Offering Finance for Elliptical Trainers: The Essentials

Why Offer Finance on Elliptical Trainers?

Elliptical trainers are popular exercise machines, but their upfront cost can deter potential buyers. Providing finance options helps make this investment more accessible and can benefit your business in several ways:

• Increase sales: Flexible payments attract more customers.
• Expand your customer base: Reach individuals who might not afford the full price immediately.
• Boost average transaction values: Customers may opt for higher-spec models on finance.

"Finance turns a major purchase into a manageable commitment for your shoppers."

Types of Customer Finance to Consider

There are several finance products suitable for retailing elliptical trainers:

1. Interest-Free Credit: Customers pay in instalments without added interest.
2. Interest-Bearing Credit: Customers spread payments over a longer time, with interest.
3. Buy Now, Pay Later: Offers a delayed payment schedule, often with a promotional period.

Each suits different customer preferences and price points. Assess your typical sales values, customer demographics, and margins to choose the best fit.

Steps to Offer Customer Finance

Getting started involves a few key actions:

1. Select a Retail Finance Provider:

• Choose an FCA-authorised broker like Kandoo to guide you through options.
• Ensure the provider integrates with your sales and payment systems.

1. Apply for Finance Partnership:

• Application is straightforward; be prepared to provide company details and sales history.
• Some brokers specialise in retail fitness, offering tailored solutions.

1. Train Your Staff:

• Sales teams need to explain finance clearly and ensure compliance with UK consumer finance rules.

1. Promote Finance Options:

• Highlight finance availability online, in-store, and during the sales process.
• Use clear messaging such as: "From £XX per month with finance"

Key Compliance Considerations

• FCA Regulations: You must adhere to Financial Conduct Authority standards, even if using a broker.
• Treating Customers Fairly: Customers need full information on costs and responsibilities.
• Clear Advertising: Marketing materials must be transparent about finance costs and terms.

Elliptical trainers are a considered purchase. Good finance makes it much easier for customers to buy from you.

Tips for Success

• Keep the process simple: Fast decisions and easy applications drive uptake.
• Highlight affordability: Show example payments prominently.
• Integrate finance at all sales stages: Mention finance not just at checkout, but while discussing features and benefits.
• Feedback loop: Regularly review acceptance rates and customer feedback to optimise your offer.

Quick Reference: Benefits of Offering Finance

Common Customer Questions (and Your Answers)

• Will I need a credit check?
  Yes, most finance agreements require a check, which is handled securely by the provider.
• Can I pay off early?
  In most cases, yes – check specific terms for details on savings or exit fees.
• What finance options are available?
  Offer clear details about your available terms, rates, and eligibility.

Final Thought

"Finance can empower your customers and transform their buying decisions – while giving your business a powerful sales boost."

If you’re interested in introducing or enhancing customer finance for elliptical trainers, partnering with an experienced broker like Kandoo ensures a streamlined, compliant, and successful launch.

Ready to level up your sales with customer finance?

Contact Kandoo today for expert advice and bespoke finance options for retail fitness equipment.