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Search For Britain's Best Small Shop of 2019 Gets Underway

4 Jul 2019

The annual search to find Britain’s Best Small Shop, a competition managed by the Independent Retailers Confederation (IRC), begins today with a focus on consumer engagement and how... Read more…

Rising costs halt plans for walking and cycling crossing

25 Jun 2019

The plans for a new Thames walking and cycling crossing from Canary Wharf to Rotherhithe in London have been halted due to the rising costs
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Get involved in Local Bike Shop Day

24 Jun 2019

Local Bike Shop Day celebrates independent bike shops all around the UK
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Huge increase in e-bike sales expected

12 Jun 2019

The e-bike market is forecasted to grow further across the UK competing with the car for short distances.
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How retailers are responding to online growth

12 Jun 2019

The growth of the online market space within retail is having a wider effect on the high street.
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Effective email marketing campaigns

12 Jun 2019

Newsletters are an incredibly popular means to engaging with consumers but on any given day our inboxes are flooded with a plethora of automated email newsletters, so how do you stand out?
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Report on violence in your store

12 Jun 2019

The Association of Convenience Stores (ACS) and the Home Office have been campaigning to raise awareness of violence and abuse towards retailers to encourage action and change.
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Love to Ride & The ACT

5 Jun 2019

Getting more people on bikes and using their local bike shops is a shared goal of Love to Ride and the ACT so we are doing it together.
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A guide to building a landing page

30 May 2019

15 key things to check when building a landing page Read more…

The UK high street retail sector

29 May 2019

A new survey focusing on small retail businesses has revealed a few surprising findings.
Read more…

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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

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