Sheffield Financial and Truist Bank’s Suzuki Marine boating company are working together on a financing services program.
The agreement, announced on Tuesday (September 28), enables Sheffield to offer Suzuki Marine customers credit services through its dealer network that cover installment financing for Suzuki outboards and boat packages, including Suzuki engines.
“We understand the importance of providing our customers with financing options for customers that match our line of Ultimate outboards,” said George “Gus” Blakely, executive vice president of sales and service for Suzuki Marine. âThis is especially true in today’s market with so many new people getting into boating for the first time. We want to keep our customers on the boating life and the Suzuki family for many years to come – and getting the right funding is an important part of making this possible. That’s why we look forward to working with Sheffield Financial. “
“Sheffield has worked with Suzuki Powersports since 2008, offering retail financing to its dealers and is now excited to offer competitive financing solutions to Suzuki Marine dealers and their customers in the US. Suzuki’s high quality marine engines and Sheffield’s industry-leading customer service are a winning combination “said Jeff McKay, who serves as both CEO of Sheffield Financial and head of point of sale lending.
Read more: Open Banking, BNPL and the Transformation of Banking
The Sheffield and Suzuki installment funding announcement comes at a time of rapid change for banking and finance, a concept PYMNTS discussed in a 2020 report entitled “What is a Bank?” has investigated. PYMNTS data showed that 36.8% of consumers refer to banks as institutions that keep money safe, while 34.9% consider them institutions for saving and paying interest on deposits and 27.1% as institutions that make and receive loans Make investments.
More details: The many responses to ‘What is a bank?’
But that’s changing, thanks in part to the emergence of Buy Now, Pay Later (BNPL). As PYMNTS reported on Tuesday (Sept. 28), this is a space that Mastercard has started to occupy, giving banks and other institutions the connectivity they need to bring their own BNPL programs to customers at 78 million merchants .
See Also: Mastercard Installment Brings New Lender Network And Instant Turnkey BNPL To 78 Million Merchants
Studies have shown that sales can increase up to 45% when offering BNPL, while cart abandonments can decrease by 35%.