Synchrony and Payzer to Offer Seamless Home Improvement Financing Options

Rhea-AI Summary

Synchrony and Payzer have partnered to integrate financing options directly into Payzer's field service management software for residential contractors. The integration streamlines the sales and financing process for home improvement projects, offering contractors an all-in-one platform solution. According to Synchrony's Major Purchase Study, 75% of dealers reported increased sales when offering Synchrony financing, and 45% of Synchrony cardholders tend to spend more than other customers. The partnership provides contractors access to 33 different financing promotions, enabling instant credit decisions and pre-qualification through a digital application process. The collaboration aims to enhance the home improvement financing experience while leveraging shared relationships with manufacturers and distributors.

Positive

• 75% of dealers reported increased sales when offering Synchrony financing
• Integration provides access to 33 different financing promotions
• 45% of Synchrony cardholders spend more than customers using other payment methods
• Partnership expands network through shared relationships with manufacturers and distributors

Negative

• None.

Technology Integration to Transform Home Improvement Financing for Contractors and Their Customers

STAMFORD, Conn., June 18, 2025 /PRNewswire/ -- Synchrony (NYSE: SYF), a premier financial services company, and Payzer, a WEX company that provides field service management software for residential contractors, have partnered to offer a comprehensive digital process designed to streamline sales and business transactions for contractors. This collaboration integrates Synchrony's robust financing options directly into Payzer's solution, making it easier for contractors to help customers fund their home improvement projects.

Empowering Contractors and Driving Growth
This collaboration offers substantial advantages for contractors using Payzer's field service management solution, designed to streamline business operations, increase sales, and help contractors collect payment quickly:

• All-in-One Solution: Contractors can now manage key aspects of a sale, including financing, within a single platform
• Enhanced Sales Process: The integration highlights financing opportunities during the estimation process, potentially increasing sales and customer satisfaction
• Expanded Network: The partnership leverages shared relationships with manufacturers and distributors, broadening the reach for both companies

According to Synchrony's most recent Major Purchase Study, 75 percent of the dealers surveyed reported that offering financing options from Synchrony increased their average sales. Furthermore, the report found that 45 percent of major purchase shoppers surveyed with a credit card issued by Synchrony tend to spend more than those paying with other tenders. Paired with Payzer's platform capabilities, such as proposal comparisons and integrated financing, offering Synchrony financing options becomes seamless.

"By integrating our financing directly into Payzer's solution, we're not just simplifying processes; we're enhancing the entire home improvement journey for both contractors and consumers," said Curtis Howse, EVP & CEO of Synchrony Home & Auto. "This partnership represents a significant step in our strategy to be present at every crucial point of the sales cycle, ultimately delivering more value to our partners and their customers."

Enhancing the Financing Experience
The partnership between Synchrony and Payzer also brings significant benefits to customers. Contractors can now access Synchrony's financing options seamlessly within Payzer's platform, eliminating the need to switch between multiple systems. A full suite of 33 promotions is available to contractors, providing customers with flexible financing choices for their home improvement needs. The integration between Synchrony's financing options and Payzer's platform allows for a smooth, digital application process, including pre-qualification and instant credit decisions.

"This collaboration with Synchrony aligns perfectly with our commitment to providing contractors with best-in-class tools and services," said Dylan Jones, Senior Vice President and General Manager, Mobility Growth, WEX. "By incorporating Synchrony's financing options into our platforms, we're giving our contractor network more choices and a competitive edge in the market."

About Synchrony
Synchrony (NYSE: SYF) is a leading consumer financing company at the heart of American commerce and opportunity. From health to home, auto to retail, our Synchrony products have been serving the needs of people and businesses for nearly 100 years. We provide responsible access to credit and banking products to support healthier financial lives for tens of millions of people, enabling them to access the things that matter to them. Additionally, through our innovative products and experiences, we support the growth and operations of some of the country's most respected brands, as well as more than 400,000 small and midsize businesses and health and wellness providers that Americans rely on. Synchrony is proud to be ranked as the country's #2 Best Company to Work For® by Fortune magazine and Great Place to Work®. For more information, visit www.synchrony.com.

About Payzer
Payzer®, a WEX™ company, is a leading provider of software solutions for contractors in the home improvement industry. The company's solution, Payzerware, offers comprehensive tools for managing all aspects of contracting businesses, from estimations and sales to payments and financing. For further information, visit: www.payzer.com.

Media Contacts:

Lauren Devilbiss
Synchrony
Lauren.Devilbiss@syf.com  

Johnston Farrow
WEX
johnston.farrow@wexinc.com

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SOURCE Synchrony

FAQ

What is the partnership between Synchrony (SYF) and Payzer?

Synchrony and Payzer have partnered to integrate Synchrony's financing options directly into Payzer's field service management software, creating a comprehensive digital process for contractors to manage sales and financing for home improvement projects.

How does the Synchrony-Payzer integration benefit contractors?

The integration provides contractors with an all-in-one platform solution, streamlined sales process, financing options during estimation, and access to 33 different promotions, while eliminating the need to switch between multiple systems.

What percentage of dealers reported increased sales with Synchrony financing?

According to Synchrony's Major Purchase Study, 75% of dealers reported increased sales when offering Synchrony financing options.

How much more do Synchrony cardholders spend compared to other customers?

The study found that 45% of major purchase shoppers with a Synchrony credit card tend to spend more than those paying with other payment methods.

What financing features are available through the Synchrony-Payzer partnership?

The partnership offers a digital application process with instant credit decisions, pre-qualification options, and a full suite of 33 different financing promotions for home improvement projects.