Updates to redemption process: general information

• At Cyclescheme, we continually invest in our scheme to ensure the best possible experience for your store, our clients and their employees. As part of recent due diligence work, we have identified an opportunity to improve the compliance of the Cyclescheme redemption process. This is a small change with a big impact, as it will…
  • Enhance scheme security and mitigate the risk of fraud for both participant and store
  • Ensure full compliance with Financial Conduct Authority guidance and Consumer Credit Act
  • Guarantee retailer payment when a scheme bike leaves your store or is dispatched

• Going forward, redeeming Cyclescheme Certificates will be a two-part process. This is essentially the original process with a small update. To support you with this change, please see here a 2-page guide showing the complete Sign and Collect redemption process step-by-step.
• Redemption will continue to be actioned via the Cyclescheme B2B and, as always, a Certificate must be fully redeemed before you release goods to the participant. 
  • 1 - Redeem Certificate
  • 2 - Confirm the description of goods
  • 3 - Customer signs Hire Agreement
  • 4 - Store completes the sale and is paid

We’re here to help. Your store is at the heart of Cyclescheme - it’s important to us that we fully support you with this change. 

For further support, you can…

• Download the 2-page guide:  Sign-&-Collect-Retailer-process.pdf
• Email the Retail Team at info@cyclescheme.co.uk
• Call the team on 0331 630 5416 - Option 4