Aug 3 , 2010
TD launches Renovate card program
By Robin Arnfield, News Editor.
TD Retail Card Services (TDRCS) has launched the Renovate private-label credit card program for Canadian and U.S. independent retailers of furniture, flooring, lighting, and other home furnishings and decor items.
The Renovate cards can be used at any retailer who signs up for the program, Marc Sczesnak, TDRCS’s president, tells Payments Business. “The card carries the Renovate brand name, plus the customer’s name and also the issuing retailer’s name,” Sczesnak says.
Renovate is targeted at smaller retailers who cannot qualify for their own private-label card program, and is intended to help them offer customers flexible payment plans, according to Sczesnak. “For example, a retailer issuing a Renovate card can say that for six months, a new cardholder doesn’t pay any interest nor any principle on their purchases,” he says. “The retailer can even waive the requirement for minimum payments.”
For bigger retailers, TDRCS offers private-label cards that prominently display the retailer’s brand name and can only be used in their stores.
Mahwah, New Jersey-based TDRCS is a business unit of TD, and operates across Canada and the U.S. “We have a single North American product set and a single management team,” Sczesnak says. “This really helps when we are working with clients such as jewellery chain Birks and Mayors, which operates in both Canada and the U.S.”
Consumers can apply on participating retailers’ websites for Renovate cards, or in their stores. Credit checks take place instantly, according to Sczesnak.
In addition to Renovate, TDRCS also offers two other similar revolving credit card programs for independent merchants: the Yard card for retailers selling products for lawns and yards, and the LJC (luxury, jewellery, class) card for jewelers.