How to Offer Finance on Kayaks & Paddleboards

Understanding Retail Finance for Watersports Retailers

Offering finance to customers for high-ticket items like kayaks and paddleboards can help break down barriers to purchase and attract a wider customer base. Retail finance lets customers spread payments over time, making expensive products more accessible.

"The ability to spread payments on a dream kayak or SUP can turn browsers into buyers."

Why Offer Finance?

• Increase average order values
• Attract customers who might not have the upfront capital
• Stand out from competitors
• Improve customer loyalty and satisfaction

Types of Finance to Consider

There are several finance products that retailers typically offer for kayaks and paddleboards:

1. Interest Free Credit (0% APR): Customers split payments equally with no extra cost.
2. Interest Bearing Loans: Spread costs with a fixed interest rate over 6–48 months.
3. Buy Now, Pay Later: No payments for an initial period, then pay in full or start a repayment plan.

Regulatory and Practical Requirements

• FCA Regulation: In the UK, offering finance often means adhering to Financial Conduct Authority (FCA) requirements. Retailers may need authorisation or work as an Appointed Representative of a licensed broker, like Kandoo.
• Transparent Communications: Be clear about costs, terms, and eligibility. All advertising must be compliant.
• Training: Staff should understand finance products and how to explain them to customers.

Important: Failure to comply with FCA rules can lead to severe penalties.

Step-by-Step: Setting Up Finance for Your Store

1. Partner with a Broker: Team up with a retail finance provider experienced in outdoor and leisure products, such as Kandoo.
2. Select Appropriate Products: Decide which finance types suit your audience and price points.
3. Integrate Finance Options: Modern solutions allow online and store integration—customers can apply and get a decision in minutes.
4. Advertise Responsibly: Train your staff and update your website with finance details and eligibility criteria.
5. Manage Customer Applications: Use the broker’s tech to process applications and track approvals.

Example: How Finance Works for a Kayak Sale

• Product: Touring Kayak (£1,200)
• Finance Option: 12 months, interest-free credit
• Customer Deposit: 10% (£120)
• Monthly Payments: £90/month for 12 months

"We noticed a 50% increase in kayak sales after introducing finance! Our customers love the flexibility."
— RiverPaddle Outdoor, Manchester

Boosting Sales with Finance

• Highlight finance availability across your marketing—website, in-store, social media.
• Train staff to mention finance as part of the sales conversation.
• Use testimonials and case studies to build trust.

Top Tips

• Use finance calculators to show customers instant monthly cost breakdowns.
• Keep terms simple and transparent.
• Collect and share success stories to inspire new buyers.

Common Questions

Q: Does offering finance mean I take on risk?
A: No, the finance provider carries the risk—retailers are typically paid up front, minus a commission.

Q: Can customers buy accessories and bundles on finance?
A: Yes! Many providers allow finance for whole baskets including boards, paddles, and safety gear.

Ready to Get Started?

Increase your kayak and paddleboard sales by making your products more accessible. Chat with Kandoo today about launching customer finance for your watersports business—it's easier than you think!

Summary Table: Key Benefits of Offering Finance

Get ahead in the watersports market by embracing retail finance. Your customers—and your bottom line—will thank you!