How to Offer Finance for Rowing Machines

Advantages of Offering Finance for Rowing Machines

Providing finance options can transform your business in the competitive fitness equipment market. Here’s why:

• Increases Sales: Customers can purchase premium rowing machines without needing to pay the full price upfront.
• Attracts a Wider Customer Base: Flexible payment plans make rowing machines accessible to more people.
• Boosts Average Order Value: Customers are likely to opt for higher-end models when finance spread costs out.
• Improves Cash Flow: Retail finance providers pay you upfront, so you aren’t waiting for instalments.

How Retail Finance Works

Retail finance allows your customers to split the cost of a rowing machine into manageable monthly payments. Typically, you partner with a specialist broker such as Kandoo, who arranges finance through a network of reputable lenders. Here’s the typical process:

1. The customer chooses their rowing machine and applies for finance at the point of sale (online or in-store).
2. Application is assessed and, if approved, finance is arranged.
3. You receive the full payment from the lender (minus an agreed fee), and the customer repays the lender in instalments.

Types of Finance Available

• Interest-Free Finance (0% APR): Attracts customers looking for the best deal.
• Interest-Bearing Finance: Offers longer terms or covers higher-value purchases.
• Buy Now, Pay Later: Customers delay repayments for a set period.

Quick Comparison Table

Steps to Start Offering Finance for Rowing Machines

1. Choose a Finance Broker: Look for FCA-authorised brokers like Kandoo with experience in retail and fitness equipment.
2. Integrate Finance Solutions: Most brokers offer easy online application portals and integration with your e-commerce site or POS system.
3. Staff Training: Ensure your sales team understands the finance process and key benefits for customers.
4. Promote Finance Options: Highlight finance availability on your website, in-store, and through marketing channels.
5. Monitor Performance: Track sales uplift, customer feedback, and finance acceptance rates.

"Offering finance is a proven way to make high-ticket fitness equipment like rowing machines affordable and accessible for everyone."

Legal & Compliance Considerations

Always ensure you comply with UK financial regulations:

• Use FCA-authorised brokers and lenders.
• Provide clear, accurate information to customers about finance options, including total repayable amount and risks.

Callout: Kandoo Makes It Easy

Kandoo manages all the regulatory complexity, so you can focus on your customers and your business growth.

Marketing Your Finance Options

Promoting finance offers effectively will help maximise your sales. Consider these methods:

• Website Banners: Use eye-catching banners and calculators.
• In-Store Signage: Display clear finance messaging.
• Email Campaigns: Notify past and potential customers of new finance options.
• Social Media Posts: Highlight affordable monthly payments and seasonal deals.

Example Pull Quote

"Finance options allowed us to triple rowing machine sales in just six months."

Common Customer Questions

• How quickly is the finance decision made?
  Most decisions are instant.
• Does applying affect credit score?
  Most lenders perform a soft credit search during the application process first.
• Can I pay off early?
  Many agreements allow early settlement with no penalty.
• What deposit is required?
  Typically 10%–20% of the purchase price.

Real-World Benefits

Next Steps

Ready to start offering finance for your rowing machines? Partnering with a reputable broker like Kandoo is straightforward and ensures you meet compliance obligations whilst delivering a fantastic buying experience.

Contact Kandoo today to learn more about tailored finance solutions for your fitness equipment business!