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Cytech training Scotland (Bike for Good) marks one-year milestone of excellence in bicycle maintenance training.

Cytech Training Scotland, proudly operated by Bike for Good, is thrilled to celebrate a year of remarkable achievements in providing top-notch Cytech bicycle maintenance training. Over the past...

14 Nov 2023, more…

Cytech named provider of Best Retailer Services in the 2023 BikeBiz Awards

Cytech has been named as the provider of Best Retailer Services in the 2023 BikeBiz Awards, recognising the positive impact of its service to the cycling industry. More than 25,000 Cytech...

9 Nov 2023, more…

International training & accreditation scheme for bicycle technicians launches revamped entry level course.

Cytech, the internationally recognised training and accreditation scheme for bicycle technicians, has relaunched its Cytech theory one online learning course delivering an introduction to...

2 Nov 2023, more…

ACT member Balfe’s Bikes begins rolling out Cytech Apprenticeships across its stores.

ACT member Balfe’s Bikes has begun its plan to introduce Cytech apprentices to its stores and upskill existing staff through the Cytech training programme.

18 Sep 2023, more…

Canadian Cytech Training Partner visiting Scotland to advise on careers in adventure tourism

The team from Whistler Adventure School (WAS), which recently became the only centre in Canada accredited to offer Cytech technical three, is to deliver a series of free sessions in Scotland,...

15 Sep 2023, more…

Cytech trainer back to training after providing mechanical support at UCI World Championships

Cytech training provider Spokes People were recently asked by the Afghan National Team if they could suggest any way for them to be supported mechanically at the UCI World Championships in...

24 Aug 2023, more…

Funded training available for Cycle Maintenance Apprenticeships

Fully funded training for school and college leavers is available for the Cycle Maintenance Apprenticeship for those under 19 years of age at the start of the apprenticeship.

9 Aug 2023, more…

Dates announced for Giant-specific Cytech e-bike courses.

Giant UK has partnered with Activate Cycle Academy and the Association of Cycle Traders (ACT) to provide a Cytech technical e-Bike qualification.

11 Jul 2023, more…

Whistler Adventure School becomes the only centre in Canada accredited to offer Cytech technical three

Cytech, the internationally recognised training and accreditation scheme for bicycle technicians, has announced that Whistler Adventure School (WAS), a private career training institution in...

3 Jul 2023, more…

Giant Collaborate with ACT and Activate Cycle Academy to offer Giant specific Cytech e-bike qualification

Giant UK have partnered with Activate Cycle Academy and the Association of Cycle Traders (ACT) to provide a Cytech Technical e-Bike qualification

16 Jun 2023, more…

Choosing a finance provider, avoid the pitfalls #2

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Choosing a finance provider, avoid the pitfalls #2

Posted on 26 Mar 2019

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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