New Buy Now Pay Later calculator now available
Posted on in Cycles News
The new Ride it away interest free Buy Now Pay Later option makes buying on finance even more accessible - and with the new calculator, you can show your customers just how affordable it is.
With the new finance options customers are able to 'buy now pay later' with up to 6 months payment-free, after which they pay back in interest free monthly repayments, just like they would with standard retail finance.
Unlike traditional high cost Buy Now Pay Later products where the customer is often unaware of the hidden settlement costs at the end of the deferred payment period, our product developed with V12 especially for the cycles market, offers two significant benefits - it is truly interest free and the customer repayments won't start until after Christmas - a great sales tool to drive up the early sale of 2017 models.
As well deferring customers payments, being able to sell to their monthly budget rather than what they've got in their pocket that day is key to growing your sales. Showing them how much their purchase will cost them when spread over a period of time makes it easier to see just how affordable it is.
To help your customers work out exactly how little buying on finance and deferring their payments could cost them, the Ride it away finance calculator now incorporates the Buy Now Pay Later option.
The finance calculator helps a customer to play with the options and see what works best for them. If they know that in 6 months' time after the deferred payment period they can afford £90 per month then all they'll need to do once they've chosen their product is adjust the APR, term length or deposit amount until they reach their budget.
The Buy Now Pay Later product is only available to retailers who have FCA authorisation, so the updated calculator will only be available for these retailers to download. If you have previously downloaded the Ride it away calculator to use on your own website then this will have been updated automatically. If you have amended the code in any way the calculator will not update by itself and you will need to download a new one from My ActSmart. We advise against amending the code yourself as when we make important updates your calculator may become out of date.
To download the calculator log in to My ActSmart and visit the My Downloads section.
Already have FCA authorisation? To access the buy now pay later option from the end of August, retailers will need to opt in via V12. Email salessupport@v12finance.com with your shop details, requesting the ‘Buy Now Pay Later' option, or call 02920 468 918.
Not yet a Ride it away dealer? Contact ACT today on 01273 427 700 or info@theact.org.uk to find out more and get an application pack in time to take advantage of this brand new finance offering.