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Wayfair Introduces Partnership With Capital One to Provide Credit Solutions to Wayfair Professional Customers
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Wayfair (NYSE: W) has partnered with Capital One (NYSE: COF) to launch a new credit management platform for its Wayfair Professional members. This program will feature the Wayfair Professional Credit Card and the Wayfair Professional Flex Account, enhancing purchasing power and payment flexibility. The initiative aims to simplify the credit application process for business customers and is expected to roll out later this year. Wayfair's strategy targets growth in its business-to-business segment, building on its existing e-commerce leadership.
Positive
Strategic partnership with Capital One enhances Wayfair Professional's value proposition.
Introduction of a credit card and flex account improves purchasing power for business customers.
Expected rollout later this year demonstrates commitment to expanding service offerings.
Negative
None.
Capital One Trade Credit to Provide B2B Credit Management Platform for Wayfair Professional Businesses of All Sizes
BOSTON--(BUSINESS WIRE)--
Wayfair (NYSE:W), one of the world’s largest destinations for the home, announced that its business program, Wayfair Professional, has entered into a strategic partnership Capital One (NYSE: COF) to offer a robust credit program for its Wayfair Professional members (Pros). With Capital One Trade Credit, Wayfair will offer a Wayfair Professional Credit Card with rewards and a Wayfair Professional Flex Account with extended payment terms for Wayfair Professional shoppers. The program will allow Pros to access increased purchasing power and improved payment flexibility as well as online account management tools, and is expected to be available to customers later this year.
“We’re very excited to have partnered with Capital One Trade Credit to begin offering a Wayfair Professional Credit Card and a Wayfair Professional Flex Account, which we expect to roll out later this year,” said Margaret Lawrence, Vice President for Wayfair Professional. “Pros will be able to apply with their business credentials to build business credit, and we have built out a suite of business-specific features to help Pros take what used to be a complex process and consolidate it into a single partnership with Wayfair.”
“Wayfair’s standing as an ecommerce leader combined with their strategic focus on growing their business customer segment makes them an ideal partner for Capital One,” said Shawn Cunningham, Vice President for Capital One Trade Credit. “We’re excited to provide new credit options for Wayfair’s business customers, allowing them to obtain more spending power, have the ability to spend in ways that work for them and utilize a product suite that meets their business needs.”
Capital One Trade Credit provides customizable, B2B credit management solutions that enable partners to grow sales and delight customers with a tech-enabled purchase-to-payment experience. Over 1000 merchants across the U.S., both large and small, rely on Capital One Trade Credit’s ability to leverage customer-centered technology, premier products and services, and industry leading credit expertise.
About Wayfair Professional
Wayfair Professional believes in helping businesses make good spaces great. Delivering optimum value and convenience through personalized tools and services, the Wayfair Professional program provides business customers a broad range of membership privileges to help build the perfect spaces – no matter the size or industry. The program offers members an expansive selection of products and exclusive savings across thousands of top brands as well as customizable shipping, easy invoicing, dedicated service, and more.
To enjoy this specialized business shopping experience across Wayfair’s family of retail brands, including AllModern, Birch Lane, Joss & Main, and Perigold, visit wayfairprofessional.com.
About Wayfair
Wayfair is the destination for all things home: helping everyone, anywhere create their feeling of home. From expert customer service, to the development of tools that make the shopping process easier, to carrying one of the widest and deepest selections of items for every space, style, and budget, Wayfair gives everyone the power to create spaces that are just right for them.
The Wayfair family of sites includes:
Wayfair: Everything home – for a space that’s all you.
Joss & Main: The ultimate style edit for home.
AllModern: All of modern, made simple.
Birch Lane: A fresh take on the classics.
Perigold: An undiscovered world of luxury design.
Wayfair Professional: Just right for Pros.
Wayfair generated $13.7 billion in net revenue for full year 2021. Headquartered in Boston, Massachusetts with operations throughout North America and Europe, Wayfair employs more than 16,000 people.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $311.0 billion in deposits and $432.4 billion in total assets as of December 31, 2021. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
