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2 Mar 2022

The FCA was concerned there was a potential risk of harm to consumers as a result of the way Clearpay, Klarna, Laybuy and Openpay's T&Css were drafted.

17 Feb 2022

Buy Now, Pay Later purchases are set to appear on credit reports for the first time, meaning lenders will be able to see the borrowing

23 Nov 2021

Improperly regulatedBuy Now Pay Later services aren't just growing in popularity among consumers, they're also proving to be a hit with criminals.

8 Nov 2021

As trendy Buy Now Pay Later (BNPL) services continue to grow in popularity across the UK, a charity has warned that using these non-regulated services can be like "slipping into quicksand"....

20 Sep 2020

The ACT's new infographic that helps you to know what to look out for when choosing the right finance provider

12 Nov 2019

A recent story published on BBC news shows how a popular finance provider misled a 21-year-old student which ended in...

24 Oct 2019

Halfords have recently changed finance provider resulting in, what many might consider, undesirable implications for UK consumers

3 Apr 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.

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.

20 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

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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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