Online furniture retailer Wayfair’s business program, Wayfair Professional, has partnered with Capital One on a credit program for its Wayfair Professional members, according to a joint press release Thursday (March 3).
Capital One Trade Credit will introduce a Wayfair Professional Credit Card with rewards and a Wayfair Professional Flex Account with extended payment terms for Wayfair Professional shoppers, per the release.
The program “will allow Pros to access increased purchasing power and improved payment flexibility as well as online account management tools” when it’s available 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,” Margaret Lawrence, vice president for Wayfair Professional, said in the release.
“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,” she added.
Capital One Trade Credit provides customizable B2B credit management solutions to more than 1,000 merchants across the U.S., according to the release.
“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,” he continued.
Meanwhile, Wayfair added “millions of customers” in 2020, but maintaining those gains has proved elusive during the ongoing COVID-19 pandemic, according to financial filings made public on Feb. 24.
Related: Wayfair Expects eCommerce Slowdown as Consumers Return to Stores
Active Wayfair customers — those who have placed at least one order during the prior 12 months — declined 21% to 27.3 million during fiscal and calendar year 2021, the filings show.
Wayfair is building several brick-and-mortar stores and plans to build a brick-and-mortar store larger than any of its others in 2023.
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