybusiness.comFuture 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 “Process a Sale” from the Home Screen or click
“Transactions” in the left side navigational bar and choose “Process a Sale.”
1. Choose the program
2. Select Authorization Only as the transaction type
3. Enter the account number
Note: If you use the optional magnetic stripe reader from Synchrony, make sure the cursor is
positioned in the account number field before swiping the credit card, otherwise, just type in
the account number manually.
4. Select if card is present (Will automatically be set to “Yes” if card was swiped)
5. Click Continue
6. Enter amount and customer name
7. Enter Customer 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 cancelled by Synchrony Bank after a pre-determined
amount of time without a completed sale.
Orientation Guide 5 – 47
Credit extended by Synchrony Bank • www.synchronybusiness.comYou can also read
