Synchrony 1
What is the minimum dollar amount that our clients can finance?
$300
When is the first payment due when using any Synchrony term length?
Roughly 30 days after the furniture has been delivered, or roughly 30 days after the first invoice.
What is the first thing you should do after your client receives a Foritva approval and is planning on using that approval?
What is the maximum approval that Progressive will give a client, and do we include tax on our end?
$4000 + 10% automatic increase
ex: $4000 approval = $4400 true amount
& No
What is the maximum approval that Acima will give a client, and do we include tax on our end?
$5000 + 10% automatic increase
ex: $5000 approval = $5500 true amount
& No
What is the percentage of differed interest that Synchrony charges?
34.99%
Does the clients billing address and delivery address in Storis need to match the billing address provided through the Synchrony application?
Yes and no, the billing address provided through the Synchrony application needs to match our billing address in Storis, and the client is allowed to have a different delivery address in Storis.
What is the maximum Fortiva approval?
$7500
Does Progressive automatically report to the credit bureaus?
No, they do not automatically report to the credit bureaus, however our clients may request to have their payment history reported.
What is the longest-term length that Acima offers?
12 Months (They are working on an 18 and a 24-month term).
When can you apply promo code AO1 & AO2, & can you combine both codes on an order?
AO1 can only be added as a first-time synchrony user and must use the approval on the same day or on the client's birthday.
AO2 can only be added on the first Tuesday of the month and can never be combined with AO1.
On a 36-month equal pay term, what percentage of the sale do we require as a down payment?
A 10% down payment required + tax and delivery due up front.
What is the percentage of interest charged on Fortiva's "Core" program?
35.99%
Once approved, what is the cost of the leasing fee through Progressive?
$49 + tax, the initial payment must be paid via debit card.
Does Acima require the billing address and the delivery address to match?
Yes.
At what credit score range does Synchrony typically start approving clients?
Approximately 550+
Interest that begins accruing from the day of delivery.
What is Deferred Interest?
Does the clients billing address and delivery address in Storis need to match the billing address provided through the Fortiva application?
Either, Neither, or Both?
Yes, the billing address provided through the Fortiva application needs to match the billing address & the delivery address in Storis.
Can a Mathis rewards membership be included in a lease to own order?
& Explain what a partial delivery is.
Absolutely not! There are no partial deliveries.
Rewards must be on a separate ticket on the original customer number and immediately paid for and invoiced before proceeding with the lease to own order.
Explain the 90-Day buyout option for Acima and how does a client qualify for the 90-Day buyout option?
The 90-Day buyout option is an option that a client can choose to avoid incurring any interest/additional fees.
The client will be required to pay a $25 fee and needs to contact Acima within 24hrs to proceed with said option.
What are the types of interest that we offer our clients through Synchrony?
Differed Interest, No interest (Equal pay), Interest.
How would you explain the monthly minimum payment on a differed interest term (6,12,18,24)?
The monthly minimum payment would be roughly 35% of what equal payments would be.
What 3 terms does Fortiva offer, who chooses the term, and what is their annual fee?
6 months, 12 months or their "Core" option which is a non-differed interest option with a straight revolving interest. Fortiva decides the term.
$79 annual fee
Does Progressive require the billing address and the delivery address to match?
How many days does a client have to start a lease from the time of their approval?
45 days
What is the transaction fee on a 60 month no interest term & what are the standard requirements for the 60 month no interest term?
There is a 2% transaction fee, and the minimum purchase amount is $4000 with a 20% down payment + tax and delivery required up front. (full sticker price, no promotion codes can be applied).
What is the multiplier for the 60-month term @ 9.99% interest that you would use to calculate the monthly payments for our clients?
What is the minimum purchase amount that qualifies our clients for this term and what promo codes are you allowed to use?
Take the entire total of the order and multiply by 2.1242%
Ex: $5000 x 2.1242% = $107/Month
Minimum purchase amount is $1000, and you are allowed to use all promo codes.
At what credit score range does Fortiva typically start approving clients?
Approximately starting at 450+
Does Progressive charge a fee to select their 90-day buyout option?
How does a client enroll in the 90-day buyout option with Progressive?
No, and the client needs to call within 24 hours to select the 90-day buyout option.
Explain the 70/30 rule for Acima.
Acima requires 70% of the purchase price to be an attainable item (Furniture), while 30% of the purchase can be an unattainable item (Delivery$/ GBS).