Sheffield and Suzuki Marine will offer BNPL
Sheffield Financial of Truist Bank and the shipping company Suzuki Marine are working together on a financing services program.
The deal, announced Tuesday, September 28, allows Sheffield to provide loan services to Suzuki Marine customers through its dealer network, covering the tiered financing of Suzuki outboards and boat packages, including Suzuki engines. .
âWe know how important it is to offer our customers retail financing options to go with our Ultimate outboard engine line,â said George âGusâ Blakely, executive vice president of sales and service. for Suzuki Marine. âThis is especially true in today’s market, where so many new people are entering boating for the first time. We want to keep our customers in the boating lifestyle and in the Suzuki family for many years to come – and providing the right financing is an important part of making that happen. This is why we are delighted to be working with Sheffield Financial. “
âSheffield has partnered with Suzuki Powersports since 2008, providing retail financing to their dealers, and are now excited to provide competitive financing solutions to Suzuki Marine dealers and their customers in the United States. a winning combination, âsaid Jeff McKay, who is both CEO of Sheffield Financial and head of point-of-sale loans.
Read more: Open Banking, BNPL and the banking transformation
Sheffield and Suzuki’s staggered finance announcement comes at a time of rapid change for banking and finance, a concept PYMNTS explored in a 2020 report titled “What is a Bank?” PYMNTS data showed that 36.8% of consumers define banks as institutions that store money securely, while 34.9% see them as institutions for saving and earning interest on deposits. , and 27.1% see them as institutions that grant loans and make investments.
More details: the many responses to “What is a bank?” “
But that is all about to change, in part thanks to the advent of Buy Now, Pay Later (BNPL). As PYMNTS reported on Tuesday, September 28, this is a space that Mastercard has started to occupy, giving banks and other institutions the connectivity they need to deliver their own BNPL programs to customers, across 78 million. of traders.
See also: Mastercard Payments Brings New Lender Network and Instant, Turnkey BNPL to 78 Million Merchants
Studies have shown that sales can increase by up to 45% when BNPL is offered, while cart abandonment can decrease by 35%.