Fairstone Bank of Canada and Best Buy Canada Ltd. are renewing their exclusive point-of-sale financing partnership, extending a relationship that provides customers with financing options for technology purchases through in-store and online applications.
The companies announced the renewal, saying the partnership, which began in 2020, will continue to offer financing through Fairstone Financial Inc., a subsidiary of Fairstone Bank. Customers can apply for financing online through a digital application that enables approval or prequalification in under two minutes.
Partnership renewal
The agreement extends a retail financing relationship between Fairstone Bank and one of Canada’s largest consumer electronics retailers.
“Best Buy has been a valued partner from the outset, and this renewal reflects the trust, performance and the shared commitment we have built together,” said Emilie Boulay, senior vice-president and chief card services officer at Fairstone Bank. “Together we have delivered fast and seamless financing solutions to Best Buy customers across Canada, and we look forward to continuing to grow that success in the years ahead.”
The companies said the partnership has helped thousands of Canadians make technology purchases more accessible since its launch.
Best Buy customers can access financing both in stores and online, with the application process providing approval or prequalification in under two minutes, according to the companies.
Flexible payment options
The renewal also includes programs intended to give Best Buy customers additional ways to finance technology purchases, including a Monthly Subscription program.
“Technology plays an essential role in how Canadians work, learn, connect and navigate their daily lives,” said Bryan Kooistra, chief financial officer of Best Buy Canada. “By extending our partnership with Fairstone Bank, we’re continuing to provide customers with flexible and transparent financing options, while enabling innovative programs like Monthly Subscription that make it easier to access and upgrade the technology they rely on.”
The companies did not disclose financial terms of the renewed partnership.
Fairstone’s retail financing business
Best Buy is among more than 2,100 merchant partners across Canada that use Fairstone Bank’s retail financing programs. The programs combine proprietary technology and dedicated support, according to Fairstone.
Fairstone Bank and its subsidiaries, including Fairstone Financial Inc. and Home Trust Company, provide financial products including residential and commercial mortgages, consumer deposits and GICs, retail and automobile financing, credit cards and digital lending, as well as unsecured and secured personal loans.
The company offers those products online and through more than 260 branches across Canada. It says it has nearly 100 years of operating history and serves approximately two million customers nationwide.
Best Buy Canada
Best Buy Canada is a wholly owned subsidiary of Best Buy Co., Inc., which trades on the New York Stock Exchange under the symbol BBY.
The Canadian company operates the Best Buy, Best Buy Mobile, Best Buy Express and Geek Squad brands. It has more than 300 Best Buy, Best Buy Mobile and Best Buy Express stores across Canada and sells an expanded range of lifestyle products through BestBuy.ca.
The company also says it operates programs and partnerships aimed at helping youth connect with technology to support their education.
The renewed financing agreement continues a relationship between the two companies that has operated since 2020, with Fairstone Bank remaining the exclusive provider of point-of-sale financing for Best Buy Canada.
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