August 10, 2015
Use the following strategies to close more jewelry sales through customer financing. Getting jewelry customers to finance their purchases can be difficult. Either they don’t fully understand the many advantages of the luxury financing programs or don’t have a clear understanding of their various payment options. 

Following these three steps can help you maximize the opportunity of engaging potential or already present customers to finance their jewelry purchases:

Step 1: Increase Awareness

Make sure customers are aware of the financing options available to them. Advertise these options using all viable channels of communication which can include print (newspapers & magazines), television, radio and direct mail.

Step 2: Start Early

Mention financing options early on. Educate sales associates on the importance of mentioning payment options to all customers as soon as possible; this will lead to higher tickets and close more sales.

Step 3: Promote In Store

Promote financing availability and options in your jewelry store. Take advantage of the program benefits by making use of free marketing signage which can include posters, hangtags, tent cards and window clings. To ensure the best results, put signage in high traffic areas, as well as near high-ticket merchandise.

Responses to Customer Objections

It's easy to overcome customers' objections to financing confidently and effectively when you use these top responses, compiled by the experts at Synchrony Financial, Jewelers of America’s preferred credit financing program: 

“No thanks. I just want to use my Visa/MC or my cards that give me points.” 
Inform your customers that your financing promotions offer low monthly payments with a deferred interest period.

“I don’t want all the other credit offers and junk mail that comes with applying.” 
Synchrony Financial is known for respecting cardholder privacy. We won’t sell your customers’ contact information.

“I don’t want another credit card.” 
Inform them that unlike traditional credit cards, this account is dedicated specifically to your business and gives them a promotional period to pay it off without interest charges.

“Interest rates are too high on this financing.” 
With deferred interest financing, customers who make their monthly payments and pay off the full purchase amount within the promotional period won’t have to pay any interest -- taking the worry out of interest rates.

Financing Options for Jewelry Stores 

To take full advantage of the many benefits of financing, consider using Synchrony Financial as your jewelry store's financing option for customers. Jewelers of America Members receive exclusive rates on their private-label Luxury financing program. Synchrony Financial is dedicated to making it easy and convenient for customers to buy the jewelry of their dreams. Below are just a few ways the program can benefit your store: 

  • Exclusive rates for members of Jewelers of America
  • Instant credit decisions, faster and easier financing via our online Business Center 
  • Funding deposited directly into your bank account within 48 hours 
  • Lower cost options compared to other credit cards 
  • Complimentary point-of-purchase materials 
  • Non-recourse, a superior alternative to in-house financing 
  • 24/7 access to your Customer List 
  • Your store’s name on the credit card 
  • No cost to set up 

For more information directly from Synchrony Financial on strategies for financing success, visit www.synchronybusiness.com/resources/learning-center.html today or call Synchrony Financial at 800-333-1082.

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