RG Cycle to Work is one of the most robust Cycle to Work schemes in the UK and is in direct partnership with Halfords. Employees can use Cycle to Work in-store or online at over 1,250 cycling retailers nationwide – including Halfords, CycleRepublic, tredz.co.uk, and over 800 independent bike shops. We build, run, and maintain all elements of RG Cycle to Work in-house so both clients and their employees only ever have a single point of contact. Employees are also able to use Cycle to Work at any time and on any device, as well as being able to use the in-house 24/7/365 Employee Support Helpdesk should they need any assistance.
For some businesses, footing the upfront costs that Cycle to Work necessitates when their employees make a purchase can create cashflow issues – which is why we are delighted to be able to provide an alternative financing option through our partner, Akira Financial.
With this financing option, clients can spread the costs of employee purchases and therefore match the expenditure to the income received from employees; making the purchases cash neutral to the business.
Akira Financial was established in 2006 to provide specific financing for the HR community. Whilst Akira has grown into other areas of finance, its roots firmly remain in employee benefits. Akira has financed over £110m of assets all using its own balance sheet.
Below is shown a general overview of the process:
- Once the needed paperwork is signed by the Client and Halfords, the Client is introduced to Akira. The latter will make the necessary checks on their end in order to begin the process. Paperwork needs to be signed between the Client and Akira once the checks are completed.
- Reward Gateway will invoice the Client and they will be dealing with Akira so the invoice can be covered.
- Interest is passed to the employee, Reward Gateway does not have the option to set up for the interest to be covered by the Client.
- The interest will be added on top of the amount of the LoC. While the LoC value is deducted from the employees' Gross salary, the interest will be deducted from their net salary.
For more information on the Akira financing option for Cycle to Work, please speak to one of our Client Success Managers who will be happy to help.