Synchrony and Rheem Bring Comfort Home
The Residential KwikComfort® Credit Card Helps Make Heating and Cooling Systems Fit in Your Budget
A warm room on a cold night. An ice cold glass of water on a summer’s day. A hot shower that gets your morning started.
These small joys, some would say necessities, are dependent on heating and cooling, or HVAC, systems. And in the world of HVAC, the name Rheem stands out.
Founded in 1925 by brothers Richard and Donald Rheem, the company is a global leader in manufacturing heating, cooling, water heating, pool & spa heating and commercial refrigeration products, as well as the largest manufacturer of water heating products in North America. Serving customers in countries around the world. Rheem’s family of brands includes Rheem®, Ruud®, Friedrich®, Raypak®, Sure Comfort®, WeatherKing®, Eemax®, Richmond®, IBC™, Intergas®, Splendid®, Solahart®, EverHot®, and MHG™ as well as commercial refrigeration brands Russell®, Witt®, ColdZone® and Kramer®.1
Business Challenge
Home heating and cooling systems can be expensive. A new HVAC system, including installation, costs between $5,000 and $12,000, according to the American Society of Home Inspectors2. Nevertheless, these systems are a high priority for homeowners and are likely to become even more so, given the heat waves and unpredictable weather events associated with climate change.
In this environment, Rheem has an advantage. Known for manufacturing high-quality, yet budget-friendly heating and cooling systems, the company is always looking for ways to make their products even more affordable for consumers.
One important way to do this is through financing. Rheem understands that its buyers are looking for credit solutions that enhance the customer experience while making purchases affordable.
Approach
Since becoming a Synchrony partner in 2004, Rheem has offered Synchrony’s seamless application technology, allowing customers to apply for credit safely and securely on their own devices and access credit immediately upon approval. This year, Rheem began offering a prequalification option that lets customers receive an offer of credit in seconds without an impact to their credit score.
Rheem’s Residential KwikComfort® Credit Card, offered through Synchrony, has flexible financing options for HVAC replacement and service calls, and has played a pivotal role in ensuring customers are able to get the products and services they need. Synchrony provides Rheem customers and dealers access to special financing promotions.
Results
Synchrony’s partnership with Rheem exemplifies the strengths that differentiate our company.
We are:
Essential to 100 million people and their families.
Financing plays an important role in consumers’ home improvement purchasing decisions. In fact, it is often the deciding factor between making a purchase or going without.
Phillip Eastwood, owner of Synchrony partner Tipping Hat, a contractor which offers plumbing, heating, electrical and other services, told the story of one customer, Tammy, who needed a new furnace, water heater and air conditioner. With an extremely tight budget, Tammy relied on Synchrony financing.
“Synchrony really made it possible, because without it she wouldn't have been able to get these things done to make her home a healthier, safer and more comfortable place.”
Being essential to consumers also means offering the best possible customer experience. That’s why the KwikComfort credit card lets consumers apply for a card in seconds.Other benefits include convenient monthly payment options, competitive interest rates, no prepayment penalties and a dedicated credit limit for future home improvement projects.
Essential to hundreds of thousands of businesses and providers.
Synchrony helps businesses close sales — today and in the future.
“This year alone we were almost $16 million in sales, and 76% are financed,” said Jeremy Lee, VP & GM of Synchrony partner Schneller Knochelmann, a contractor which offers AC, heating and plumbing services in Ohio and Kentucky. “[KwikComfort] generates higher average sales, higher connection rates with our customers. Our average sale last year was $7,900. And this year (2023), it's $10,674. And I believe [Synchrony] financing has helped increase that.”
Lee noted that the Residential KwikComfort® Credit card offers cardholders a revolving line of credit that makes it easy to purchase additional goods and services, such as repair services.
“Having Synchrony in combination with a Rheem pro partner program is awesome,” Lee said. “It’s given us the ability to offer customers better financing because of the buydown rebates that they offer. It's done our business well.”
Billy Wright, a Service Pro of Tipping Hat, summed it up this way: “There have been jobs, quotes that I’ve given, where if it were not for the financing, we would not have gotten that job.”
Trusted and responsible stakeholder.
Synchrony is invested in Rheem’s success. In addition to providing innovative financing solutions, Synchrony shares personalized marketing communications, special offers, and a wealth of industry expertise and consumer insights, empowering Rheem to deliver solutions that propel its business.
Our commitment to being a responsible stakeholder extends to customers as well. For example, because we believe that everyone deserves a second chance, we joined the board and contribute financially to the National Foundation for Credit Counselling, the largest nonprofit financial counselling organization in the United States.
Conclusion
The Synchrony and Rheem partnership is going strong after 20 years because we offer a valuable service to Rheem, to Rheem’s contractors and ultimately to the consumers who choose Rheem heating and cooling systems. Together, we provide comfort and affordability — a perfect combination. For more information, visit https://www.synchrony.com/business.
