This is a trade facing website. Visit the ACTís consumer site thecyclingexperts.co.uk for information and advice on cycling and find your local independent cycle retailer.
The Association of Cycle Traders
This is a trade facing website.
Visit the ACTís consumer site at thecyclingexperts.co.uk.

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9 Jul 2020

With the additional Government funding and Activate Cycle Academy's launch of a brand new apprenticeship standard for bicycle mechanics there has never been a better time to take on an...

8 Jul 2020

The Competition and Markets Authority is leading a Digital Markets Taskforce to provide advice to the Government on the potential design and implementation of pro-competitive measures for...

8 Jul 2020

Coronavirus is clearly having a huge impact on retail workers but one ofthe impacts that is often overlooked is its effect on the mental wellbeing of those working in our stores.

7 Jul 2020

The Government has now published its response to the Call for Evidence on Violence and Abuse towards shop staff which closed in June 2019.

2 Jul 2020

Innovative indie retailers who adapt their business to combat the impact of Covid-19 are to be recognised in a special category in Britain's Best Small Shops competition 2020

2 Jul 2020

The Government has published the Business and Planning Bill in the Houseof Commons designed to make provision relating to the promotion of economic recovery and growth.

1 Jul 2020

Rental e-scooters will become legal on roads in Great Britain from this Saturday, in a bid to ease pressure on public transport amid the coronavirus crisis

1 Jul 2020

To gauge the intentions of the British public, Maybe* has gathered 20,000 answers from regions across the UK to understand if and when they'll return to the shops, and what their concerns...

1 Jul 2020

The FCA are requesting that firms now prepare for phased move to FCA's new data collection platform RegData.

24 Jun 2020

Recent research has investigated how consumer behaviour has developed over the past few months as people have adapted their shopping styles tothe lockdown

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New Halfords finance scheme lessens customer experience

Posted on in Business News , Cycles News

Halfords have recently changed finance provider resulting in, what many might consider, undesirable implications for UK consumers. The majority of interest free options have been dropped, penalties for missed payments have been introduced and customers need to have their own web enabled device in order to complete a transaction.

Halfords customers looking to spread the cost of purchases for a period exceeding 12 months will no longer be offered interest free credit, instead customers will only be given the option of an 18.9% APR loan.

The Halfords website also makes it clear that any customer who takes out an interest free loan over twelve months will be penalised if they miss or don't make a payment in full, as stated under "The Small Print" section on the Halfords website:

"If you miss or do not make a full payment, the interest free arrangement will cease and you'll be required to pay interest on all future repayments at 18.9% APR (representative, variable)."

It would also appear that since changing to a different finance provider Halfords customers can no longer simply apply for finance in store, unless they use their own device:

"...you'll need to have a web enabled device with you at point of purchase. Alternatively, a store colleague can email you the link to complete the process at home."

Not the seamless experience today's tech-savvy customers expect.

Ride it away

The ACT work in partnership with V12 Retail Finance to bring Ride it away to the cycle sector, which is on course to contribute £120 million pounds in finance sales for the cycle sector this year.

The highest APR Ride it away customers can be charged is 15.9%, in comparison to the highest APR of 18.9% that is offered to Halfords customers. Ride it away also provides flexibility with 0%, 4.9%, 9.9% and 15.9% options available over terms up to 48 months, enabling retailers to offer the most suitable option for both them and their customers.
Via the Ride it away scheme customers will never get switched to a higher APR.

Lastly, through V12's leading POS system a customer doesn't have to use their own phone to complete a finance transaction in store!

Find out more

If you have any queries about retail finance or the Ride it away scheme you can find out more here or call the ACT on 01273 427 700.

It may also be worth having a recap on the ‘Avoid the pitfalls' mini-series the ACT published in April 2019 which answered the trade's questions about selecting the most suitable retail finance provider. Key topics examined were why low rates can equal lost sales, the importance of checking the finer details of your agreement and why you should identify who actually lends the money when selecting your provider.

Choosing a finance provider, avoid the pitfalls #1
Choosing a finance provider, avoid the pitfalls #2
Choosing a finance provider, avoid the pitfalls #3


C 2 Zero Limited t/a ActSmart & Ride it away is authorised and regulated by the Financial Conduct Authority 657829.

 

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