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20 Nov 2023

A focus on independent stores and ‘browse-only’ shops can help to reverse the fortunes of the struggling high street, new research shows.

15 Nov 2023

The British Independent Retailers Association (BIRA), which works with over 6,000 independent businesses of all sizes across the UK, has outlined its expectations from the government...

9 Nov 2023

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...

7 Nov 2023

New survey data from Deloitte has shown a seven percentage-point rise in the number of UK consumers - from 19% in 2022 to 26% in 2023 - who intend to spend more in the last three months of 2023,...

7 Nov 2023

Communities across Cornwall can now apply for grants of up to £100,000 to improve High Streets, the council has said.

6 Nov 2023

A Christmas campaign encouraging Warwickshire’s independent town businesses to shout about why shoppers should buy from them this year is making a comeback.

6 Nov 2023

With just over six weeks until Christmas, The Times has named what it says are the seven prettiest towns in the UK for Christmas shopping, making special mention of the presence of independent...

2 Nov 2023

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

23 Oct 2023

Cardmitment campaign launched to remind people of the power of sending greetings cards

23 Oct 2023

The International Longevity Centre has released new guides to show the steps retailers need to take to make their shops more accessible for the elderly.

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UK Point of Sale Finance now worth over £4bn per year

Posted on in Business News , Cycles News

Around 7,000 UK high-street and online retailers now use retail finance, with 0% deals being increasingly common, says Apex Insight's report.

According to Apex Insight‘s latest report, lending via retail finance is thought to be worth over £4bn per year, equivalent to 1.5% of all retail sales in the UK. The report predicts that this market is set to grow further, to over 2% of retail sales.

The report identifies the key drivers of growth for POS Finance in recent years, as well as how the market works, recent happenings, threats, opportunities, the types of retailer it is favoured by, as well as comparisons with other forms of finance.

According to the report growth has been driven by trends, including the shift to online shops where finance deals are now very common and the widespread availability of interest-free deals and new technology such as apps enabling quicker decision-making and higher acceptance rates.

A breakdown of the report's findings on retail finance have been illustrated in the infographic below (click for full view).

 

Apex insight retail finance report 2017

  

Thinking of offering retail finance? 

Ride it away retail finance is exclusively available to ACT members* and gives you access to:

  • Preferential rates
  • No setup fee - save £495 
  • No monthly fees 
  • Payment released to you same day and in your bank within 4 days 
  • No minimum finance turnover requirement 
  • National consumer promotion via Ride it away 
  • Interest free and interest bearing APRs 
  • Quick and simple paperless online application process for in-store, online or mail order requests 
  • Exceptional acceptance rates 
  • Support throughout FCA application process
  • Can be integrated into existing online sales options 
  • Dedicated customer service and personal account manager 
  • FCA compliant POS available

If you are not already offering retail finance or think you could be doing more sales via the scheme, click here or contact us today to find out more.

*Ride it away is exclusively available to members of the ACT. Subject to terms and conditions, including but not limited to, a minimum 12 month trading history, the business declaring a positive net worth and the search results of credit reference agencies 

 

 

 

 

 

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