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19 Aug 2021

Send in your shop photos featuring the Local Bike Shop Day window sticker, posters and flyers to be posted on the social media channels.

19 Aug 2021

The web and mobile platform, Hubtiger, has created a brand new demo video to demonstrate how cycle shops can manage all workshop operations in just one app

18 Aug 2021

Local bike shops are celebrating the day across the nation by offering their customers special offers and discounts to drive footfall into store on Saturday 28th August

18 Aug 2021

BEIS have reached out to IRC orgs, including the ACT, to seek help getting the message across to SMEs to register interest in the scheme.

16 Aug 2021

The contactless limit will increase to £100 on 15 October 2021 and all card machines in the UK must be capable of accepting contactless card transactions up to the new limit of...

13 Aug 2021

Cycle September is a great way to engage your community, particularly local businesses, in a fun and engaging campaign that will help them achieve their health, wellness and sustainability...

12 Aug 2021

Part 3 of the ACT Summer Series highlights the many benefits of offeringretail finance to your customers and our two brand new services being offered to enhance retail finance - Appointed...

12 Aug 2021

Maybe* have collated the latest social media happenings so you can stay in the loop so read on for the latest social media news

12 Aug 2021

To make preparations as easy as possible for IBDs during this busy time the ACT have created a digital Retailer Promotional Pack that is free to download

9 Aug 2021

The DfT have asked for the ACT's assistance in gathering data from Cornish retailers to measure how effective Government investment in e-bikes in Cornwall would be.

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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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