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Citizens and The Tile Shop Partner to Provide Flexible Financing Options for Home Design Projects
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PROVIDENCE, R.I.--(BUSINESS WIRE)--
Citizens today announced a new partnership with The Tile Shop, enabling the specialty retailer of tiles, materials, and related accessories to offer shoppers a more predictable, affordable way to pay for in-store purchases and bring their home decor projects to life without compromise. Citizens Pay, a market leading consumer installment financing solution from Citizens, is the exclusive financing partner for The Tile Shop, giving customers shopping at one of the retailers’ 143 showrooms across the country access to convenient, flexible payment options.
“Budgeting and paying for home projects can be stressful, but by removing some of the financial barriers through predictable, low-interest monthly payment options, we can empower and better equip homeowners to turn their inspiration into reality,” said Christine Roberts, Executive Vice President and Head of Citizens Pay. “We are excited to partner with The Tile Shop to provide their customers with the financial flexibility to responsibly manage and pay off home improvement projects over time.”
Citizens Pay financing is now available in-store at all 143 The Tile Shop showrooms, with pre-qualification also available via the retailer’s website, for those who start their design planning journey online. Customers who qualify will benefit from Citizens’ ability to offer low interest rates and monthly payments. In addition to flexible payment terms, there are no prepayment penalties or membership fees.
“Partnering with Citizens Pay to offer trustworthy and convenient financing for our customers is an extension of our commitment to excellence across the customer experience,” said Mark Davis, Vice President of Investor Relations & Chief Accounting Officer at The Tile Shop. “Home renovations and design projects are a highly considered purchase and investment, and this new financing option will empower our customers to make their dream home projects a reality, without compromising their design vision or budget.”
A recent Citizens Pay survey found that among American consumers considering buying a new home, 36% wish they had the financial flexibility to afford home renovations1. The survey also found that financial flexibility to make big ticket purchases (53%) is the top benefit that consumers cite for using buy-now-pay-later (BNPL) services, and 45% prefer BNPL options with longer-term financing, such as monthly payments over a period longer than six months.
Citizens Pay is a market leader in point-of-sale financing, offering a responsible way for consumers to pay for large purchases in fixed, monthly payments, while providing merchants with tailored, embedded financing options that drive customer loyalty. For additional details on Citizens Pay, visit www.citizenspay.com.
1Data from a survey conducted by Wakefield on behalf of Citizens Pay from January 20 and January 29, 2023, with a panel of 2,000 nationally representative U.S. adults ages 18+, including an oversample of 500 Gen Z respondents.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $222.3 billion in assets as of March 31, 2023. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and approximately 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
About The Tile Shop
The Tile Shop is a leading specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories in the United States. The Tile Shop offers a wide selection of high-quality products, exclusive designs, knowledgeable staff and exceptional customer service in an extensive showroom environment. The Tile Shop currently operates 143 stores in 31 states and the District of Columbia. The Tile Shop is a proud member of the American Society of Interior Designers (ASID), National Association of Homebuilders (NAHB), National Kitchen and Bath Association (NKBA), and the National Tile Contractors Association (NTCA). Visit www.tileshop.com. Join The Tile Shop (#thetileshop) on Facebook, Instagram, Pinterest and Twitter.
