Simmons extends interest-free installment plan to 60 months as bed makers compete on financing

Simmons is extending its long-term interest-free installment program, Simmons Pay, to a maximum of 60 months, as prolonged economic weakness and high prices make big-ticket furniture and bed purchases increasingly difficult for consumers.

The company announced Tuesday that it is expanding the Simmons Pay installment period from a maximum of 36 months to 60 months, with the extended benefit applying to payments made with Hyundai Card. Simmons launched the program in 2018 to let customers spread the cost of a purchase over an extended period with no interest, registration fees, cancellation charges or other concessions — paying only the product price divided by the number of installment months.

Under the expanded plan, a customer purchasing a Beautyrest William LK-size bed through Simmons Pay with Hyundai Card would pay 139,000 won (about $90) per month, or about 4,600 won per day. The Beautyrest Edison SS size is offered at 113,000 won per month, or roughly 3,800 won per day.

Simmons has maintained the program through the COVID-19 pandemic and a prolonged period of high interest rates, a weak won and elevated prices. Simmons Pay transactions in the first quarter rose 82 percent from the same period a year earlier, reflecting growing consumer demand to avoid lump-sum payments when buying a bed.

Across the furniture and bedding industry, installment plans, subscription-style payment options and card partnership benefits are becoming increasingly decisive factors in purchase conversion, particularly for premium product lines. Because consumers can easily defer high-priced durable goods purchases, financing programs that lower upfront costs are becoming a core pillar of sales strategy.

Simmons Pay does not require a separate card — customers can use their existing credit cards, including those issued by Samsung, Shinhan, Kookmin, Lotte, Hana, Hyundai, Nonghyup and BC Card. The program is also available through Naver Pay, Samsung Pay and Apple Pay.

"We expanded the Simmons Pay benefits to ease the burden of large upfront expenditures for consumers amid a prolonged economic downturn," a Simmons official said.