The Association of Cycle Trader's finance provider MoneyWay (IBDs sign up here) has a Pay4Later finance solution, and this can now be turned on by bike shop websites powered by i-Bikeshop content management suite coding from Simon Watts of SiWIS.
All i-BikeShops now have the option of deploying a Moneyway checkout option. This checkout option can allow a credit application process to be completed by phone and post; or there's a Pay4Later option where consumer is given an almost immediate credit decision online, with all paperwork being delivered electronically, including the signing of the agreement by digital signature. With an instant decision, bike shops can dispatch goods almost immediately.
All UK bike shop website delivered by the i-BikeShop platform can access the new credit feature.
The 'My Moneyway Lite' option is £85+VAT per year (plus a one off setup of £35) paid through Siwis for a secure environment with no transactional costs.
Pay4Later is a third party company and charges £25 per month with transaction costs of £2.50 per acceptance plus 10p per transaction for security testing.
Once enabled, retailers can choose how to deploy various finance products, selecting from a palette of credit finance options including providing finance only on certain items, with deposit levels set by the retailer.
Seven i-BikeShops have the Lite option up and running. Real Cycles of Belfast has just turned on the fully paperless Pay4Later option.