Citizens Financial Group Enters into Financing Partnership with BJ’s Wholesale Club
Citizens Financial Group has announced a partnership to provide consumer financing for BJ’s Wholesale Club, a leading operator of membership warehouse clubs in the Eastern United States. Citizens Pay will soon be available to BJ’s members to pay for large purchases, such as televisions, appliances and home furnishings, with low monthly payments.
“Consumers want affordable options to make large purchases responsibly with ease and simplicity,” said Andrew Rostami, President of Citizens Pay. “This partnership allows us to offer point-of-sale-financing to the millions of BJ’s members to make both big-ticket and everyday purchases through a simple, transparent and fully digital experience.”
BJ’s will launch Citizens Pay during the first quarter of this year for orders placed on BJs.com for delivery and with buy online, pick up in-club and curbside pickup. BJ’s members will be able to easily choose Citizens Pay financing options directly in the BJs.com shopping experience. BJ’s and Citizens will expand the partnership to include financing for in-club purchases with the BJ’s Mobile App in the second quarter of this year.
“We offer our members unbeatable value and convenience on everything they need in a one-stop shop. We’re thrilled to partner with Citizens to provide our members with a simple, affordable way to pay for large purchases,” Chris DeSantis, senior vice president, GMM, sundries and services, BJ’s Wholesale Club. “Whether our members are shopping for a new TV, refrigerator or bedroom set, we’re offering them more flexibility to purchase what they need with Citizens Pay.”
Citizens Pay provides consumers a better way to finance their large purchases, with easy-to-understand, low fixed monthly payments through a virtual line of credit that can be used for repeat purchases without a new credit application or managing multiple loans. Retailers can benefit from immediate sales and average order value increases by taking advantage of the platform’s best-in-class digital and in-store customer experiences, combined with comprehensive product and financing options for consumers across the credit spectrum. Citizens Pay is easy for merchants to integrate and available to launch in a matter of days while being scalable for the largest and most complex merchants.
Citizens is a leader in point-of-sale financing and since the inception of this program more than $6.4 billion in loans have been originated and the company has served more than 5 million accounts. The loans in this program aren’t securitized, which allows Citizens to maintain a high-quality customer experience as it acquires customers nationally.