This is a trade facing website. Visit the ACT's consumer site for information and advice on cycling and find your local independent cycle retailer.


Q: I want to offer retail finance, how long will I have to wait?
A: The process for new applicants does not take long with V12. However, if you are applying for FCA authorisation this can take up to 6 weeks.


Q: Do I need FCA authorisation before offering retail finance?
A: If you only want to offer 0% finance up to 12 months, you do not need FCA authorisation.

However, a current FCA authorisation for limited permission credit brokering is needed to offer all other finance options. Please note that we recommend that you have V12 approval before paying for your FCA authorisation.


Q: How do I get FCA authorisation?
A: Authorisations to offer retail finance are issued by the Financial Conduct Authority (FCA). Please click here for current information and to apply.


Q: My business is less than 2 years old and has been refused retail finance by other companies. Is the ACT scheme more flexible?
A: V12 will consider applications from businesses that can provide 12 months of audited accounts. Other cases where this is not possible may be considered on an individual basis - please contact the ACT if this is the case.


Q: I am worried about the cost of finance eating into my margin?
A: Retail Finance has a proven track record of increasing the average sales price of a transaction throughout high ticket retail in the UK. By increasing the size of the sale, taking a larger deposit and using interest bearing products you can reduce the subsidy and still make more £'s profit; that's the reason why retail finance is core to industries such as furniture and is now in such demand within the cycle sector.


Q: I think I should be doing more business via the scheme, what am I doing wrong?
A: The most important issue here is whether it is evident to your customers. Are you promoting retail finance in your shop as strongly as you are your products?

The retailers that do the most business via finance promote it powerfully to their customers. It's a strong, established sales tool and it can be enough to get people through the door in the first place. It's incorporated into window and shop displays with point of sale evident throughout the shop and, where applicable, on websites. Staff are briefed about promoting it as part of the sales process, using it to up-sell.

Keeping finance information under the till, with no marketing presence in store clearly isn't going to create volume sales.


Q: Can I include accessories in the finance package?
A: Yes. Retail finance doesn't just include the bigger items of equipment - it can be used when the customer is buying accessories as well, which provides an ideal situation for up-selling. For example a bike purchase could easily lead to purchase of clothing, protective equipment etc.


Q: Can I promote retail finance to consumers myself?
A: Yes you can. All consumer-facing adverts or online promotions need to adhere to the Consumer Credit (Advertisements) Regulations 2010 to avoid risk of prosecution.


Q: Can I use my own POS?
A: All POS needs to conform to FCA regulations to avoid the risk of prosecution.