By Claire Reilly
JB Hi-Fi has extended an arrangement with rental and finance provision company ThinkSmart Limited that will see the retailer continue to provide the RentSmart product rental service to customers, while also establishing a new consumer payment plan option to customers, known as Fido.
ThinkSmart made the announcement today in a statement to the Australian Securities Exchange yesterday, confirming that it had extended its contract—in place with JB Hi-Fi since 2007—until the second half of 2015.
As part of the deal, ThinkSmart will provide JB Hi-Fi with its new consumer payment plan product, launched to market last year. Known as Fido, the plan “provides customers and an array of national retailers a winning combination of a ‘no interest ever’ financing product and a quick online application process.
“Customers are able to apply and be pre-approved for credit online in minutes,” the statement from ThinkSmart read.
The announcement follows JB Hi-Fi’s promotion of the Fido payment plans in its stores during January. Under the new arrangement with ThinkSmart, JB will now offer both the Fido “no interest ever” payment plan and its RentSmart rental service to customers.
“JB Hi-Fi is known for its customer engagement and offering consumers the best value, range and service,” JB CEO Terry Smart said. “Our partnership with ThinkSmart is a strong one that helps meet those objectives by offering consumers greater choice in payments.”