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 1936


2 Jun 2020

For a limited time only we are giving the cycling trade free access to the full range of ACT job boards!

1 Jun 2020

To help independent retailers we have teamed up with The Behaviours Agency to create a selection of Covid-19 retail posters for your shop!

28 May 2020

After 2 months of inactivity within the Cytech workshop training facilities, training providers Activate Cycle Academy, PJCS and South Africa's Torq Zone Academy are re-opening in June following...

28 May 2020

Since kicking off it's charity appeal bronze subscription on the 28th of April, the ACT has since raised hundreds to support the National Emergencies Trust!

27 May 2020

New findings from the Association of Convenience Stores have revealed the challenges faced by retailers and colleagues since the lockdown, and the changes that they have made in store to...

27 May 2020

The Outdoors Industries Association have recently begun the process of collaboration with the diverse sector to talk to Government about a White Paper to promote Outdoor Recreation at the...

26 May 2020

Prime Minister Boris Johnson announced in yesterday's conference that non-essential retailers will be able to reopen stores in England from June 15 as long as social distancing measures are...

21 May 2020

The ACT's new guide for IBDs getting back up and running safely after business closure

21 May 2020

Leading cycling brands, retailers and organisations are launching a new joint campaign to show the UK public that #BikeIsBest and inspire a new demographic to take up cycling

18 May 2020

Selaine Saxby (MP for North Devon) has been appointed co-chair of the All Party Parliamentary Group for Cycling and Walking (APPGCW) alongsideRuth Cadbury.

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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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