Search News

Results: 1-10 of 122


Funding to support the high street

15 Apr 2019

Government funding is in place to support the high streets
Read more…

Making Tax Digital for VAT Business Webinars

12 Apr 2019

A further two webinars are taking place in April to provide businesses with the support needed to transition into the new Making Tax Digital scheme
Read more…

1/3 of traffic in fashion retail comes from mobile search

8 Apr 2019

A third of traffic and orders for large online fashion retail brands comes from mobile search and social. What can indie retail learn from this?
Read more…

Technology may hold the key

8 Apr 2019

Technology may be the key to competing with the larger brands, like Amazon
Read more…

Stationery Show London 2019

8 Apr 2019

Get ready for this year's Stationery Show London
Read more…

Changes to Wage Rates, Tax Rules and Business Rates

8 Apr 2019

Changes to wage rates, tax rules and business rates from the 1st of April
Read more…

Bring your craft store to life

5 Apr 2019

Visual merchandising tips to bring your craft store to life
Read more…

South Downs Bikes, back for another Local Bike Shop Day!

28 Mar 2019

South Downs Bikes has been around for 14 years and is now a renowned indie bicycle company with two shops in Storrington and Worthing
Read more…

Crime Report 2019

28 Mar 2019

ACS' Crime Report 2019 brought together responses from 7,000 stores
Read more…

Choosing a finance provider, avoid the pitfalls #2

26 Mar 2019

Following an increase of incoming calls querying finance providers in the cycles market, the ACT are publishing a mini-series to answer the trade's questions.
Read more…

Back to news menu

Choosing a finance provider, avoid the pitfalls #2

Posted on in Business News, Cycles News

Avoid the pitfalls #2

Following an increase of incoming calls querying finance providers in the cycles market, the ACT are publishing a mini-series to answer the trade's questions.

This second piece in the series explores some of the claims used by a number of finance providers to get more dealers on board and why the unique partnership between V12 Retail Finance and the ACT is so beneficial for retailers.

Advice when you need it

Finance providers are not allowed to provide direct training on how to maximise finance. This is where the ACT can help - enabling you to get the most out of your Ride it away account by providing bespoke training based on your individual requirements.

  • The importance of empowering staff
  • When to introduce finance in your sales process
  • Online integration
  • How to maximise your margins using different finance offerings
  • Upsell, upsell, upsell
  • Bundling products

Contact the ACT now to arrange your training 01273 427 700

No fuss FCA authorisation

You do not need to have FCA authorisation to offer retail finance, but doing so might be better for your business and help protect margins.

The ACT provides a free, unique service other providers do not offer; to help decide if FCA authorisation is right for your business, to assist with getting authorised and helping you to complete your annual return - don't worry the return is only six questions!

Beware of any finance provider that insists you have FCA authorisation. These providers often let you advertise 0% finance to your customers before then signing them up to an APR based product; not exactly the customer journey you would like to be offering. Some even advertise a 0% buy-now-pay-later option that actually becomes a very expensive interest-bearing option if not settled in time. Make sure you give your customers the clarity and customer experience they deserve.

False promises

In a bid to entice retailers to sign up with them, some brokers and providers promise a guaranteed acceptance rate or to increase your current acceptance rate. At face value this sounds great, but it's important to question any provider who even suggests you could get 100% acceptance rate, there are simply always some people who will not qualify for credit!

Remember, reputable finance providers will only accept a customer who can afford it.

Part 3 in the series coming soon!

If you have any queries about the Ride it away scheme or want to arrange your bespoke training you can find out more here or call the ACT on 01273 427 700.

If you missed it, you can read part 1 here.

V12 are the leading provider of finance in the cycles sector, are the number one provider of online POS retail finance in the UK* and are widely accepted as having the ‘best' online integration solution; even by their competitors!

*based on finance and on 4 continuous quarters from FLA

Back to news menu

Add a comment

Your email address will only be used to contact you regarding this comment.
We will not share your email address with anyone and it will not be published on the website.