Secure Trust Bank, reportedly UK’s largest funder of bicycle equipment, has signed a new five-year deal with ActSmart.
Secure Trust Bank has been rapidly expanding to support a variety of retailers from national names to single family-owned independents. The bank's retail finance lending volumes have grown from zero to over £100m per year in less than four years.
Secure Trust Bank acquired V12 Retail Finance Ltd in 2013 and this business now takes responsibility for the Bank’s retail finance activities. V12 was an independent retail finance provider with a reputation for its leading online credit processing system, including online e-signature.
Paul Lynam, CEO of Secure Trust Bank, said: “By combining our two retail businesses we are now able to offer Ride it away, Slide it away and Take it outdoors retailers and brands an even stronger service and product range in partnership with ActSmart. V12 is focused on maximising sales performance with the support of integrated systems for transacting finance agreements with customers via all sales channels (in-store, mail order and online).”
ActSmart's Tony Jones added: "It’s clear to see the positive impact retail finance has in making quality bikes available to cyclists in the UK. The Ride it away network continues to expand with over 600 stores nationwide and financed bike sales of over £50m p.a. It’s an exciting time for cycle finance following Secure Trust Bank’s acquisition of V12 promising an improved offering for all ActSmart subscribers”.
According to the bank, its proven high acceptance rates, pricing, fast pay outs and knowledge of specialist business sectors, added to the move to the V12 operating system will deliver additional user benefits, including:
- Online e-signature - making it easy for customers to buy from retailers online
- Enhanced identification and verification processing - reducing the need to ask retailers for more information
- Full sales reporting - making it easier for retailers to track sales progress
- Quicker application process - it takes less time for the customer to apply
- Less paperwork - reduced documentation for retailers and the customer
- Simple web based operating system - easier process for retailers and the customer to complete applications