BrandSource says new credit card can help dealers compete
Clint Engel -- Furniture Today, March 16, 2012
ANAHEIM , Calif. — BrandSource members attending the buying group's summit in Orlando, Fla., this month were briefed on the group's new private label credit card, which will launch with a promotion offering qualifying customers zero interest and 24-month financing for a six-week period beginning April 22.
The buying group said the financing program is geared toward helping members better compete during key spring buying periods including Earth Day, Mother's Day and Memorial Day weekend. The cost to the dealer is less than 1%, the group said.
"When a typical retailer runs a zero-interest, 24-month promotion, associated fees often climb as high as 10%, making it cost-prohibitive," BrandSource CEO Bob Lawrence said in a release. BrandSource negotiated with credit-card provider Citi Financial Services to lower the cost, he said.
"The money saved can be used for other things, including additional promotions or even member dues," Lawrence said.
Earth Day marketing campaigns have become popular lately, the group said, as more furniture, electronics and appliance retailer offer green and energy-themed promotions.
In addition, men looking for Mother's Day gifts often buy consumer electronics, major appliances or products geared toward outdoor entertaining, BrandSource said.
Lawrence said big box retailers are aggressive promoters throughout the spring, and the buying group's members "need a competitive edge."
"This program is designed to help BrandSource members drive foot traffic into their stores and help customers purchase what they need for their families with easier payment terms," he said.
BrandSource will host its next big gathering, its National Convention and Expo, August 26-29 at Caesar's Palace in Las Vegas.
Anaheim, Calif.-based BrandSource has nearly 4,500 independent dealer members in North America, operating about 9,000 stores, including nearly 3,000 BrandSource branded stores in the United States.
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