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Small Business Strategy Inquiry 2025 - ACT and Bira call for members to share their voice

20 Jun 2025

The House of Commons Business and Trade Committee has asked the ACT, and its parent company Bira, to help them reach out to small business retailers across the country, for their quick input on... Read more…

Beyond the discount: Restoring integrity to the cycle supply chain

18 Jun 2025

The Association of Cycle Traders believes the time has come for greater accountability throughout our supply chain, writes ACT Director Jonathan Harrison in an article published for BikeBiz.
Read more…

Bira welcomes Wales' business rates proposals but calls for key improvements

11 Jun 2025

Bira has welcomed the Welsh Government's consultation on business rate reforms for retail shops, whilst calling for significant improvements to ensure the proposals truly support high street... Read more…

New awards launch to champion Britain's independent high street heroes

9 Jun 2025

Retailers on Britain's high streets are being encouraged to put themselves forward for the first-ever Love Your High Street Awards, designed to celebrate the small businesses that bring... Read more…

"Tectonic shift" in employment law threatens independent retailer viability, warns Bira podcast

6 Jun 2025

Independent retailers are facing a "generational" transformation of employment law that could fundamentally change how small businesses operate, according to the final episode of Bira's first... Read more…

Retailers hope warm weather and bank holidays will boost high street sales

16 May 2025

ACT parent company Bira has said that members are hopeful the warm weather, Easter weekend and upcoming bank holidays will provide a much-needed boost to high street sales.
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Economic growth surges to 0.7%, but "April reality check" looms for high street retailers

15 May 2025

UK economy delivers strongest quarterly performance in a year despite forecasts of business downturn.
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Communities come together for Local Bike Shop Day 2025 celebrations

13 May 2025

Local Bike Shop Day 2025 brought a wave of... Read more…

ACT parent company Bira welcomes Bank of England's latest interest rate cut

8 May 2025

ACT parent company Bira has welcomed the Bank of England's decision to reduce interest rates from 4.5% to 4.25%, calling it a "much-needed boost" for the retail sector, including for cycling... Read more…

ACT parent company Bira responds to Beales' "Rachel Reeves Closing Down Sale" as iconic store makes final protest

8 May 2025

ACT parent company Bira has responded to the news that the 144-year-old Beales department store is staging a "Rachel Reeves Closing Down Sale" in its final weeks of trading, with giant yellow... 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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