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than the promotional period to pay off the debt. The card has an annual APR of 23 percent. The company also could collect late fees, if customers made delinquent payments. By themselves, individual small specialty outdoor retailers aren’t a lucrative market for GE Money. But taken on aggregate as a collective volume business, GE Money is banking that small retailers will make the program worth while. The Sport Finance Program is a turnkey solution for retailers in that GE Money provides a dedicated credit card terminal, marketing materials and signage, staff training and continuous support, all at no cost as long as the participating retailer meets the minimum charge volume of $36,000 a year. GE handles all customer billing, and the retailer is not responsible for any collections or owed sums should a customer fail to make payments, says Murphy. Once retailers are up and rolling they can expect to see 10 percent to 15 percent of sales transactions using the GE Sport credit card, notes Murphy, as long as they do a good job of pushing the program. In general, Murphy says the program is most beneficial for retailers that pull in around $500,000 a year in receipts, although there are a handful of retailers in the program that sell less than that. One option for retailers that sit beneath that sales threshold is to pay $39 a month to be part of the program. Some retailers may want to consider this if it would be beneficial for them to run the program for a couple of months during a busy selling season, offers Murphy. In general, sporting goods customers are a good credit risk. Although GE Money will provide credit limits up to $10,000 in the Sport program, Murphy says the typical credit line is less than half that. In addition, the typical customer uses only a fraction of available credit, leaving open-to-buy dollars that can be used for other retail promotions. In all, about 70 percent of applicants in the sporting goods segment get approved for a credit line, with the minimum amount being $1,000. However, even if a customer’s credit is not the best and he can only be approved for the minimum, GE Money will try to make accommodations. “We have something in our system called Meet the Sale Logic,” says Murphy. “If someone comes in with fairly good credit, we will do everything we can to meet the sale.” Thus, if a customer qualified for only the minimum ($1,000) but was looking to make a total purchase of $1,100, GE would in all likelihood “meet that sale and approve the customer up to $1,100 in order to help that merchant make the sale,” he says. That philosophy is in line with the structure of the program, which is designed to make implementing and using the program simple, leaving the retailer to focus on the core business and how best to incorporate promotional finance into a store’s sales strategy. For example, the customer application process takes only 30 | <strong>InsideOutdoor</strong> | <strong>Summer</strong> 2007
For a backpack this tough, a hike in the wilderness is like a walk in the park. The Maestro; Exodus System by Mountain Hardwear ® The Aura Series by Osprey ® The C.O.R.E. Backpack by Nike ® The G Pack; Anti-Gravity Series by Gregory ® The Vapor Ki by Granite Gear ® The MotherLode by CamelBak ® Out here, you need a backpack that can stand up to Mother Nature. Luckily, CORDURA ® fabrics are twice as durable as standard fabrics. So not only do they wear better by resisting abrasions, scuffs and tears, they also last longer. And now, CORDURA ® fabrics are available in strong, ultralight weights as well. Look for backpacks with the CORDURA ® brand and you’ll be one happy camper. www.cordura.com Call 1-800-577-3733 to find a retailer near you. CORDURA ® is a registered trademark of INVISTA for durable fabrics.
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