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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Results: 21-30 of 1838


21 Jan 2020

The Committee of the APPCG will be changing their name to the All Party Parliamentary Group for Cycling and Walking

20 Jan 2020

On the 12th November the APPCG is hosting the first ever Cycling Showcase in Parliament

20 Jan 2020

Recent findings show that over 40 per cent of shoppers areunaware that missing payments when using a Buy Now Pay Later service could harm their credit score.

15 Jan 2020

This years iceBike* will once again see The Bike Shop take up a central position to help advise retailers on POS and merchandising best...

15 Jan 2020

At £8.72 per hour, the National Living Wage will rise by 51p in April from its current rate of £8.21

10 Jan 2020

Chris Hall from the ACT explains how IBDs can use Local Bike Shop Day to stand out, run promotions and ultimately increase revenue in the latest BikeBiz issue.

17 Dec 2019

Retail Week Live is an inspirational two-day retail conference that provides leaders with the ideas, insight and networks to lead through digital transformation and win greater consumer...

12 Dec 2019

There is now less than one month remaining for UK-based independent bike shops to participate in CI.N's annual Retail Channel Study

12 Dec 2019

The UK general election is happening today on the 12th December 2019.

11 Dec 2019

The Strava "Year in Sport" report was published on Wednesday and released various statitstics about cyclists across the UK

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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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